Turquoise has partnered with foreign exchange (FX) specialist M-DAQ to allow brokers to enact cross-currency securities transactions.
The transactions will be available to brokers in multiple currencies, where they will be able to settle in the currency of their choice.
Singapore-based fintech M-DAQ’s Trading the Right Chart product is designed to reduce the operational and FX risks for brokers, using a single rather than multilateral relationship.
The fintech is looking to extend its global reach and provide specialised technology-enabled financial services to enterprise customers and other downstream fintechs.
It is backed by global institutions such as Affinity Equity Partners, Ant Group, EDBI, NTT Communications and Samsung,
M-DAQ has processed over S$32bn of cross-border transactions over 45 markets since the launch of its Aladdin FX solution in 2016.
Turquoise, a multilateral trading facility owned by The London Stock Exchange (LSEG), supplies order books to global investors. Covering 20 countries, including Switzerland, the UK, and the US, the facility provides access to almost 4,300 securities.
“M-DAQ is delighted to be the first Singapore flagship fintech to partner with Turquoise,” says Richard Koh, founder and CEO of M-DAQ. “By leveraging our wealth of experience, we can offer customers the ability to efficiently execute small FX transactions fitting the securities order shapes and using our tried and tested technology capabilities.
We are well positioned to work alongside Turquoise to bring the global equities market a solution that would allow cross-border investors to access foreign assets with more ease and confidence.”
Robert Barnes, group head of securities trading at LSEG and Turquoise CEO, adds: “Together, Turquoise M-DAQ will bring transparency, automation and efficiency to trading of securities that settle in an investor’s currency of choice. I look forward to continuing our collaboration with M-DAQ to deliver benefits for brokers and investors.”
