Citi to Launch Electronic Currency Trading Platform in Singapore

US investment bank Citi is taking its FX pricing and trading engine to Singapore, with backing from the country’s regulator. Citi’s trading engine was developed in-house, and the bank has already launched the platform in London, New York and Tokyo, with Singapore being the fourth country it will distribute prices to clients. The Monetary Authority in Singapore (MAS) expressed its support for the FX pricing and trading engine as a significant boost in the development of Singapore as an Asia liquidity hub. The platform includes proprietary pricing and a hedging algorithm, and will initially offer trading in 23 spot currencies, as well as two precious metals. Citi expects the platform to launch in Singapore at some point during the fourth quarter this year.