Singapore Exchange (SGX) has been named the best exchange for foreign exchange (FX) at the FX Markets e-FX Awards 2020. The award followed voting by banks, dealers, brokers, and currency managers in the Asia Pacific region.
The awards, which recognise the best-in-class in electronic FX trading around the world, have been running for 18 years.SGX took home the “Best FX Exchange in Asia” and “Best FX Clearing House in Asia” awards in 2018 and 2019 respectively.
The exchange is Asia’s largest and fastest-growing FX derivatives exchange that provides international market participants to manage their Asian currency exposure round-the-clock due to its long derivatives trading hours in Asia.
SGX introduced the trading of FX futures contracts on the exchange in 2003. It acquired cloud-based trading platform, BidFX, in late June.
“We are honoured to be conferred the global best FX exchange award, having been recognised as the best FX exchange and clearing house in Asia in the past two years. This validates our commitment to offer international market participants a single venue with deep liquidity to manage currency risks and express views on the market, which has been critical this year given the Covid-19 pandemic,” says Lee Beng Hong, head of fixed income, currencies and commodities (FICC) at SGX.
“Besides helping our clients enhance efficiencies through our customisable FlexC FX Futures, we have also acquired BidFX to bring together over-the-counter (OTC) and listed FX markets and serve a wider community with more comprehensive solutions,” Lee adds.
Shares in SGX closed 10 cents higher, or 1.2% up, at $8.62, on September 15.
By : Felicia Tan – THE EDGE SINGAPORE