Northern Trust, in partnership with the Monetary Authority of Singapore ( MAS ), is setting up an electronic foreign exchange pricing engine in Singapore. This will be the financial services group’s first eFX engine in Asia-Pacific.

“Singapore is a key FX centre for Northern Trust and financial markets globally,” says John Turney, head of global foreign exchange at Northern Trust Capital Markets. “Establishing a regional eFX pricing engine in Singapore will enhance the service provided by our Singapore-based FX desk and complements our continued expansion of FX solutions across Asia-Pacific.”

In recent years, Northern Trust has launched a number of innovative FX solutions, and acquired BEx, a platform providing algorithmic FX trading, global liquidity aggregation and transparency in execution and pricing to institutional clients worldwide. It has also announced a strategic partnership with Lumint Corporation, an innovative provider of currency management services.

Yen Leng Ong, Northern Trust’s country executive for Southeast Asia, adds: “The launch of our eFX platform in Singapore demonstrates our continued commitment to deliver a broad range of sophisticated solutions to our clients in Asia-Pacific. We are excited to be a part of this joint initiative with MAS which will further develop the FX market ecosystem in Singapore, and Asia as a whole. Co-locating the pricing engine with the trading desk in Singapore, regional market participants will benefit from improved speed and enhanced pricing discovery, as well as increasingly timely and efficient execution.”