TP ICAP to Launch Electronic FX Trading Platform in Singapore

The platform is receiving support from the local regulator.

Initially, it will offer Asian 1 Month Non-Deliverable Forwards (NDF).

The platform will be based on TP ICAPs Fusion interface and will initially offer institutional clients to trade in Asian 1 Month Non-Deliverable Forwards (NDF). Additionally, it has concrete plans for expansion by including FX Forwards and additional tenors in Asian NDFs.

“TP ICAPs decision to locate a Fusion FX platform in Singapore is an important part of our strategy to enable our clients to trade electronically and access our deep, global liquidity pools,” said Nicolas Breteau, the CEO of TP ICAP.

TP ICAP, which operates the largest dark pool , is offering Fusion as a customizable electronic platform, offering clients access to global liquidity pools.

Moreover, TP ICAP is focused on expansion into several areas, especially cryptocurrencies, and has onboarded several big names as liquidity providers. However, the company recorded an 81 percent drop in its 2021 profits despite a marginal jump in its revenue.

The Next Trading Hub

The platform's expansion into Singapore is strategic for both itself and the regulators of the city-state. MAS already unveiled its plans earlier to make the country a major trading and corporate treasury hub.

“Singapore is the third-largest FX trading center globally and the largest in Asia, and we believe that it will continue to grow,” Breteau said.

Lim Cheng Khai, MAS‘ Executive Director of Financial Markets Development Department, said: “Singapore is geographically well-positioned to offer low latency connections to regional markets, and TP ICAP’s multi-dealer Fusion FX platform will enable market participants from across the Asia-Pacific region to benefit from an improved trading experience.”

Meanwhile, many other institutional platforms are moving towards Singapore. Furthermore, Integral, which is a major technology provider in the FX market, made its IntegralFX services available in Singapores SG1 data center.