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Equinix and Options, a leading provider of Ultra-Low Latency (ULL) connectivity to the financial services (FS) markets, have joined forces to provide increased connectivity and low latency services to a global top-tier investment bank.
Reducing geographical latency through the implementation of a new FX hub will speed up the FX trading process for customers, providing them with a key competitive edge. The development also supports Singapore’s position as the third-largest FX location globally, with projections suggesting shaving milliseconds off currency trades could contribute billions of dollars to Singapore’s economy.
Options is deployed with Equinix in 18 of its International Business Exchange™ (IBX®) sites, across 12 metros, with this project marking the fourth FX trading deployment from Options at Equinix—existing FX hubs reside in London (LD4), New York (NY4) and Tokyo (TY3). Supporting an initiative from the Monetary Authority of Singapore (MAS) to improve latency for FX trading within Singapore, roundtrip latency for price matching orders should now be negligible, as compared to a current 70-80 millisecond delay between Singapore and Tokyo, and 220 milliseconds between Tokyo and New York.
Together, Equinix and Options are expanding the FX footprint into Singapore to improve liquidity and price discovery during Asian trading hours, via Equinix’s SG1 IBX. Connecting through Equinix data centres will also help customers improve price transparency and facilitate more efficient price discovery, avoiding higher rejections or unwarranted risk to market makers.
John Knuff, Vice President, Business Development, Equinix noted: “With Singapore becoming a major global FX hub, Equinix is excited to be working in collaboration with Options to facilitate global FX trading in a secure and low latency environment. In an increasingly competitive industry, businesses need to make sure their IT infrastructure is capable of real-time trading and price matching. With Equinix’s FX hubs also situated in London, New York and Tokyo, our platform provides connectivity between these key regions of the world.”
The new FX trading platform will be housed in a dedicated area in SG1 for FX clients. SG1 is one of the most connected data centres in the world, and offers a diverse ecosystem of participants with multiple connectivity options to more than 230 carriers and 700+ companies, supported between multiple locations with enhanced security. By leveraging Platform Equinix® in Singapore, Options can provide its customers with an interconnection-rich environment for low latency and high security FX trading at the digital edge.
Danny Moore, President and CEO, Options added: “We are delighted to be able to work in partnership with Equinix to deliver this service extension. Singapore is the third-largest FX location globally, and as such, is a region we have continued to prioritise for our own growth over the past number of years. It is fantastic that a client is expanding its FX footprint in the region through Options.”
