SGX launches FX electronic communication network

5 days ago 27

Staff Reporter

, Singapore

Photo from SGX

The prime brokers of the network are BNP Paribas and Deutsche Bank.

The SGX Group has launched its FX electronic communication network, SGX CurrencyNode, that allows the trading of non-deliverable forwards (NDFs).

Through the network, SGX Group said global banks, non-bank liquidity providers, brokers and institutional investors can have access to multiple sources of OTC FX liquidity.

SGX CurrencyNode uses a central prime brokerage model and currently streams liquidity for FX Spot, Precious Metals and NDF. 

The SGX Group will soon launch FX Swaps and NDF Spreads in the network.

“This launch is an important step in enhancing the price discovery, efficiency and liquidity for Asian currencies. Our goal is to create a best-in-class FX marketplace that elevates market participants’ access to both OTC and listed futures, aggregating market liquidity and serving all their FX hedging and trading needs with strong efficiency and liquidity,” Lee Beng Hong, head of Fixed Income, Currencies and Commodities (FICC) of SGX Group, said. 

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