M-DAQ Signs Agreement with Turquoise to Offer FX Hedging

FX technology provider M-DAQ has announced a collaboration with Turquoise, the European MTF majority owned by London Stock Exchange Group (LSEG), to provide a new service to investors who, through their brokers, will be able to execute cross-currency securities transactions and settle in their currency of choice (subject to regulatory approval).

Regulated by the UK FCA, Turquoise also has the ability to accept members from overseas jurisdictions including Singapore, Hong Kong and Dubai amongst others. As an MTF, it provides global investors with access to order books to trade nearly 4300 securities (including ETFs, ADRs, GDRs) of 20 countries including from Europe, Switzerland, the UK and US through a single interface. With M-DAQ headquartered in Singapore, the combined workflow will enhance the foreign investment paradigm across continents, the firms say.

M-DAQ will contribute its patented product Trading the Right Chart (TRC), which it says complements the capabilities of Turquoise, removing the need for multilateral relationships. It also reduces FX operational risk faced by brokers, delivering further efficiencies to equity capital markets and better outcomes for end investors, the firms add.

“By leveraging our wealth of experience, we can offer customers the ability to efficiently execute small FX transactions fitting the securities order shapes and using our tried and tested technology capabilities,” says Richard Koh, founder and CEO of M-DAQ Global. “We are well positioned to work alongside Turquoise to bring the global equities market a solution that would allow cross-border investors to access foreign assets with more ease and confidence.”

Dr. Robert Barnes, group head of securities trading, LSEG, and CEO Turquoise Global Holdings, adds, “Turquoise is committed to serving our clients through innovation and partnership. Together, Turquoise M-DAQ will bring transparency, automation and efficiency to trading of securities that settle in an investor’s currency of choice. I look forward to continuing our collaboration with M-DAQ to deliver benefits for brokers and investors.”