It has been almost 6 months since Deutsche Bank announced the replacement of its London-based global currency pricing engine for emerging markets with one in Singapore. Today, the German financial services provider reported that it has completed its first round of live transactions on its SG1-based electronic exchange (e-FX) hub.
Developed in collaboration with the Monetary Authority of Singapore (MAS), the e-FX hub enables Deutsche Bank clients to execute foreign exchange transactions more closely aligned with geographic location. As a result, the process of executing transactions becomes efficient.
“Asia-Pacific is a prime example of the decentralization underway in the forex market globally. We set out to create a low latency trading environment so that our clients can benefit from localized price distribution and consumption, resulting in improved execution results and performance by approximately 90 milliseconds. for Singapore customers, ”said Lee Merchant, APAC G10 FX Manager. , commented.
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Deutsche Bank also highlighted its growing popularity in the APAC region. The bank remained one of the top-ranked liquidity providers in APAC in Euromoney’s closely watched annual foreign exchange survey. In September 2021, Deutsche Bank expanded its product line with the acquisition of Better Payment.
In the recent press release, Chris Bezuidenhout, Deutsche Bank’s CIO for Corporate and Investment Banking in APAC and Global Emerging Markets, mentioned that the forex market is growing in Asia. Chris also stressed the need for efficient transaction execution.
“We continue to invest in improving our technology to ensure that our electronic offering for our customers is the best on the street. This was a complex delivery, which included setting up a significant local hardware, network and server infrastructure, as well as the deployment of a multitude of custom applications. We are proud that our unique technology delivery capability, which simplifies and accelerates trading, has positioned us at the heart of our clients’ foreign exchange requirements in this growing region, ”said Chris.