Euronext to launch FastMatch matching engine in Singapore

FastMatch matching engine is expected to be fully operational in Singapore in the fourth quarter this year.

Euronext has outlined plans for its FX trading business FastMatch to expand into Asia with the launch of a matching engine and new commercial office in Singapore.  

The matching engine is due to be fully be operational by the fourth quarter this year, providing clients in various Asia-Pacific markets, including Singapore, Australia and Hong Kong, for improved connectivity and trading. FastMatch has already established similar trading platforms in New York, London and Tokyo.

Kevin Wolf, CEO of FastMatch, commented that the decision to establish a matching engine in Singapore is an important step in making the company relevant to clients globally, and increasing the availability of its technology platform.

“Euronext FastMatch’s expansion in Singapore, which is currently the largest FX centre in Asia and the third largest globally, reflects its ambition to create a strong development base in Asia,” Wolf added.

FastMatch is the latest FX firm to build a matching engine in the region after the Monetary Authority of Singapore (MAS) launched its Financial Services Industry Transformation map. The map aims to develop Singapore to be the global centre for FX price discovery and liquidity in Asia, and encourages FX firms to build matching and pricing engines.

“We are excited that global FX players and platforms are building on Singapore’s strength as the largest FX centre in Asia Pacific, and choosing Singapore as the venue to establish their e-trading infrastructure in expanding their Asian FX business,” said Alan Teo, executive director of MAS.

“Having more players like Euronext’s FastMatch setting up in Singapore will support the formation of a regional e-trading ecosystem that will offer better connectivity and more effective execution of trades. This will enable our FX market to better serve Asia’s growing FX needs.”