BNY Mellon has launched a foreign exchange dealing room in Singapore to trade in G10 currencies and Korean Won non-deliverable forwards.
Running the new dealing room, which comprises of a nine-strong team, is Keon Ho Kang, who has relocated to Singapore from BNY Mellon’s Seoul branch, in order to become head of FX trading for Singapore.
He reports to Richard Gill, global co-head of FX trading, based in London, and Mark Militello, head of BNY Mellon’s Asia-Pacific global markets business, who is based in Hong Kong.
The firm anticipates that Singapore is the right choice of location, given the prospects for growth in FX trading there during the medium term. It cited data from the Bank of International Settlements that daily FX volumes traded in Singapore have increased by approximately 40% in four years. Singapore nevertheless ranks behind Japan and Hong Kong in overall global FX trading market share.