Creating Synergies in FX Options

SynOption Pte. Ltd. is a financial technology firm headquartered in Singapore, looking to play a role in bringing about more transparency and easing the way business is done in financial markets in FX derivatives. It is a new institutional platform that allows clients to analyse and trade on FX Option instruments and strategies in a fair and transparent manner.

SynOption is the first institution to be inducted into MAS sandbox express from 1st Jan 2020.


Top 4 FinTech funding rounds in Singapore this September 2020

SEPTEMBER 25, 2020

Singapore is one of the ten countries belonging to the Association of Southeast Asian Nations (ASEAN).
FX Options: Embracing the Potential of Platforms.

JUNE 2020

Regulatory requirements, clients’ drive for efficiency, and the experience of working from home during the COVID-19 pandemic are spurring a shift of FX option activity to platforms.
SynOption Launch Reinforces Singapore FX Push.

January 20, 2020

Singapore’s efforts to make itself the leading FX hub in Asia will be boosted by the opening of an institutional FX options trading platform with SynOption due to start trading.
SynOption becomes first firm to be inducted in MAS Sandbox Express.

September 17, 2019

SynOption Pte Ltd, a Singapore based startup has been inducted into MAS Sandbox express to operate an FX Options trading platform from 1 Jan 2020.
Most Popular
Top 4 FinTech funding rounds in Singapore this September 2020.
SEPTEMBER 25, 2020
FX Options: Embracing the Potential of Platforms.
JUNE 2020
SynOption Launch Reinforces Singapore FX Push.
January 20, 2020
SynOption becomes first firm to be inducted in MAS Sandbox Express.
September 17, 2019

Press Release

Singapore Start-up SynOption Closes Second Round of Funding
SynOption, 15 September 2020

SINGAPORE, Sept. 15, 2020 /PRNewswire/ -- Singapore based FinTech start-up SynOption Pte. Ltd. has announced that successfully closed its second round of funding in June 2020. SynOption's electronic trading platform, "Optimus", simplifies execution of FX Option trades for institutional investors by enabling them to trade on the best price from multiple banks at a centralized venue.

"The launch of our platform has demonstrated to market participants that there is an intuitive and simple way to trade on FX Options, despite the complexity of the product. Our pre-trade tools help enable a client to take more informed decisions on what the best expressions of their trade are, and our post trade tools enable them to analyse liquidity effectively. Participant onboarding has been extremely encouraging and we are extremely positive about developing a sustainable trading ecosystem for the future" says Anchal Jain, CEO and Founder of SynOption. Anchal is a veteran in the FX Options markets. As Managing Director at JPMorgan Chase Bank, he used to head the bank's FX Options business in Asia before moving to Balyasny Asset Management as a Hedge Fund Portfolio Manager.

SynOption garnered keen interest from investors, including big names like Kristal.AI, who have joined an already elite group of FX industry veterans as investors. The first round of funding was in October 2018.

"We achieved the fundraising milestone with great support from Kristal.AI, an award-winning AI-driven investment management company." Says Anchal. Kristal.AI has its headquarters in Singapore, with offices in Hong Kong and Bangalore. The company offers investment strategies to clients from over 22 countries across the globe.

SynOption was the first firm to be accepted in Monetary Authority of Singapore's (MAS) Sandbox Express, and enjoys that status till 31 Dec 2020, The Company intends to apply for a Recognized Market Operator (RMO) license in Singapore. With the MAS focus on making Singapore an FX Hub in the region, SynOption hopes to be able to contribute to the goal, whilst benefit from building relationships with the players who are adopting the FX Hub.

"The COVID-19 pandemic has led to more FX trading professionals to work from home, and is impacting trading continuity, in an increasingly more volatile environment. Traditional chat or voice based execution models do not offer the same level of execution certainty as before if your sales coverage infrastructure gets dispersed. The delays added in reaching people make the electronic execution model even more attractive now. We expect firms to look towards digital solutions like SynOption in complex products too, and be prepared for all possible disruptions," says Co-Founder and COO, Gurpreet Chhatwal, who herself has vast experience with start-up's and is instrumental in developing SynOption's strategy and managing operations.

With the paradigm having shifted quite firmly towards electronic trading, and electronic venues in FX Spot and Forwards, SynOption has its sights set on the next wave of digitization focussing on FX Options. "The steady onboarding activity we have seen from Liquidity Providers and Hedge funds has led to encouraging growth in the quotes requested and trades executed on the platform. More importantly feedback from current users has led to extremely encouraging reviews and referrals, which have started conversations with multiple banks and clients", says Gurpreet. With multiple liquidity providers and clients already on board, their aim is to expand to the West by as early as 2021 to meet the needs of their Global Clients.

Source: SynOption

Singapore based startup SynOption launches venue for FX Options trading
Singapore, 29 January 2020

Singapore based start-up SynOption Pte. Ltd. launched its platform for electronic trading of FX Options this week. An institutional platform, it allows investors to execute FX Options trades by requesting quotes from multiple banks on a centralized venue, thus enabling Best Execution for clients.

SynOption is the first firm approved by Monetary Authority of Singapore (MAS) to establish and operate an organized market for a period of 9 months under the Sandbox express framework. The firm has also been awarded a grant by MAS Financial Sector Development fund as a designated special project.

SynOption supports MAS’s vision to make Singapore the FX trading hub in Asia by focusing on the derivative segment of the market. By being part of the FX hub, SynOption intends to provide high speed connectivity to clients with lower trade rejection rates as more liquidity providers set up operations in Singapore.

SynOption’s founder, Anchal Jain, is a veteran in the FX Options markets. Mr. Jain’s experience includes stints as a banker, where he was Managing Director at JPMorgan Chase Bank managing the bank’s FX Options business in Asia; and as a Hedge Fund Portfolio Manager with Balyasny Asset Management.

“SynOption attempts to build a fair platform for trade execution for all participants in the niche FX Options market. We provide an efficient workflow to clients, by getting involved in their entire investment process from idea to implementation, while protecting liquidity for banks in an illiquid space”, says Mr. Jain.

SynOption has started onboarding Institutional clients based in Singapore and has gained good traction. The platform has signed up top tiered banks up as liquidity providers and is rapidly looking to expand its participant base in the next few months.

Speaking about the vision for the platform, Mr. Jain says, “In a world where electronic trading now dominates most linear products, the FX Options market has lagged behind primarily due to the complexity of the product. Leveraging on our experience, we are trying to create an intuitive product that will make the electronification journey easier. We intend to increase the scope of product and geographical reach as we gain more of a foothold in Singapore, and for that reason we continue to look for talented individuals to join us in our journey”.

Media Contact: Anchal Jain