(17 September 2020 – Singapore) Barclays is launching its new foreign exchange (FX) trading and pricing engine in Singapore as part of the London-headquartered bank's push to strengthen its FX presence in Asia Pacific.
Scheduled to be launched in mid-2021, the new trading system, known as BARX, will be Barclays' fourth electronic FX trading hub globally, adding to its existing platforms in New York, London and Tokyo. With the infrastructure based in Singapore, local and regional market participants will be able to benefit from increased price discovery, lower latency and improved quality of execution, said the Bank.
Barclays' move follows several other global banks to have made plans to launch FX trading and pricing engines in the city state. They include JPMorgan Chase, BNP Paribas, Citigroup, UBS and Standard Chartered.
“FX is an important growth area for the firm globally and critically this takes us from a 3-hub model to a 4-hub model,” said co-head of global emerging markets and G10 Linear FX James Hassett.