The partnership is intended to improve the liquidity and depth of SGX FX’s offerings.
Sumitomo Mitsui Banking Corp. (SMBC) is a new liquidity provider of SGX FX, an Asian FX Futures exchange, and the partnership is intended to improve the liquidity and depth of SGX FX’s offerings and to help traders and investors with greater access to Japan’s financial markets, officials say.
The partnership will provide access to SMBC’s worldwide network and specialized pricing to bolster liquidity levels for Asian currencies via SGX FX’s eFX trading solutions platform for global buy-side institutions, officials say. SGX FX is part of the Singapore Exchange Ltd.
“SMBC was the first Japanese megabank to stream prices directly to SGX FX clients and now extends this to SGX CurrencyNode, an electronic communication network (ECN) operated by SGX FX,” according to the announcement. SGX is a conglomerate that serves equity, fixed income, currency, and commodity markets.
“We are excited to connect to SGX CurrencyNode, as it aligns with our commitment to delivering comprehensive eFX solutions to our clients,” says Salim Zaman, executive officer, co-head of global markets and treasury department, Asia Pacific at SMBC, in a prepared statement.
SGX FX has deployed foreign exchange technology and workflow solutions from BidFX and MaxxTrader, officials say. SGX CurrencyNode connects global participants anonymously to over-the-counter FX liquidity pools.
The Tokyo-based SMBC operates across retail, corporate, and investment banking segments, offering financial services worldwide, officials say. SMBC is a core member of Sumitomo Mitsui Financial Group (SMBC Group) and has more than ¥238,700 billion in total assets.
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