The latest technology news in the wealth management sector from around the world.

LMAX
LMAX Group, which operates institutional exchanges for trading currencies and digital assets, has launched a new “matching engine” in Singapore.

(A matching engine is an electronic system that matches buy and sell orders for a stock market, commodity market or other financial exchange.)

The new offering has been launched in the Equinix IBX Data Centre in Singapore. The centre went live earlier this year.

LMAX Group has been growing in Asia-Pacific since 2014 when it launched its Tokyo matching engine, TY3, and opened its regional hub in Singapore in June 2015, the group said in a statement late last week.

“Over time, we aim to establish a unique multi-asset liquidity offering for the region, combining our capabilities, distribution and infrastructure across both Japan and Singapore to benefit our global customer base,” David Mercer, chief executive of LMAX Group, said.

Lim Cheng Khai, executive director, financial markets development department, Monetary Authority of Singapore, said: “We welcome the launch of LMAX Group’s matching engine in SG1 to deepen the liquidity of the FX market in Singapore and support the needs of market participants in the region. Singapore has cemented our position as the third largest global FX centre, and LMAX Group will be a significant addition to the attractiveness and vibrancy of our FX ecosystem.”

Assuming it gets regulatory clearance, LMAX plans to offer trading in non-deliverable forwards in early 2023. In the second quarter of next year it is aiming to extend its global digital and broker offering to the wider Asia-Pacific region from Singapore, it added.