JPMorgan, one of the planet’s high-profile forex prime brokers, keeps expanding its operations all over the world and providing customers with more services and locations to access them. The firm is finishing the details to launch a new FX trading and pricing engine in Asian country Singapore.
The development comes as no surprise, as the firm has been planning to expand its influence to Asia for quite some time now, as several platforms and financial centers are vying for the top spot in the emerging continent.
At the Right Time
Amid increasing tension in the Hong Kong area, JPMorgan’s decision to commit to a potentially productive Singapore region and, in a more general scope of things, to the Asia Pacific area, is coming at an opportunistic moment as the company wants to boost the central position of the island as the area’s leading FX trading ecosystem.
The Monetary Authority of Singapore (MAS) is supporting the development and launch of the hub, designed to accelerate trade execution speeds for JPMorgan customers in the region. According to the company itself, the official launch is scheduled for the Q1 of next year.
The new trading engine will be the firm’s fourth electronic forex trading infrastructure hub at a global scale, and aims to attend an emerging market in a prime zone, as Singapore is among the most stable and fast-growing economies in the whole continent.
The new tool allows customers to enjoy faster transactions speeds for FX-related operations across several geographical hubs, specifically JPMorgan’s remaining three areas: New York (United States,) London (the United Kingdom,) and Tokyo (Japan.) The newly announced hub in Singapore will cover spot FX and precious metals operations.
Reducing Latency in Trade Execution
The Head of Asia Currencies and Emerging Markets trading at JPMorgan, Sudhanshu Sanadhya, stated that Singapore is still the company’s long-standing FX hub in the Asia Pacific region, and the latest partnership with MAS will decrease latency in trade execution and increase price transparency, ultimately improving customer experience.
According to JPMorgan’s staffers, the potential for FX trading in Singapore and the Asia Pacific region is enormous. The country, they say, will stand to benefit from the flows, and the hub will help consolidate Singapore’s position as one of the continent’s leading forex trading centers.
The pact with MAS is actually part of the central bank’s approach: make Singapore an international price discovery and liquidity center for forex matters during Asia trading hours.