KGI Securities launches FlexTrade-powered eFX pricing in Singapore
FlexTrade Systems' client KGI Securities is to launch the KGI MaxxTrader’s electronic foreign exchange (FX) pricing and trading engine in Singapore.
KGI Securities has made this launch in support of the Monetary Authority of Singapore’s (MAS) vision for Singapore to connect global markets, support Asia’s development, and serve the economy. The pricing engine is expected to go live in the last quarter of 2020. This platform will help Singapore make a headway in its efforts to develop into a global price discovery and liquidity centre for FX during Asia trading hours.
The new engine will offer e-FX trading for all the products KGI offers to the client globally such as FX spot, forward, swaps, NDFs, Metals and CFDs with orders getting matched locally at SG1.
Ken Ong, Head of Financial Market Services, Director at KGI Securities (Singapore) says: “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.” Ong added: “Working on this initiative accentuates Singapore’s focus on improving market efficiency and growth in the region.”
Manish Kedia, Managing Director & Global Head of FX Business at FlexTrade Systems, says: “We are delighted to extend our offering to KGI with our fully hosted MaxxTrader White Label solutions for FX, Metals and CFDs from the SG1 data centre in Singapore. This allows their solution to be more comprehensive by covering all the major FX locations globally.”
Vinay Trivedi, Senior Vice President – Strategic Initiatives & Head of FX Sales, APAC at FlexTrade Systems, adds: “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.”
The KGI MaxxTrader SG1 engine is currently undergoing end-to-end regression testing with a production go-live target set for mid-October this year.