JP Morgan sets up new FX infrastructure in Singapore
US bank JP Morgan has gone live with a new trade execution and pricing engine in Singapore, following development aided by the Monetary Authority of Singapore (MAS).
The new engine is JP Morgan’s fourth electronic foreign exchange (FX) trading infrastructure globally, joining others in London, New York, and Tokyo.
JP Morgan says the new engine will cover a full range of FX and precious metals, and demonstrates the firm’s “continued investment” for its clients.
Sudhanshu Sanadhya, head of Asia currencies and emerging markets trading at the bank, says that the additional infrastructure will be key at a time of record market volatility and volume.
“The platform will help to support the increased trading flows we’re seeing in Asia’s leading FX trading centre. This is another example of JP Morgan’s strength and our commitment to serving clients in all market conditions.”
According to the bank, its partnership with MAS is crucial to its strategic initiative to develop Singapore into a “global price discovery and liquidity centre” for FX.
In February JP Morgan was among a number of banks which tabled support for Members Exchange (MEMX), a new low-cost stock-trading start-up.
MEMX is looking to rival the big three – New York Stock Exchange (NYSE), Nasdaq and CBOE Global Markets – which collectively account for roughly 60% of US stock-trading volumes.
“We’ve been quite vocal about the rising cost of data,” JPMorgan’s global head of equities and prime services Jason Sippel told the Wall Street Journal at the time. “Lowering data costs will benefit all of our clients.”
The US giant is also understood to be in the process of launching a digital consumer bank in the UK.