Liquidnet, the global institutional marketplace, announced today that it will open an office in Singapore in November 2008 amid surging interest in the region among its buy-side membership.
Liquidnet currently has 109 members signed on to trade Asia-Pacific equities on its platform (as of 31/07/08) which gives institutional investors a protected venue to make large trades without attracting price-altering attention. The office is Liquidnet's fourth in the region after Hong Kong, Tokyo, and Sydney.
"Member interest in Singapore and all of Asia has grown stronger as the global markets have become more challenging," said David Klinger, managing director of Liquidnet Asia. "Buy-side investors representing millions of individual investors are expressing an even greater need in these shifting markets to trade large blocks of Asian stock quickly to preserve the conviction of their trading decisions. That is where we add great value."
Liquidnet already provides trading in Singapore. During the third quarter of 2008, the average value of a trade in Singapore equities in Liquidnet was S$1.8 million.
Greg Henry will manage the office and report directly to David Klinger. Henry was most recently responsible for portfolio trading operations at Liquidnet in New York. He joined the firm in July 2004 having previously worked with Fidelity Capital Market Services, Investment Technology Group Inc. and Instinet Inc.
Liquidnet's global membership of 535 firms collectively account for an estimated $16.4 trillion in equity assets under management, or an average of $30.6 billion per member (as of 31/07/08).
Liquidnet started its Asian operations on 29 November 2007, trading Hong Kong, Singapore, Korea and Japan equities. Australia commenced on 20 February 2008.