M-DAQ, the leading global provider of cross-border solutions, has announced that it has launched a view only multi-denomination automated quotation solution for Singapore Exchange (SGX) listed securities as a proof of concept.
M-DAQ’s patented solution allows investors to view, track and trade securities in multiple currencies within a single liquidity pool. This enables stock exchanges to shift to the next generation by becoming multi-currency. This would allow investors to have price certainty including the ability to place limit order(s) in their preferred foreign currencies. The M-DAQ solution also democratizes cross-border trading by giving all investors, both institutional and retail, embedded interbank FX pricing at the point of transaction without slippage.
In partnership with SGX, M-DAQ has developed a view only prototype for investors to view real-time prices of the component stocks of the Straits Times Index in selected currencies. In addition, comparison charts are also available for investors to assess historical prices against the various currencies i.e. Trading the Right Chart™.
“SGX has partnered M-DAQ to launch the multi-denomination automated quotation prototype and gather market feedback on how best we can enable investors to view, trade and settle in their preferred currency. The ability to trade in multiple portfolio currencies will enhance risk management and access to our securities market, which is home to many international issuers and investors. We are excited to develop new solutions with one of Singapore’s most established homegrown fintech companies, to further grow the securities market ecosystem in Singapore,” said SGX’s Executive Vice President and Head of Equities and Fixed Income, Chew Sutat.
M-DAQ’s Founder/CEO Richard Koh added, “The M-DAQ solution was developed for global exchanges like SGX to facilitate international trading of equities and increase velocity of trade due to price certainty. SGX is already one of the most international exchanges globally and this solution is well placed to further the internationalization efforts of SGX.”
Leading global provider of cross-border solutions, M-DAQ was founded in January 2010 with a vision to create a World without Currency Borders™. Today M-DAQ is a key partner of several of the world’s largest eCommerce and Payments ecosystem, with over 90% of its activities generated outside of Singapore while being headquartered in Singapore. M-DAQ’s multi-denomination automated quotation solution is an exchange grade solution which has successfully undergone and completed intensive testing by the world’s largest stock exchanges. M-DAQ raised S$118 million in its Series C funding in November 2015 which included Ant Financial and EDBI, the investment arm of the Singapore Economic Development Board as investors. (www.m-daq.com).