ADSS said it has entered into a partnership with SGX FX to
strengthen its market-making capabilities and expand its presence across the
EMEA region.
The move follows recent activity by SGX FX to add new
liquidity providers to its platform. BBVA
recently partnered with SGX FX to support trading in Latin American
currencies by placing its pricing on the exchange’s FX network.
The Spanish
bank deployed a distribution engine at the NY4 data centre in New York, giving
traders access to prices in major regional currency pairs. Its liquidity sits
alongside other providers serving banks, asset managers and hedge funds.
ADSS Expands FX Reach Across MENA
ADSS said the agreement will allow it to use SGX FX’s
trading technology and regional network to meet rising demand for foreign
exchange trading in the Middle East. The broker described SGX FX as its
preferred partner for this activity.
Dan Squires, chief commercial officer at ADSS, said the MENA
region, “particularly Dubai and Abu Dhabi,” has been seeing “explosive growth
in the financial sector.” He said the partnership reflects ADSS’s focus on
staying active in the market and serving institutional clients.
Expands Market-Making, Buy-Side Roles Regionally
Under the arrangement, ADSS will act as a market maker on
SGX FX platforms, including MaxxTrader and BidFX. It will also join the
platform as a buy-side taker. The companies said this structure is intended to
broaden ADSS’s role in regional FX markets.
Roger Lee, global head of sales at SGX FX, said the firm is
partnering with ADSS, “a leader in the UAE’s brokerage industry.” He said the
companies share a focus on “driving innovation and growth in the MENA region’s
rapidly expanding financial markets,” as well as across EMEA. He added that the
aim is to deliver FX trading services across both “making and taking paradigms”
for institutional clients.
This article was written by Tareq Sikder at www.financemagnates.com.
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