trueEX opens Singapore office

US based swap execution facility expands into Asia-Pacific following a record year of trading activity.

US interest rate swaps trading venue trueEX has expanded its operations into Asia-Pacific with the opening of a new office in Singapore.

The move will mean traders in Singapore, Australia and New Zealand will gain access to the firm’s interest rate swaps trading platform.

trueEX said the decision to expand followed a record year for the swap execution facility, after a 460% increase in trading on its execution platform in 2017.

“With the tremendous growth in support of the trueEX platform, we’ve seen a significant increase in demand for trading in Latin American, European, and now Asian-Pacific currencies,” said Christopher Yoshida, chief strategy, sales & marketing officer at trueEX

“From the outset, the Asian markets have been a key component of our long-term strategy. Now that it’s become a reality we’re able to not just meet the needs locally, but provide a gateway between participants in Asia-Pacific and the rest of the world.”

The move also follows the Monetary Authority of Singapore’s (MAS) proposed rules which could see over-the-counter traded derivatives migrate to on-exchange platforms, trueEX added.

“There is a growing demand across the region for more liquid local currency hedging instruments,” said Andrew Baker, head of trueEX’s Singapore office.

“Providing these services is a natural extension of our ‘client first’ approach, which has led to us to developing a significant global footprint across 28 currencies and multiple protocols across all the major time zones.”