Northern Trust Corporation (NASDAQ:NTRS) will set up a new electronic foreign exchange (eFX) pricing engine in Singapore, in partnership with the Monetary Authority of Singapore (MAS). This will be Northern Trust’s first eFX engine in Asia-Pacific.

John Turney, head of global foreign exchange at Northern Trust Capital Markets, explains:

“Singapore is a key FX centre for Northern Trust and financial markets globally. Establishing a regional eFX pricing engine in Singapore will enhance the service provided by our Singapore-based FX desk and complements our continued expansion of FX solutions across Asia-Pacific including currency management and Complete FX™.”

In recent years, Northern Trust has launched a number of innovative FX solutions, and acquired BEx LLC, a platform providing algorithmic FX trading, global liquidity aggregation and transparency in execution and pricing to institutional clients worldwide. In addition, it announced a strategic partnership with Lumint Corporation, an innovative provider of currency management services, enhancing Northern Trust’s currency management solutions with machine learning models.

Northern Trust Global Foreign Exchange, part of Northern Trust Capital Markets, provides a range of liquidity, trading, transaction processing and outsourced FX solutions for institutional investors. Northern Trust Capital Markets is comprised of a number of Northern Trust entities that provide trading and execution services on behalf of institutional clients, including foreign exchange, institutional brokerage, securities lending and transition management services.

Northern Trust has an established network of 11 offices across Asia-Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Seoul, Singapore, Sydney and Tokyo. It has strong relationships with some of the region’s largest central banks, sovereign wealth funds, government agencies and corporations, offering a comprehensive range of customised asset servicing, asset management and capital markets solutions.