The agreement allows FXCM to list its own product in the APEX Exchange and collaborate on new product launches.
London-based online retail forex brokerage giant, FXCM also known as Forex Capital Markets has announced on Monday the signing of a Memorandum of Understanding (MoU) with Singapore’s Asia Pacific Exchange (APEX).
Under the agreement, APEX will allow FXCM to list its own products on the APEX Exchange. The statement released by the company doesn’t reveal the details of the type of securities they are going to list. The agreement was signed on December 5th in Singapore between Chief Executive Officer (CEO) Zhu Yuchen of APEX and Siju Daniel, Chief Commercial Officer (CCO) of FXCM Group.
APEX which is the third exchange established in Singapore is an international derivatives exchange and is approved by Singapore’s regulatory authority: Monetary Authority of Singapore. It has received the licenses of “Approved Exchange” and “Approved Clearing House” from the regulatory authority. It covers an almost entire segment of financial product, trading across F&P, commodities, FX, agriculture, Interest Rates, and stock indices.
Commenting on the agreement, Yuchen of APEX said:
“APEX is a firm believer in promoting the development of the local industries in futures and options contracts covering both commodity and financial derivatives products in the Asia Pacific region. We provide a fair, transparent and efficient platform for various enterprises to compete globally, and have chosen to partner with FXCM for their experience and expertise in the Asia Pacific region with the trading community.”
Siju Daniel of FXCM Group added:
“With FXCM’s long history and expertise as one of the world’s leading FX and CFD brokers, working alongside an approved exchange and clearing house in Singapore, we believe we can create new innovative product offerings and are enthusiastic on the many possibilities. We look forward to sharing them with the market in the future.”
The news about the agreement comes days after FXCM announced its bid to expand in Bulgaria by opening a new office in the country in Sofia. FXCM has been operating in Bulgaria for the last six years and is on its way to being the largest base of operations globally.