TP Icap Becomes Latest to Locate in SG1

TP Icap has become the latest FX market participant to locate a matching engine in Singapore with the firm announcing it is launching its Fusion platform in the city state.

The platform roll out is supported by the Monetary Authority of Singapore under its multi-year plan to establish Singapore as the predominant Asian e-FX centre. Previously a host of banks, non-bank market makers and other platforms have established themselves in SG1.

TP Icap will initially offer trading in Asian one-month NDFs and will be expanded to include FX forwards and additional tenors in Asian NDFs, the firm says.

“TP Icap’s decision to locate a Fusion FX platform in Singapore is an important part of our strategy to enable our clients to trade electronically and access our deep, global liquidity pools,” says Nicolas Breteau, CEO of TP Icap. “Singapore is the third largest FX trading centre globally and the largest in Asia, and we believe that it will continue to grow.”

Lim Cheng Khai, executive director, financial markets development department at MAS, adds, “MAS welcomes the launch of TP Icap’s electronic Fusion FX trading platform in Singapore. Singapore is geographically well-positioned to offer low latency connections to regional markets, and TP Icap’s multi-dealer Fusion FX platform will enable market participants from across the Asia-Pacific region to benefit from an improved trading experience.”