Press Release: EURONEXT’S FASTMATCH EXPANDS IN ASIA WITH THE ESTABLISHMENT OF A MATCHING ENGINE AND NEW OFFICE IN SINGAPORE02 Apr 2019
Euronext’s FastMatch is the first Electronic Communication Network to build a matching engine following the Financial Services Industry Transformation Map launched by the Monetary Authority of Singapore (MAS)
New York, 26 March 2019 – FastMatch, Euronext’s Electronic Communication Network (ECN) for Foreign Exchange (FX) trading, announced it is setting up a new matching engine in Singapore, which is expected to be fully operational in the fourth quarter of 2019. In addition, FastMatch has opened a new commercial office in Singapore to better serve customers in Asia.
This expansion in the Asian market reflects FastMatch’s ambition to be closer to its clients worldwide and creates a strong development base to become a major FX marketplace in the region. The new matching engine, which comes in addition to the matching engines located in New York, London and Tokyo, will allow customers in various Asia-Pacific markets including Singapore, Australia and Hong Kong to benefit from an improved trading experience and connectivity.
MAS aims to develop Singapore to be the global FX price discovery and liquidity centre in the region, as outlined in its Financial Services Industry Transformation Map. It encourages key FX players to enhance etrading infrastructure by setting up their matching and pricing engines in Singapore, enabling regional market participants to benefit from better liquidity and greater efficiency in executing FX transactions.
Kevin Wolf, CEO of FastMatch: “Euronext FastMatch’s decision to establish a matching engine and open an office in Singapore is an important step that will make the company more relevant to new and existing clients around the globe, and increase the availability of its best-in-class technology platform which is already recognized for its speed, reliability, and numerous unique features. Euronext FastMatch’s expansion in Singapore, which is currently the largest FX centre in Asia and the third largest globally, reflects its ambition to create a strong development base in Asia. We are looking forward to working with MAS and appreciate their active support to further grow the local financial ecosystem and our footprint.”
Alan Yeo, Executive Director of MAS: “We are excited that global FX players and platforms are building on Singapore’s strength as the largest FX centre in Asia Pacific, and choosing Singapore as the venue to establish their e-trading infrastructure in expanding their Asian FX business. Having more players like Euronext’s FastMatch setting up in Singapore will support the formation of a regional e-trading ecosystem that will offer better connectivity and more effective execution of trades. This will enable our FX market to better serve Asia’s growing FX needs.”