BNP Paribas joins JPMorgan, Citigroup in setting up Singapore currency trading hub

BNP Paribas' e-trading launch comes as the bank prepares to roll out its Cortex LIVE single dealer platform to Singapore clients.
BNP Paribas' e-trading launch comes as the bank prepares to roll out its Cortex LIVE single dealer platform to Singapore clients.PHOTO: REUTERS

SINGAPORE (BLOOMBERG) - French bank BNP Paribas is planning to join JPMorgan Chase & Co and Citigroup 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 South-east Asia, we have seen our e-FX trading volumes grow by double-digits year on year," Christophe Jobert, head of global markets for South-east 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 US$633 billion (S$854 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 UK and US, the data showed.

BNP's e-trading launch comes as the bank prepares to roll out its Cortex LIVE single dealer platform to Singapore clients, according to the statement.