trueEX, the leading independent provider of derivatives markets, has opened a Singapore office to provide trading access for interest rate swaps denominated in 28 currencies, including 11 in the Asia-Pacific region.
trueEX is now available to traders in Singapore, Australia and New Zealand in accordance with all local regulations in each respective region. The move follows a 460% increase in trading on its swap execution platform in 2017.
On the back of significant volume growth, dealer and buy-side adoption of Mexican (MXN) TIIE and Brazilian (BRL) DI swaps, trueEX is expanding its platform and presence in APAC. MXN TIIE swaps grew 284% and BRL swaps grew 187% from 2016 to 2017.
Among the 28 currencies that are available via trueEX are AUD, CNY, HKD, INR, JPY, KRW, MYR, NZD, SGD, THB and TWD in the Asian-Pacific time zone, as well as throughout US and European trading hours – all via one global connection.
The opening of trueEX’s Singapore office comes right after the Monetary Authority of Singapore (MAS) proposed new rules to enhance market transparency, requiring that OTC derivatives be traded on organized markets. They plan to seek an equivalence determination from the US.
“With the tremendous growth in support of the trueEX platform, we’ve seen a significant increase in demand for trading in Latin American, European, and now Asian-Pacific currencies,” said Christopher Yoshida, Chief Strategy, Sales & Marketing Officer of trueEX LLC. “From the outset, the Asian markets have been a key component of our long-term strategy. Now that it’s become a reality we’re able to not just meet the needs locally, but provide a gateway between participants in Asia-Pacific and the rest of the world.”
“There is a growing demand across the region for more liquid local currency hedging instruments,” said Andrew Baker, head of trueEX’s Singapore office. “Providing these services is a natural extension of our ‘client first’ approach, which has led to us to developing a significant global footprint across 28 currencies and multiple protocols across all the major time zones.”
trueEX has been at the forefront of innovation in the global swaps market. Clients are able to use next-generation technology to transact in traditional swaps markets with the added benefit of automated execution and clearing. Its venues provide a direct connection between clearing houses, clearing firms, and participant firms and can be accessed through a client GUI (Graphical User Interface), FIX API (Application Programming Interface), or through various leading independent electronic platforms certified with trueEX.