Spark Systems, a Singapore-based financial technology company providing innovative trading solutions for foreign exchange trading in Asia, has joined the IPC FX Hub.
Spark Systems connects buyers and sellers under one platform, making FX trading in Singapore cheaper and faster for institutional investors. The company has raised US$5 million to build the platform. Since its inception, Spark Systems Founder and CEO Wong Joo Seng planned to start a foreign exchange marketplace by building private platforms for hedge funds and the bankers they work with and then linking these platforms to create a network.
The company intends to fill a gap as many private platforms around can’t communicate with one another. A Spark Systems network, on the other hand, will be able to interconnect them all together and in doing so, it will create one of the largest forex networks in the world.
IPC is a technology and service leader powering financial markets globally that is extensively covered by The Industry Spread, such as its partnership with OneAsia to provide connectivity in China, the launch of its synchronization product, and the introduction of the world’s first compliance policy engine.
By joining IPC’s FX Hub, Spark Systems’ users will be able to access interconnectivity leader Equinix’s International Business Exchange™ (IBX®) Tokyo (TY3) and Singapore (SG1) data centers. Both connected to IPC’s vast community of financial market participants and providing low latency access via IPC’s high-performance network to key FX liquidity providers and dealers.
Spark Systems CEO Wong Joo Seng, said: “Speed and stability are mission-critical to our business. Our FX market participants need the most reliable platforms, which we can provide through our partnership with IPC which also aligns us with Equinix. Spark Systems will continue seeking out technology enablers such as IPC who are able to cater to the ultra-low latency requirements of our customers, given the extreme volatility that characterizes the FX markets.”
Spark Systems is headquartered in the third largest foreign exchange center in the world, which allows IPC customers to access to a highly cost-effective foreign exchange trading platform in Singapore and the rest of Asia. Spark Systems is designed to address the ever-growing need to process data at a faster rate.
“We are delighted that Spark Systems has joined IPC’s diverse community of financial market participants. Connectivity and ecosystems have become increasingly vital to sourcing liquidity, mitigating risk and harvesting alpha in the FX markets”, said David Dodd, IPC Managing Director, Asia Pacific.
