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Goldman joins JPMorgan in building Singapore forex trading hub

Bloomberg
·1-min read
Singapore, September 10, 2020: Apple opened the worlds first floating Apple Store at the Marina Bay in Singapore at the time of this shoot. After a few days it has already become a Singapore landmark. Here the store seen in the afternoon. Behind the store the skyline of the Singapore financial district.
Singapore, 10 September 2020 (PHOTO: Getty Commercial)

By Ruth Carson

(Bloomberg) -- Goldman Sachs Group Inc. is joining the likes of JPMorgan Chase & Co. and BNP Paribas SA in setting up a foreign-exchange trading and pricing platform in Singapore.

The platform will go live in the first quarter of next year, with Singapore becoming the company’s fourth global currency pricing engine, Goldman said in a statement. The others are in London, Tokyo and New York.

“We continue to actively develop our presence in Singapore and have seen consistent growth of our franchise here over a number of years in both FX and broader global markets,” E.G. Morse, Chief Executive of Goldman Sachs Singapore Pte., said in the statement.

Source: Bloomberg
Source: Bloomberg

Singapore’s currency market saw average trading volumes of $633 billion a day in April 2019, according to the latest data available from the Bank for International Settlements. That’s higher than Hong Kong and Japan, and trails only the U.K. and U.S., the data showed.

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Goldman will bring its execution algo for non-deliverable fowards to “enhance the depth and sophistication of the Asian FX market,” said Gillian Tan, executive director of financial markets development at Singapore’s central bank.

© 2020 Bloomberg L.P.