On Tuesday, the multi-asset order management and execution solution provider, FlexTrade Systems, made an announcement. This announcement was regarding KGI Securities, its client, set to launch KGI MaxxTrader’s electronic FX trading and pricing Engine, launching it in Singapore.
The Mandatory Kind Words
Ken Ong stands as the Head of Financial Market Services at KGI Securities (Singapore), and gave an opinion about the matter at large. He explained that KGI’s e-FX trading had seen exponential growth throughout the years. With this new electronic FX hub, Ong stated that clients will have more efficient price discovery, gain higher liquidity levels, and will see faster trade execution.
Ong further highlighted how working on this initiative puts more emphasis on the focus of Singapore in the improvement of the growth and efficiency of the market in the region.
Turning Singapore Into An FX Center
MaxxTrader stands as a provider of end-to-end trade workflow, including the provision of price creation, aggregation, as well as distribution, alongside other services. Aside from this new upcoming base, the solution itself is also hosted out of LD4, NY4, and TY3 data centers.
As it stands now, the company is aiming to launch this new Singapore-based pricing engine by the middle of October, and is currently in the process of testing end-to-end regression.
As the announcement stipulates, this new platform will see Singapore become a global center of liquidity and price discovery for FX within Asia trading hours. This falls in line with the vision of the Monetary Authority of Singapore and its vision for the city-state to stand as a connector for global markets.
Further details of this new engine are that it will offer e-FX trading for all products of KGI, and will further match orders locally with the SG1 data center.
FlexTrade Doing Some Flexing
Manish Kedia stands as the MD and Global Head of FX Business for Flextrade, and gave a comment about the matter, as well. He stated that Flextrade is delighted to have its offering be extended to KGI, highlighting the fully-hosted MaxxTrader White Label Solution for Metals, FX, and CFDs. This is done from the SG1 data center in Singapore. Through doing so, Kedia highlights how their solution is allowed to be more comprehensive, as it covers all the world’s major FX locations.
Vinay Trivedi stands as the Senior VP for Strategic Initiatives, and is the APAC region’s Head of FX Sales for FlexTrade. Trivedi highlighted how Flextrade has already been hosting hedge funds, banks, as well as broker-dealers within SG1 for years, now.