BNY Mellon and MAS launch FX pricing engine

BNY Mellon will build a foreign exchange (FX) pricing and trading engine in Singapore, helping to improve execution quality and price discovery for clients initially in spot, and subsequently in deliverable and non-deliverable forwards and swaps.

BNY Mellon already sees significant FX volumes in Singapore across more than 70 deliverable currencies, including in most restricted APAC markets. In 2019, it set up a dedicated FX custody trading desk in Singapore, relocated its Short-Term Interest Rate Trading (STIRT) business from Hong Kong, and established a Singapore options trading desk.

“We’ve spent the past four years fully integrating and accentuating our global FX capabilities, and this is just the next step in the bank’s commitment to the region, specifically to Singapore as the hub of our Asia G10 FX trading,” said Darren Boulos, Head of FX Sales and Trading in Asia-Pacific at BNY Mellon.

“BNY Mellon is a welcome addition to Singapore’s FX e-trading ecosystem,” said Gillian Tan, Executive Director, Financial Markets Development at the Monetary Authority of Singapore. “The importance of robust and resilient infrastructure to support FX trading activities cannot be understated, and we are heartened that FX players that have set up their regional pricing and matching engines in Singapore have reported greater efficiency in price discovery and improved execution for their clients.”