SGX FX Launches SGX CurrencyNode, Deepens OTC FX Liquidity in Singapore

SGX FX, Asia's most comprehensive marketplace for global FX futures and over-the-counter (OTC) participants, announced that its FX electronic communication network, SGX CurrencyNode, has officially launched with the trading of non-deliverable forwards (NDFs), after obtaining its Recognised Market Operator (RMO) licence from the Monetary Authority of Singapore (MAS).

Hosted in SG1, SGX CurrencyNode offers global banks, non-bank liquidity providers, brokers and institutional investors access to multiple sources of OTC FX liquidity anonymously through a single venue.

Using a central prime brokerage model, SGX CurrencyNode currently streams liquidity for FX Spot, Precious Metals and NDFs, with plans to launch FX Swaps and NDF Spreads at a later date. BNP Paribas and Deutsche Bank are the central prime brokers for SGX CurrencyNode.

SGX FX hosts Asia's most liquid FX futures exchange, across major Asian currency pairs. With the launch of SGX CurrencyNode, SGX FX now offers complete OTC FX technology solutions that cater to the electronification and automation needs of market participants, while connecting FX market liquidity providers to SGX FX's OTC and futures marketplace.

Lee Beng Hong, Head of Fixed Income, Currencies and Commodities (FICC), SGX Group, said:"This launch is an important step in enhancing the price discovery, efficiency and liquidity for Asian currencies. Our goal is to create a best-in-class FX marketplace that elevates market participants' access to both OTC and listed futures, aggregating market liquidity and serving all their FX hedging and trading needs with strong efficiency and liquidity. Our FX offering is now complete with the launch of SGX CurrencyNode, and we thank MAS for its support and industry partners for their active participation."