FastMatch is setting up a new matching engine in Singapore to be fully operational in Q4 2019 and has opened a new commercial office there, according to an official announcement. FastMatch matching engine is expected to be fully operational in Singapore in the fourth quarter this year.
Euronext’s Electronic Communication Network (ECN) for Foreign Exchange (FX) trading is accelerating its expansion in the Asian market in order to create a strong development base to become a major FX marketplace in the region.
Kevin Wolf, Chief Executive Officer of FastMatch, said: “Euronext FastMatch’s decision to establish a matching engine and open an office in Singapore is an important step that will make the company more relevant to new and existing clients around the globe, and increase the availability of its best-in-class technology platform which is already recognized for its speed, reliability, and numerous unique features. Euronext FastMatch’s expansion in Singapore, which is currently the largest FX centre in Asia and the third largest globally, reflects its ambition to create a strong development base in Asia. We are looking forward to working with MAS and appreciate their active support to further grow the local financial ecosystem and our footprint.”
The Monetary Authority of Singapore (MAS) wants to encourage key FX players to enhance e-trading infrastructure by setting up their matching and pricing engines in Singapore in order to become a global FX price discovery, and encourages FX firms to build matching and pricing engines and liquidity center in the region that delivers regional market participants with better liquidity and greater efficiency in executing FX transactions. FastMatch is the latest FX firm to build a matching engine in the region after the Monetary Authority of Singapore (MAS) launched its Financial Services Industry Transformation map
Alan Yeo, Executive Director of MAS, commented: “We are excited that global FX players and platforms are building on Singapore’s strength as the largest FX centre in Asia Pacific, and choosing Singapore as the venue to establish their e-trading infrastructure in expanding their Asian FX business. Having more players like Euronext’s FastMatch setting up in Singapore will support the formation of a regional e-trading ecosystem that will offer better connectivity and more effective execution of trades. This will enable our FX market to better serve Asia’s growing FX needs.”
The matching engine is due to be fully be operational by the fourth quarter this year. Hence Customers in various Asia-Pacific markets including Singapore, Australia and Hong Kong will benefit directly from an improved trading experience and connectivity delivered by FastMatch, which has already set up engines located in New York, London and Tokyo.
