UBS Group AG (UBS - Free Report) recently announced plans to set up an electronic Foreign Exchange (eFX) pricing and trading engine in Singapore. The platform is expected to become accessible in the second quarter of 2019. UBS Group is the first global bank to undertake such a step.
For the recent move, the company has entered into a partnership with Singapore’s central Bank and financial regulatory authority — The Monetary Authority of Singapore (MAS).
While Singapore is the world’s third largest foreign exchange centre, it ranks first in the Asia-Pacific region. The MAS has been trying to expand and strengthen the trading infrastructure in a bid to boost price discovery and transparency in Singapore’s foreign exchange market. Induction of this eFX facility is expected to support the MAS’ efforts.
Per UBS Group’s management, the eFX engine will boost liquidity in foreign exchange market of the Asia-Pacific region, in addition to enhancing the company’s growth prospects.
Per a survey conducted by Euromoney, an internationally recognized banking and capital markets magazine, UBS Group has been ranked second in terms of share in the global foreign exchange market. The bank holds around 8.25% of the total market share. With the introduction of the eFX trading platform, its share will likely increase further.
Shares of UBS Group have gained 2.1% over the past three months, against the 5.3% decline recorded by the industry.
Currently, UBS Group carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the finance space are BancFirst Corporation (BANF - Free Report) , First Financial Bankshares (FFIN - Free Report) and BOK Financial Corporation (BOKF - Free Report) . All these stocks carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Over the last 60 days, the Zacks Consensus Estimate for BancFirst Corporation’s current-year earnings has been revised 3.1% upward. Its share price has gained 31.1% in the past year.
First Financial Bankshares’ earnings estimates for 2018 have been revised 2.8% upward over the past 60 days. Its shares have surged 61.8% in a year’s time.
Over the last 60 days, BOK Financial Corporation’s 2018 earnings estimate moved 2.5% north. Over the past year, its share price has appreciated 34.1%.
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