Exchange says the partnership will help deepen liquidity to platform’s client base
THE Singapore Exchange (SGX) announced on Tuesday (Aug 20) that it has added Mitsubishi UFJ Financial Group (MUFG) as a liquidity provider to its eFX trading solutions platform for global buyside institutions.
“This partnership marks a significant milestone in SGX FX’s ongoing commitment to enhance its offerings and provide deep liquidity to its rapidly growing client base,” the exchange said.
MUFG global head of eFX sales Kenneth Ho said the partnership allows the financial institution to extend its reach and deliver its specialised pricing strengths directly to a wider array of clients.
Meanwhile, president of SGX FX, Jean-Philippe Malé, said: “MUFG’s extensive banking roots in Japan and robust client base enrich our ecosystem, offering workflows that promise to significantly reduce transaction costs across various deal types and currencies.”
In its FY2024 earnings for the year ended Jun 30, SGX reported that its over-the-counter (OTC) FX average daily volume grew 47 per cent to US$111 billion, while its currency futures daily average volume climbed 36 per cent to about 204,000 contracts.
“Our OTC FX business is projected to contribute mid-to-high single-digit percent of group earnings before interest, tax, depreciation and amortisation (Ebitda) in the medium term, compared to around 3 per cent of group Ebitda in FY2024,” it said.
Shares of SGX rose 2.2 per cent or S$0.23 to S$10.59 as at 4.44 pm on Tuesday, after the announcement.
