Leading Asian bank United Overseas Bank Limited (UOB) has announced that it has deployed Chronicle Software’s eFX solution for its electronic foreign exchange (FX) pricing and trade engine. Through Chronicle’s technology, UOB has the ability to take advantage of reduced latency via co-location connectivity to improve price discovery and to enhance pricing capability. In doing so, UOB said it is able to provide customers in ASEAN and across its global network access to more competitive FX pricing.
The FX pricing engine, which is located in Singapore, also supports the country’s ambitions to become an e-trading FX hub in the region.
Mr Leslie Foo, Head of Group Global Markets at UOB, said,
“Through our new electronic FX pricing and trade engine, UOB is well-positioned to help our customers seize opportunities arising from the strong institutional FX flows in Asia and Singapore’s status as a fast-growing FX trading hub. Our collaboration with Chronicle combines their technological capabilities with UOB’s deep understanding of our customers’ FX trading needs. Using Chronicle’s solution as the building blocks, we will continue to deepen our capabilities to provide our customers with faster access to global FX markets.”
Mr Peter Lawrey, CEO of Chronicle Software, said,
“We are delighted to support UOB in their FX business and we look forward to continuing our close working relationship with them. Chronicle’s EFX solution offers reliability, ease of deployment and speed of development. We are pleased to be able to help UOB deliver their solution to market quickly and our recently added Singapore office[3] will be able to provide strong local support.”
Mr Jerry Shea, Managing Director, APAC of Chronicle Software, said,
“Chronicle’s EFX solution has supported UOB in building new and faster trading workflows at a fraction of the time and cost. Our unique buy and build solution enables customers who have purchased our core trading infrastructure to leverage a high performance framework and to build custom capabilities, while keeping intellectual property within their organisation. Singapore’s burgeoning FX market is a major contributor to our recent growth and we will continue to build our presence in this market.”
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.
Headquartered in London, with offices in Melbourne and Singapore, Chronicle Software was founded in 2013 by Peter Lawrey, the design authority and technical architect behind the Chronicle software stack. Chronicle is a global leader in low latency Java applications and its software underpins the most demanding, sub-millisecond trading applications for some of the world’s renowned financial institutions and trading venues. Its open source software attracts 12 million downloads per year, while enterprise solutions are seeing rapid adoption by investment banks, hedge funds and crypto exchanges worldwide due to a unique business model that takes away the build or buy decision. The team collectively have over a century’s worth of experience building leading-edge financial technology solutions across multiple asset classes.
