FX turnover is down, but not by as much as some expected. Why?
FXecosystem has opened its new regional headquarters in Singapore and a point of presence (POP) in the Equinix SG1 Singapore data centre.
The firm says that the expansion is designed to accommodate current retail and institutional client requirements and will underpins its strategy for growth in the region.
It follows a six-month operation of FXecosystem's new NOC and engineering facility in Asia and the firm says that it will continue building its team, with new hires in Asia scheduled for Q1 2017.
Industrial and Commercial Bank of China’s (ICBC) Singapore branch has adopted Thomson Reuters FX e-commerce solution Electronic Trading to strengthen its presence in the foreign exchange market.
Thomson Reuters says ICBC is the first Chinese bank to adopt this solution, which provides efficient market making capabilities and allows ICBC to price CNH and other G10 currencies across Asia with various branches, interbank clients and corporate clients.
“As China's largest bank and the official CNH clearing bank of Singapore, ICBC Singapore is committed to offering a full range of integrated financial services in the CNH and other key currencies to our clients," says Zhang Weiwu, general manager of ICBC Singapore.
The Australian Competition and Consumer Commission (ACCC) has commenced legal proceedings on a consent basis against ANZ and Macquarie Bank in relation to alleged attempts to engage in cartel conduct in FX markets.
The ACCC says that following cooperation by ANZ and Macquarie, the parties have agreed that a Macquarie trader and multiple traders within ANZ engaged in a private chatroom to discuss daily submissions to be made to the Association of Banks in Singapore (ABS) in relation to the benchmark rate for the Malaysian ringgit fixing rate.
The Intercontinental Exchange (ICE) has announced the appointment of Lee Yi Shyan as chairman of ICE Futures Singapore (IFS) and ICE Clear Singapore (ICS) effective November 24 2016.
Lee is a Member of Parliament in Singapore and previously served in the Singapore government over a 10 year period as a senior minister of state in the Ministry of Trade and Industry, the Ministry of National Development and the Ministry of Manpower.
Prior to this, between 2001 and 2006, he served as the CEO of International Enterprise Board, an organisation promoting international trade with businesses in Singapore. Lee joined the boards of IFS and ICS on November 7.