e-Forex-July-23-HighRes-SCREEN

Quest for the best: Exploring Singapore’s increasingly attractive e-FX trading ecosystem
REGIONAL E-FX PERSPECTIVE
Singapore’s infrastructure investments have paid off handsomely
there is a high degree of concern
for the end asset owner combined
with the resource within the group
of a topflight TCA provider in the
form of BestX, for example, is a huge
advantage.”
He lists examples within State Street’s
Lee uses TCA as an example illustrating
SGX FX’s client focus. “TCA has
become more than a box-ticking
exercise for regulatory purposes,” he
says. “It’s now a tool used to create a
feedback loop that enables traders to
make informed pre-trade and in-trade
decisions to reduce costs.”
benchmarks, our own composite
benchmark, or standard benchmarks
such as WMR/Eod, etc.”
SOLVING APAC TREASURY NEEDS
WITH TECHNOLOGY
Singapore has been Asia’s largest
FX trading hub since 2013, and
product suite as evidence of innovation
and the kinds of demands service
providers face. “With “Interest match”
we delivered a first step toward peerto-peer
matching. It allows clients
to leverage State Street’s unique
franchise by matching client orders
with our principal interests and other
algo orders, lowering market impact
and reducing signalling on external
venues,” he says.
“The Portfolio Algo allows a user to
group together multiple transactions,
with the aim of reducing overall
execution costs compared to executing
each currency individually and our
“Staged Algo” allows a parent algo
order to be composed of multiple child
algos.”
“SGX FX supports clients with its
Liquidity Provision Analytics and
advanced TCA solutions which offer
a robust analytical framework. We
can cleanse, store and deliver client
tick data via an API or into a GUI to
allow clients to monitor their Liquidity
Providers spreads and check for
skews and top of book statistics. Our
analytics offer numerous features such
as best execution activity LP rankings
and hit ratios, market share analysis,
spread analysis and detailed analysis
on best time to trade.”
He adds that SGX FX’s advance
reporting tool allows clients to report
on trade decay analysis across all
their trades and “…..compare own
the reasons are easy to see.
Geographically, the city-state offers
proximity to growing Asian markets,
offering stakeholders the ability to
sell, price, and trade in a single venue
conveniently located.
Superior infrastructure and forwardthinking
regulation have also played
a role, leading to MNCs setting up
regional headquarters in Singapore
and establishing a base for risk and
treasury management. While the
market possesses significant depth
and liquidity, corporate treasury
management hasn’t come without
challenges over the past year.
Angus Murray, EMS Specialist for
APAC at 360T, is well aware of the
34 JULY 2023 e-FOREX