“Singapore is geographically well-positioned to offer low latency connections to regional markets, and TP ICAP’s multi-dealer Fusion FX platform will enable market participants from across the Asia-Pacific region to benefit from an improved trading experience.”
TP ICAP has announced it will launch an electronic Foreign Exchange trading platform in Singapore powered by its proprietary Fusion interface, recently awarded as the “OTC Platform of the Year” by Risk magazine.
Aligned with the Monetary Authority of Singapore’s strategy to strengthen the jurisdiction’s standing as a major trading hub, TP ICAP will initially offer trading in Asian 1 Month Non-Deliverable Forwards (NDF) and will be expanded to include FX Forwards and additional tenors in Asian NDFs.
TP ICAP’s Fusion interface is a single sign-on, fully customizable electronic platform that provides access to the firm’s global liquidity pools across all products, asset classes, regions, and brands.
Nicolas Breteau, Chief Executive Officer of TP ICAP, said: “TP ICAP’s decision to locate a Fusion FX platform in Singapore is an important part of our strategy to enable our clients to trade electronically and access our deep, global liquidity pools. Singapore is the third largest FX trading centre globally and the largest in Asia, and we believe that it will continue to grow.”
Lim Cheng Khai, Executive Director, Financial Markets Development Department of MAS, said: “MAS welcomes the launch of TP ICAP’s electronic Fusion FX trading platform in Singapore. Singapore is geographically well-positioned to offer low latency connections to regional markets, and TP ICAP’s multi-dealer Fusion FX platform will enable market participants from across the Asia-Pacific region to benefit from an improved trading experience.”
Earlier this year, TP ICAP’s Digital Assets Spot platform onboarded SIG as a market maker. The upcoming trading platform is expected to launch this year and has already gathered a few big names within the space, including Flow Traders, Jane Street, and Virtu Financial.
Susquehanna Digital Assets will help TP ICAP ensure competitive prices for buyers and sellers. The proprietary quantitative trading firm was an early entrant to the cryptocurrency market and handles millions of transactions on exchanges daily.
TP ICAP’s new Digital Assets Platform is subject to registration with the UK Financial Conduct Authority and will feature a wholesale electronic Over The Counter (OTC) marketplace for spot crypto asset trading.
The UK interdealer broker expects to secure the FCA’s nod in the first quarter of 2022, with several clients globally already in the process of onboarding according to TP ICAP.
The platform will include post-trade infrastructure that provides straight-through processing (STP) and payment netting services for executed trades into a network of digital asset custodians.