Neill Penney

LSEG to launch new NDF Matching venue in Singapore

May 2022 in News Headlines

LSEG (London Stock Exchange Group), the providers of Refinitiv Matching, FXall and ForexClear, have announced the development of NDF Matching, a new fully cleared Non-Deliverable Forwards (NDF) Matching venue in Singapore, supported by the Monetary Authority of Singapore (MAS). This represents the first phase of LSEG’s plans to implement NDF and Spot Matching as well as streaming relationship venues in Asia to meet both the growing demand in the region and increasing electronification of FX trading globally. The integration of clearing into the design of NDF Matching also enables easier access to the full book of liquidity in the venue for all participants. The venue will be open for integration testing later this year, with a full production launch in mid-2023. Lim Cheng Khai, Executive Director of the Financial Markets Development Department, MAS, said: “LSEG’s decision to launch cleared NDF Matching in Singapore underscores Singapore’s position as a price discovery hub. As a leading inter-dealer platform, LSEG’s venue is a key addition to our FX ecosystem and will play an important role in meeting Asian market players’ growing FX needs.”

Neill Penney, Group Head of FX, LSEG, said:  “As a leading provider of FX and capital markets solutions, there has been strong demand for LSEG to enter the NDF CLOB market as participants look for greater choice in where they execute. Singapore boasts a leading position as an FX hub and we are grateful for the support from MAS as we launch this new initiative. This is the first FX venue to be delivered on LSEG’s leading-edge technology.”

Singapore is currently ranked the largest FX centre in Asia, and third largest globally according to the Bank for International Settlements’ Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets in 2019. This has been driven by the influx of the world’s leading FX dealers, which have launched electronic trading engines within its SG1 data centre. Please look out for our Regional Perspective feature in the next edition.