February 01, 2024 (MLN): LSEG (London Stock Exchange Group) yesterday announced the simultaneous adoption of two innovative solutions for the Foreign Exchange (FX) interbank market in Pakistan: Matching and Market Tracker, according to a press release issued by LSEG.
Tailored to the specific needs of the Pakistani market, these launches represent a significant advancement in FX trading infrastructure and oversight capabilities in the region.
This initiative is a strategic alignment with the State Bank of Pakistan's (SBP) transformative agenda to move to a fully electronic trading framework.
The introduction of LSEG's Matching and Market Tracker in Pakistan marks a new era for the country's FX market infrastructure, enhancing operational efficiency, bolstering security, and ensuring regulatory compliance, thereby catering to the dynamic requirements of the financial industry.
Nadim Najjar, Managing Director, Central and Eastern Europe, Middle East and Africa, LSEG said:
“We are proud to introduce Matching and Market Tracker in Pakistan. These launches are a testament to our commitment to bringing about transformation in the FX markets through innovative technology and strategic partnerships. Our collaborative efforts with the State Bank of Pakistan are set to redefine the landscape of currency trading in the region.”
Matching is an FX Central Limit Order Book (CLOB) venue that offers traders access to market-leading liquidity and currency coverage. It is designed to be transparent, efficient, and cost-effective, allowing FX traders to execute trades anonymously within their mutual limits.
Market Tracker is a sophisticated tool that empowers central banks to receive details of trades executed on FX Trading and Matching by participants within their jurisdiction and enhances their oversight capabilities.
