Singapore, 3 September 2018 – UBS is the first global bank to confirm launch of a new electronic Foreign Exchange (eFX) pricing and trading engine in Singapore. The launch, undertaken in partnership with the Monetary Authority of Singapore (MAS), will promote greater transparency and efficiency for the foreign exchange market. The engine will go live in Q2 2019.
Anthony Hall, Head of Foreign Exchange, Rates and Credit (FRC) in Asia Pacific at UBS, said: “Singapore is the Asia Pacific hub for FRC at UBS and we are delighted to launch this eFX engine in Singapore. The engine will provide our clients with greater liquidity and increased efficiency in the foreign exchange markets. Our collaboration with the MAS reaffirms Singapore’s importance as a global FX center and reflects the growth of opportunities in Asia. We look forward to working with MAS to improve market transparency and price discovery in the region.”
Alan Yeo, Executive Director and Head of Financial Markets Development Department at MAS, said “UBS operates one of the top global FX businesses and we are excited that UBS has chosen Singapore to launch its new eFX pricing and trading engine, to expand its global FX business. This builds on our vision of enhancing the eFX trading infrastructure, as articulated in our Financial Services Industry Transformation Map, co-created with the industry. We are delighted to welcome UBS to be part of the growing e-trading ecosystem in Singapore.”
Notes to Editors
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS' strategy is centered on our leading global wealth management business and our premier universal bank in Switzerland, enhanced by Asset Management and the Investment Bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.
UBS is present in all major financial centers worldwide. It has offices in 52 countries, with about 34% of its employees working in the Americas, 34% in Switzerland, 18% in the rest of Europe, the Middle East and Africa and 14% in Asia Pacific. UBS Group AG employs approximately 61,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
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