We are encouraging and working with key FX players and platforms to anchor their e-trading facilities, matching and pricing engines in Singapore. As the e-trading ecosystem builds up, this will bring about better connectivity and latency; enhance pricing and trade execution; and improve clients’ trade fill-ratios and hence customer satisfaction, for market participants operating in Singapore and the Asia Pacific region. To date, MAS has received good interest from a strong pipeline of players – global tier 1 banks, non-banks and platforms – looking to set up their trading engines in Singapore. XTX Markets and our own home-grown Spark Systems are good examples of the first movers as a start. We will see more in time to come. 24 Next, skills. Complementing the business strategies and innovation agenda will be an active SkillsFuture programme to help the financial sector workforce build world-class skills. The financial industry is no stranger to transformation. It was not too long ago that exchanges were physical floor trading venues where buyers and sellers met and negotiated. But look at how that has changed today. The financial industry has been nimbler than other industries in the adoption of technology and data. As we enhance our market structure, analysis and business processes with the use of artificial intelligence (or AI), algorithmic trading, big data and coding skills, and new financial technology such as distributed ledger technology, the nature of job roles in the FX market will continue to evolve too.
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