FlexTrade’s client KGI Securities to launch new eFX pricing in SG1 with MaxxTrader
Multi-asset execution and order management systems provider FlexTrade Systems today announced that its client KGI Securities will launch the KGI MaxxTrader’s electronic FX pricing and trading engine in Singapore.
The launch is in line with the Monetary Authority of Singapore’s (MAS) vision for Singapore to connect global markets, support Asia’s development, and serve the economy. This platform will help Singapore make a headway in its efforts to develop into a global price discovery and liquidity center for FX during Asia trading hours.
The new engine will offer e-FX trading for all the products KGI offers to its clientele globally such as FX spot, forward, swaps, NDFs, Metals and CFDs with orders getting matched locally at SG1.
Vinay Trivedi, Senior Vice President – Strategic Initiatives & Head of FX Sales, APAC at FlexTrade Systems commented: “Flextrade has been hosting Banks, Hedge-Funds and Broker dealers in SG1 for years with cross-connects to all the LPs with a local presence in SG1, and allows the clients to take advantage of the MaxxTrader eco-system in SG1.”
The KGI MaxxTrader SG1 engine is currently undergoing end-to-end regression testing with a production go-live target set for mid-October this year.
MaxxTrader is a comprehensive White Label solution offering Desktop, Web and Mobile apps, along with distribution on the FIX API and integration with all the major distribution channels. It covers an end-to-end workflow that includes Aggregation, Price creation, Distribution, Order Management, Margin Engine, Risk Management and Auto-hedging strategies. It has an out-of-the box Algo suite such as TWAP, VWAP and Basket trading, that can be used internally and offered directly to clients.
The solution is hosted out of NY4, LD4, TY3 and SG1 data centers to ensure the low latency access to market markers for order matching and execution.
Let’s recall that, in June this year, US based banking firm BNY Mellon announced that it will build a high-performance FX pricing and trading engine in partnership with the Monetary Authority of Singapore (MAS). The bank said back then it will establish new low-latency electronic FX infrastructure in the Southeast Asian nation, helping to improve execution quality and price discovery for clients initially in spot, and subsequently in deliverable and non-deliverable forwards and swaps.