Goldman Sachs Announces to Launch Electronic FX Pricing Engine in Singapore in 2021

The Goldman Sachs Group, an American multinational investment banking firm has announced that it will launch electronic forex (FX) pricing and trading engine in the first quarter of the next year in 2021 in Singapore.  According to the announcement made by the company, this pricing platform will provide its customers with low-latency execution.

Singapore’s regulatory authority is supporting Goldman Sachs

The Monetary Authority of Singapore (MAS), the country’s local regularity authority, is supporting Goldman Sachs in the development of its FX pricing engine out there in the country. With the launch of the forex exchange pricing platform in Singapore, the country will come one step close to its mission of becoming a hub of the forex exchange in Asia.

While sharing his view regarding this pricing engine, the Chief Executive of Goldman Sachs Singapore Pte E.G. Morse said:

“We continue to actively develop our presence in Singapore and have seen consistent growth of our franchise here over a number of years in both FX and broader global markets.”

Moreover, the multinational investment banking firm is also planning on bringing execution algo to the country of Singapore for NDFs (non-deliverable forwards). According to the Executive Director of Financial Markets Development at Singapore’s central bank Gillian Tan, this will be beneficial for the Asian forex market as it will increase its depth.

This is the fourth pricing engine that the US banking firm is developing in Singapore. The other three engines are available in New York, London, and Tokyo.

Apart from Goldman Sachs’ upcoming pricing engine, there are already some pricing engines available in the country of Singapore. These have been developed by the other major banks including Standard Chartered, UBS Group AG, JPMorgan, BNY Mellon, and Citigroup Inc.

Not only Goldman Sachs is launching its forex exchange pricing engine in Singapore in the first quarter of 2021 but also the United Kingdom-based tier-1 bank Barclays is also planning on introducing its own pricing engine in the country. Barclays announced recently that it will be rolling out its pricing engine in the mid of the year 2021.

Author: MubaShar Nawaz
MubaShar Nawaz is an experienced writer working for TheForexPro.info. Having passion for writing, he covers news articles from the finance and trading world.

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