Three Thai banks win forex trading awards
Three Thai banks won honours at the fourth annual Thomson Reuters FX Trading Awards for Thailand's financial community.
Bangkok Bank was named Best USD/THB [baht] Liquidity Provider (from Dealing Spot Matching); BNP Paribas, Bangkok Branch was named Best THB FX Contributor; while TMB Bank won the Best THB Interest Rates Contributor award. The Bank of Tokyo-Mitsubishi UFJ was awarded the Best Foreign Currency Liquidity Provider (from Dealing Spot Matching) and Thanachart Bank is the best Foreign Currency Liquidity Provider (from RTFX).
Bank of Thailand Deputy Governor Pongpen Ruengvirayudh addressed an audience of distinguished financial professionals on the challenges brought about by “the great rotation” – the flow of funds from bonds to equities – as the markets have responded to the improved confidence in the global economy this year.
“The awards are given not only for outstanding business achievements, but also to recognise the notable efforts made in enhancing the market’s efficiency,” she said.
Conditions for foreign-exchange trading in Thailand continue to be positive against the backdrop of stable economic growth, according to Thomson Reuters data. Thailand’s economy has rebounded successfully since the devastating floods in 2011 and this year gross domestic product is expected to grow by 5 per cent, according to the World Bank, further strengthening its already growing forex market.
Thomson Reuters has a long history in Thailand and in 2006 became the first organisation to introduce electronic trading of the baht against the US dollar through its electronic Matching service. Last year, the company launched Matching for Thai Baht onshore swaps, which has provided additional trading opportunities for financial institutions based in Thailand.
“Thomson Reuters’ commitment to deliver an improved and diversified line of solutions and services across the FX markets is long supported by market participants in Thailand,” said Nigel Fuller, Asia sales director Asia for treasury transaction services at Thomson Reuters.
“Our recent acquisition of FXall nicely complements our existing baht matching business and we are supporting the FX market in Thailand like never before.”
Thomson Reuters says its acquisition of FXall, the leading multi-bank electronic foreign-exchange platform, last August positions the company to deliver the most innovative forex services available across the entire spectrum of price discovery, execution and post-trade services.
Most actively traded
Foreign exchange is the world’s most actively traded asset class and continues to generate significant interest from the global trading community.
In February, Thomson Reuters reported average global daily forex spot volumes in excess of US$137 billion (Bt4 trillion) over its foreign-exchange trading platforms, while FXall trading volumes reached $110 billion.
Thomson Reuters’ annual FX Awards for Thailand aim to promote transparency and liquidity in the Thai foreign-exchange market and to recognise its importance to the broader Thai economy.
The Thai FX Award winners were determined based on trading volumes and pricing contributions on Thomson Reuters electronic FX trading platforms.
