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The Goldman Sachs Group, Inc. (GS) - free report >>
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The Goldman Sachs Group, Inc. (GS) - free report >>
JPMorgan Chase & Co. (JPM) - free report >>
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Goldman to Build FX Pricing & Trading Engine in Singapore
The Goldman Sachs Group (GS - Free Report) is planning to launch an electronic foreign exchange (FX) pricing engine in Singapore, with expectations to go live in first-quarter 2021 across deliverable and non-deliverable currencies. Also, the company aims to offer improved low latency execution for its clients with this platform.
The Singapore platform would be the company’s fourth global currency pricing engine after London, Tokyo and New York.
"We continue to actively develop our presence in Singapore, and have seen consistent growth of our franchise here over a number of years in both FX and broader global markets," said EG Morse, chief executive officer of Goldman Sachs in Singapore.
The move forms part of the Monetary Authority of Singapore’s plan to make the country a hub for FX trading in the Asia Pacific. Notably, major global banks like JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) , UBS Group and BNP Paribas (BNPQY - Free Report) are already engaged in FX operations in the region.
Also, Barclays recently stated plans to launch new FX trading and pricing engine in Singapore in mid-2021. Furthermore, in June, Bank of New York Mellon had announced similar plans.
Our Take
Goldman remains well poised to counter the declining revenues by foraying into new markets and diversifying income sources. Yet, it continues to face probes and queries from several federal agencies, and a few foreign governments for businesses conducted during the pre-crisis period. These are likely to keep costs elevated.
Shares of this Zacks Rank #3 (Hold) company have gained 23.3% over the past six months compared with the industry’s growth of 22.1%.
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