The facility will also allow trading of precious and base metals/Bloomberg
BNP Paribas is considering joining JPMorgan Chase & Co. and Citigroup in setting up an electronic currency trading and pricing platform in Singapore, reported Bloomberg.
The bank stated that the facility will support electronic trading of 50 currencies in spot, forward as well as swaps, non-deliverable forwards and options. Additionally, the facility will also allow trading of precious and base metals.
Christophe Jobert, BNP’s Head of Global Markets for Southeast Asia, said, “In Southeast Asia, we have seen our e-FX trading volumes grow by double-digits year-on-year.”
“With the new hub our clients will benefit from better access to liquidity, more efficient price discovery and timelier trade execution,” said Jobert.
According to the Bank for International Settlements, Singapore’s currency market saw average trading volumes of $633 billion a day in April 2019, that is higher than Hong Kong and Japan and trails only the UK and US.