By By Ritu,
BNP Paribas 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.
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.
