Engine enables UOB to support its customers’ cross-border needs more quickly and efficiently
UOB today announced that it has deployed Chronicle Software’s (Chronicle) EFX solution for its electronic foreign exchange (FX) pricing and trade engine1. Through Chronicle’s technology, UOB has the ability to take advantage of reduced latency via co-location connectivity to improve price discovery and to enhance pricing capability. In doing so, UOB is able to provide customers in ASEAN and across its global network access to more competitive FX pricing.
The FX pricing engine, which is located in Singapore, also supports the country’s ambitions to become an e-trading X hub in the region2.
Mr Leslie Foo, Head of Group Global Markets, UOB, said, “Through our new electronic FX pricing and trade engine, UOB is well-positioned to help our customers seize opportunities arising from the strong institutional FX flows in Asia and Singapore’s status as a fast-growing FX trading hub. Our collaboration with Chronicle combines their technological capabilities with UOB’s deep understanding of our customers’ FX trading needs. Using Chronicle’s solution as the building blocks, we will continue to deepen our capabilities to provide our customers with faster access to global FX markets.”
Mr Peter Lawrey, CEO of Chronicle Software, said, “We are delighted to support UOB in their FX business and we look forward to continue our close working relationship with them. Chronicle’s EFX solution offers reliability, ease of deployment and speed of development. We are pleased to be able to help UOB deliver their solution to market quickly and our recently added Singapore office3 will be able to provide strong local support.”
Mr Jerry Shea, Managing Director, APAC of Chronicle Software, said, “Chronicle’s EFX solution has supported UOB in building new and faster trading workflows at a fraction of the time and cost. Our unique buy and build solution enables customers who have purchased our core trading infrastructure to leverage a high performance framework and to build custom capabilities, while keeping intellectual property within their organisation. Singapore’s burgeoning FX market is a major contributor to our recent growth and we will continue to build our presence in this market.”
1 UOB announced its plans to set up an electronic FX pricing and trade engine in Singapore in November 2020. The Bank will take advantage of reduced latency via co-location connectivity to improve price discovery and to enhance pricing capability. https://www.uob.com.sg/web-resources/uobgroup/pdf/newsroom/2020/UOB-Electronic-FX-Pricing-Engine.pdf
2 “The FX Global Code – One Year On” – Keynote Speech by Ms Jacqueline Loh, Deputy Managing Director, Monetary Authority of Singapore, at the 14th FX Week Asia Conference on 29 August 2018. https://www.mas.gov.sg/news/speeches/2018/the-fx-global-code
3 Chronicle opens Singapore office: https://chronicle.software/chronicle-software-opens-singapore-branch/