Tuesday, 25 June 2024

Commerzbank boosts FX trading capability in Singapore

5 min read

Commerzbank announced an investment in its foreign exchange (FX) capability in Singapore, joining the Singapore Server One (SG1) data centre and SG1 FX ecosystem with support from the Monetary Authority of Singapore (MAS).

This will enhance Commerzbank’s FX trade execution in the region, providing faster and more efficient FX infrastructure locally.

Dmitry Ilyaev, global head of eFX based in Singapore, commented: “In a sector where microseconds count, we knew it was important to embrace this opportunity. We understand how fast-paced this growing industry is and for more than two decades, we have designed and engineered our in-house eFX applications, allowing us to flexibly adapt our systems to support our clients’ goals. This latest digital development for eFX in Singapore provides clients with more efficient hedging locally and simplifies access to our global FX trading expertise, liquidity and distribution.”

Commerzbank has FX trading teams in Frankfurt, London, Singapore and New York, operating a 24-hour, 5.5-day business model using a low latency network to communicate electronically across regions. The bank also has a capital markets team in Shanghai offering Renminbi (RMB)-related products and risk management. Co-location in Singapore will strengthen the bank’s FX
infrastructure in the region and provide Asia clients with more efficient FX hedging solutions. Commerzbank is committed to being part of a vibrant technology ecosystem for the financial sector in Singapore.

Jack Jiang, head of capital markets, Asia, based in Singapore commented: “We continue to look for opportunities to enhance our electronic trading franchise globally and are pleased to become a part of the SG1 eFX ecosystem. We view Singapore as a centre of excellence for quantitative FX trading and see this as a window to widen our eFx product scope to deepen our offering to clients in the Asia region.”

Lim Cheng Khai, executive director, Financial Markets Development Department, MAS, said: “MAS welcomes the addition of Commerzbank to SG1 and the Singapore eFX ecosystem, to strengthen its FX infrastructure, and provide Asian-based participants with a wider suite of FX products and solutions.”

Re-disseminated by The Asian Banker

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