Northern Trust to set up electronic foreign exchange pricing engine in Singapore

KUALA LUMPUR, April 16 -- Northern Trust has announced that it will set up a new electronic foreign exchange (eFX) pricing engine in Singapore, in partnership with the Monetary Authority of Singapore (MAS).

According to a statement, this will be Northern Trust’s first eFX engine in Asia-Pacific.

“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 including currency management and Complete FX™,” said head of global foreign exchange at Northern Trust Capital Markets, John Turney. In recent years, Northern Trust has launched a number of innovative FX solutions, and acquired BEx LLC, a platform providing algorithmic FX trading, global liquidity

aggregation and transparency in execution and pricing to institutional clients worldwide.

In addition, the company announced a strategic partnership with Lumint Corporation, an innovative provider of currency management services, enhancing Northern Trust’s currency management solutions with machine learning models.

“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,” said country executive for Southeast Asia at Northern Trust, Yen Leng Ong.

Meanwhile, executive director for Financial Markets Development at MAS, Lim Cheng Khai said: “The addition of Northern Trust to our FX e-trading infrastructure will strengthen our proposition to provide efficient price discovery and trade execution to market participants in the region, and enable Northern Trust to continue to bring market leading capabilities to its clients.”

Northern Trust has an established network of 11 offices across Asia-Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Seoul, Singapore, Sydney and Tokyo.

-- BERNAMA