KUALA LUMPUR, Jan 29 -- Singapore based start-up SynOption Pte Ltd this week launched its platform for electronic trading of FX Options.
This institutional platform allows investors to execute FX Options trades by requesting quotes from multiple banks on a centralised venue, thus enabling Best Execution for clients.
SynOption is the first firm approved by the Monetary Authority of Singapore (MAS) to establish and operate an organised market for nine months under the Sandbox express framework.
According to a statement, the firm has also been awarded a grant by the MAS Financial Sector Development fund as a designated special project.
SynOption supports MAS’ vision to make Singapore the FX trading hub in Asia by focusing on the market’s derivative segment. It intends to provide high speed connectivity to clients with lower trade rejection rates as more liquidity providers set up operations in the republic.
SynOption founder, Anchal Jain said: “SynOption attempts to build a fair platform for trade execution for all participants in the niche FX Options market.
“Leveraging on our experience, we are trying to create an intuitive product that will make the electronification journey easier. We intend to increase the scope of product and geographical reach as we gain more of a foothold in Singapore.”
SynOption has started onboarding institutional clients based in Singapore and gained good traction. The platform has signed up top tiered banks as liquidity providers and is rapidly looking to expand its participant base in the next few months.
-- BERNAMA
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