Barclays Plc will start a foreign exchange trading and pricing engine in Singapore in mid-2021, marking the British lender’s fourth electronic currency trading hub globally.

Barclays will build out a local version of the trading system, known as BARX, adding to hubs in New York, London and Tokyo, the London-based bank said in a statement on Wednesday.

“FX is an important growth area for the firm globally and critically this takes us from a 3-hub model to a 4-hub model,” James Hassett, co-head of global emerging markets and G10 Linear FX, said in the statement. Hassett, also head of flow macro trading for Asia, relocated to Singapore from London in August.

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