Markets infrastructure and data solutions provider TP ICAP (LON:TCAP) has announced that it will launch an electronic Foreign Exchange trading platform in Singapore, with support from the Monetary Authority of Singapore (MAS).
The platform, which will use TP ICAP’s Fusion interface, will initially offer trading in Asian 1-Month Non-Deliverable Forwards (NDFs) and will be expanded to include FX Forwards and additional tenors in Asian NDFs.
The launch is aligned with MAS’ strategy to strengthen Singapore’s standing as a major trading and corporate treasury hub, which will be furthered by TP ICAP’s industry-leading global broking business and client network.
Nicolas Breteau, CEO of TP ICAP, said:
“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. 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 of MAS, said:
“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.”
Fusion is TP ICAP’s single sign-on, fully customisable electronic platform, from which clients can access the Group’s global liquidity pools across all products, asset classes, regions and brands.
TP ICAP Group plc is a leading electronic market infrastructure and information provider. The Group operates a portfolio of separate and competing brands to deliver intermediary services, contextual insights and intelligence, trade execution, pre- and post-trade services, and data-led solutions, formed of four business divisions:
· Global Broking: the largest inter-dealer broker in the world operating primarily under the ICAP and Tullett Prebon brands servicing clients in Rates, FX, Credit and Equities. We match buyers and sellers, facilitate price discovery, liquidity, execution and risk management.
· Energy & Commodities: the world’s leading OTC energy and commodities broker operating under the ICAP, PVM and Tullett Prebon brands. Active in all major commodities markets including oil, gas, power, renewables, ferrous metals, base metals, precious metals and soft commodities.
· Agency Execution: serving the buy side operating under the Liquidnet and COEX Partners brands. We provide trading services for a broad range of asset classes, serving a sophisticated client base of asset managers, asset owners and hedge funds.
· Parameta Solutions: the largest OTC market data provider in the world, offering unbiased data-led products and solutions that facilitate trading, enhance transparency, manage risk, and improve operational efficiency.