(Bloomberg) -- BNP Paribas SA is planning to join JPMorgan Chase & Co. and Citigroup Inc. by setting up an electronic currency trading and pricing platform in Singapore.
The facility will support electronic trading of 50 currencies in spot, forward, swaps, non-deliverable forwards and options, according to a company statement. It will also allow trading of precious and base metals.
“In Southeast Asia, we have seen our e-FX trading volumes grow by double-digits year-on-year,” Christophe Jobert, head of global markets for Southeast Asia at BNP, said in the statement. With the new hub “our clients will benefit from better access to liquidity, more efficient price discovery and timelier trade execution,” he said.
READ: Singapore Woos Banks in Battle of Asia's Biggest Forex Hubs
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.
BNP's e-trading launch comes as the bank prepares to roll out its Cortex LIVE single dealer platform to Singapore clients, according to the statement.
To contact the reporter on this story: Ruth Carson in Singapore at rliew6@bloomberg.net
To contact the editors responsible for this story: Tan Hwee Ann at hatan@bloomberg.net, Joanna Ossinger, Nicholas Reynolds
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