, a multi-asset execution and order management solution provider, announced on Tuesday that its client KGI Securities is going to launch the KGI MaxxTrader’s electronic foreign exchange (FX) pricing and trading engine in Singapore.
“We have seen our e-FX trading volumes grow exponentially over the years. With the new electronic FX Hub, our clients can gain better access to liquidity, more efficient price discovery, and faster trade execution,” Ken Ong, Head of Financial Market Services and Director at KGI Securities (Singapore), said.
“Working on this initiative accentuates Singapore’s focus on improving market efficiency and growth in the region.”
MaxxTrader provides an end-to-end trade workflow that includes aggregation, price creation, and distribution, along with other services. Apart from the upcoming base, the solution is hosted out of NY4, LD4, and TY3 data centers.
The company is aiming to launch the -based pricing engine by mid-October and is currently testing end-to-end regression.
Making Asia a Global Pricing Hub
According to the announcement, MaxxTrader will allow Singapore to become a global price discovery and liquidity center for FX during Asian trading hours. Indeed, the initiative falls in line with the Monetary Authority of Singapore’s (MAS) vision for the city-state to connect the global markets.
The provider further detailed that the new engine will offer e-FX trading for all KGI products and will match orders locally at the SG1 data center.
“We are delighted to extend our offering to KGI with our fully hosted White Label solutions for FX, Metals, and CFDs from the SG1 data center in Singapore. This allows their solution to be more comprehensive by covering all the major FX locations globally,” Manish Kedia, FlexTrade’s MD and Global Head of FX business, said.
“Flextrade has been hosting Banks, Hedge-Funds and Broker-dealers in SG1 for years with cross-connects to all the LPs with a local presence in SG1, and allows the clients to take advantage of the MaxxTrader eco-system in SG1,” Vinay Trivedi, Senior VP of Strategic Initiatives and Head of FX sales (APAC) at FlexTrade, added.