Independent derivatives markets provider trueEX announced the official opening of its Singapore office. The move follows a 460% increase in trading on its swap execution platform in 2017.
Now available to traders in Singapore, Australia, and New Zealand, trueEX complies to all local regulations in each respective region. The office in Singapore will be providing trading access for interest rate swaps denominated in 28 currencies, including 11 in the Asia-Pacific region.
Among the 28 currencies that are available via trueEX are AUD, CNY, HKD, INR, JPY, KRW, MYR, NZD, SGD, THB and TWD in the Asian-Pacific time zone, as well as throughout US and European trading hours – all via one global connection. MXN TIEE swaps grew 284% and BRL swaps grew 187% from 2016 to 2017.
Christopher Yoshida, Chief Strategy, Sales & Marketing Officer of trueEX LLC, commented: “With the tremendous growth in support of the trueEX platform, we’ve seen a significant increase in demand for trading in Latin American, European, and now Asian-Pacific currencies. From the outset, the Asian markets have been a key component of our long-term strategy. Now that it’s become a reality we’re able to not just meet the needs locally, but provide a gateway between participants in Asia-Pacific and the rest of the world.”
The Monetary Authority of Singapore (MAS) proposed new rules to enhance market transparency, requiring that OTC derivatives be traded on organized markets, as they plan to seek an equivalence determination from the US. This will only drive more demand for trueEX.
Andrew Baker, head of trueEX’s Singapore office, commented: “There is a growing demand across the region for more liquid local currency hedging instruments. Providing these services is a natural extension of our ‘client first’ approach, which has led to us to develop a significant global footprint across 28 currencies and multiple protocols across all the major time zones.”
Headquartered in New York, the swaps exchange has recently appointed former Liquidnet’s Chief Information Officer Kevin Lupowitz as Chief Technology Officer. trueEX allows clients to use next-generation technology to transact in traditional swaps markets with the added benefit of automated execution and clearing.
Providing a direct connection between clearinghouses, clearing firms, and participant firms, its venues can be accessed through a client GUI (Graphical User Interface), FIX API (Application Programming Interface), or through various leading independent electronic platforms certified with trueEX.