Barclays Plans on Launching New FX Pricing Agent in Singapore

Barclays Plans on Launching New FX Pricing Agent in Singapore

Barclay Plc, the multinational British bank, revealed that it will commence an FX pricing engine in Singapore. This news came this Wednesday, while the launch of the engine is expected to be somewhere around the middle of 2021.

In essence, trading engines allow investors to limit the time lag from routing trades, which results in faster pricing. Thus, Singapore will be able to take market share from Hong Kong and Japan much more efficiently.

A statement released by the British bank claimed that the company will build a version, a local one, of its BARX trading system.

Barclays will now have a total of four electronic trading hubs globally. Including the trading and pricing engine in Singapore, the investment bank has similar hubs in New York, Tokyo, and London.

Barclay’s move can be seen in the light of the Monetary Authority of Singapore’s recent endeavors to make its state one of the major Asian FX hubs.

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