New users include local banks such as DBS, UOB and OCBC, Singapore-based broker G K Goh, as well as the Singapore branches of HSBC, ING, WestLB, KBC, Mizuho and Refco.

According to Conrad Kwok, managing director for FX Derivatives at DBS, there are numerous reasons for implementing the use of SD-FX. "We like the system’s accuracy and the comprehensiveness of its pricing," says Kwok.

"SD-FX allows us to distribute our own volatility rates to the bank’s sales staff in overseas branches. This helps the traders cut down their workload, with no compromise on pricing and allows them to concentrate more fully on developments in the market," he adds.

Such comments are consistent with the feedback from other users of SD-FX, both new and old. For instance, Siau-Tze Lim, Director FX Options at UOB says: "It’s very helpful when a system can generate real market prices, especially on exotics. SD-FX does this and its prices match the prices quoted in the inter-dealer-broker market. The system is really useful for us as it lets us accurately price even currencies we’re not market makers in. We have found it to be very reliable."

Ronald Tam, Head of FX Derivatives at OCBC says: "SD-FX has established a new paradigm for FX options pricing in recent years. It is simply one of a kind. We find the system very user friendly, comprehensive and accurate. There's no other system that’s comparable."

Clients also frequently comment on how SD-FX has helped make the FX options market more transparent. "We decided recently to broker more than just ‘bread & butter’ spot and forward FX to broaden the range of products and services we make available to our customers,” says Wong Joo Seng, Managing Director at GK Goh Futures. “I like SD-FX a lot because we can access its error-free pricing easily. It tells us where the market is and that’s important for a company like us, looking to deliver cutting-edge pricing to our clients."

Similarly, Vincent Poon, an associate director at WestLB, says: "SD-FX is very user-friendly. It incorporates all the options we need in a single platform. Its prices are always very close to the market and it is independent, which is important."

He adds: "I’ve found that the prices on systems given out by some of the big banks can be skewed to reflect their positions. SD-FX is neutral and it’s quick and user friendly."

Peter Mullins, Regional Sales Manager for SuperDerivatives, who is based in Singapore, says: "We naturally expected to see some referred business from our existing clients in other centers, but the surge in take-up by Singapore’s leading financial institutions has been really encouraging."

He adds: "The system has become recognized as indispensable for pricing currency options by users in Singapore, whether they work for local institutions or branches of foreign banks and brokers. Listening to the consistent feedback we get from our users, there is no doubt that SuperDerivatives has made the options market far more transparent and accessible. The options market is now available to virtually anyone, whatever their geographical location and whatever their size."