RBC Latest to Deploy e-FX to Singapore Hub

RBC Capital Markets has become the latest FX market participant to launch an e-FX pricing engine and server in Singapore. The move continues an extensive push by the Monetary Authority of Singapore (MAS), for the city state to become the e-FX hub for Asia.

Developed with support from the MAS, RBC’s new e-FX server and pricing engine will rely on new sales and trading infrastructure in the city state when it is launched in December 2021. The bank adds the new platform will provide those who currently rely on pricing engines based in London with speedier execution, access to greater liquidity and enhanced price discovery across both G10 and emerging markets currencies in the Asian trading hours.

“Singapore has emerged as the largest FX trading centre in Asia and third largest globally, and it continues to strengthen its e-FX trading capabilities and market infrastructure,” says Rod Ireland, head of global markets, APAC, at RBC. “Our investment demonstrates our commitment to the region and participating in the growth of the broader FX market.”

Lim Cheng Khai, executive director, Financial Markets Development Department of MAS adds, “Singapore enjoys strong connectivity to the regional markets and is well placed to tap the strong institutional flows in Asia and beyond. RBC Capital Markets’ entry will continue to broaden and deepen our FX e-trading ecosystem, and strengthen Singapore’s standing as the global FX price discovery and liquidity centre in the Asian time zone.”