Intern - FX Liquidity Management & Operations (Spring 2027, Jan to Jun)

Singapore Exchange Limited; Singapore; Hybrid; SGD 16,000 - 25,000; Full time

Job summary

Singapore Exchange Limited invites applications for an Intern in FX Liquidity Management & Operations (Spring 2027, Jan to Jun) at SGX FX in Singapore. The role focuses on data analysis, reporting, and process improvements within a high-profile global markets unit.

You will gain hands-on exposure to FX ECN operations, liquidity dynamics, and market microstructure while contributing to internal advisory outputs and SOP enhancements. This internship is full-time.

Qualifications

• Must have strong written and spoken English to turn data into clear internal updates.
• Proficiency in Python (pandas, basic visualisation) and advanced Excel (pivots, lookups, charting).
• Proactive, detail-oriented and self-motivated with high accuracy.
• Analytical mindset—question the data, don't just report it.

Responsibilities

• Build and maintain daily/weekly internal LP performance reports (fill/reject rates, times, spreads).
• Analyse flow and trading patterns across currency pairs, time zones, client/LP segments.
• Automate recurring tasks using Python within approved tooling and security guidelines.
• Document methodologies and reporting templates for longevity.

Skills

Python

Advanced Excel

English

Data analysis

SQL

PowerPoint

AI/ML

Education

Finance

Computer Science

Data Science

Economics

Engineering

Tools

Pandas

SQL

Job description

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Intern - FX Liquidity Management & Operations (Spring 2027, Jan to Jun)

Location: Singapore, SG

Unit: SGX FX

Requisition ID: 3186

Job Summary

SGX Internship Programme

We are Asia’s leading and trusted securities and derivatives market infrastructure, operating equity, fixed income, currency and commodity markets to the highest regulatory standards. We also operate a multi-asset sustainability platform, SGX FIRST or Future in Reshaping Sustainability Together ( sgx.com/first ).

We are committed to facilitating economic growth in a sustainable manner leveraging our roles as a key player in the ecosystem, a business, regulator and listed company. With climate action as a key priority, we aim to be a leading sustainable and transition financing and trading hub offering trusted, quality, end-to-end products and solutions.

As Asia’s most international, multi-asset exchange, we provide listing, trading, clearing, settlement, depository and data services, with about 40% of listed companies and over 80% of listed bonds originating outside of Singapore. We are the world's most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN. In foreign exchange, we are Asia's leading marketplace and most comprehensive service provider for global FX over-the-counter and futures participants. Headquartered in AAA-rated Singapore, we are globally recognised for our risk management and clearing capabilities.

Be a part of this fast-paced world where your contributions count. SGX offers you the unique experience of gaining insights into the Exchange business and the finance value chain. You will be immersed in the respective specialist functions – at SGX, we believe that our interns are involved in real-time work from Day 1.

This internship programme is on a full-time basis. We invite you to realise your potential with us!

Note: Leave of Absence (LOA) may be required to take on the internship.

About the Role

SGX FX Liquidity Management & Operations is part of the SGX FX business unit under the Global Markets Division. The team is responsible for the operational health and liquidity quality of SGX CurrencyNode — SGX FX's anonymous OTC FX electronic communication network (ECN) connecting global banks, non-bank liquidity providers, brokers and institutional investors to deep and unique FX liquidity pools across SG1 (Singapore) and LD4 (London) data centres.

The team manages LP connectivity and performance, client onboarding and go-live execution, daily trade reconciliation with Prime Brokers, reject handling, fill ratio optimisation, and venue health monitoring across all time zones.

The selected intern will support the Liquidity Management and Operations teams with internal data analysis, reporting, and process improvement. This is a strictly internal-facing role — the intern will not operate production trading systems, access venue machines, or liaise directly with external clients or LPs.

Key responsibilities

Analytics & Reporting (core output):

• Build and maintain daily/weekly internal LP performance reports — fill rates, reject rates, response times, spread analysis, coverage gaps by pair and time zone
• Analyse flow composition and trading patterns across currency pairs, time windows and client/LP segments
• Produce clear internal summaries with observations and recommended actions for the LM and Ops team
• Track and visualise venue health metrics — quote quality, pricing consistency, LP uptime trends, anomaly detection

Liquidity Management Support (internal advisory):

• Present findings and actionable recommendations directly to the LM and Ops team — don't just report numbers, explain what they mean and what the team should consider doing
• Help evaluate LP pool composition — who is adding value, where are the gaps, and why
• Research market microstructure topics (last look, latency, ECN dynamics) and brief the team

Process, Documentation & Automation:

• Automate recurring internal tasks using Python (report generation, data cleaning, anomaly flagging) — within approved tooling and security guidelines
• Document analytical methodologies and reporting templates so they outlast the internship
• Help improve internal SOPs and operational checklists used by the LM/Ops team
• Support JIRA ticket tracking and project documentation
• Contribute to internal presentations for leadership and team reviews

Scope Boundaries (internal only):

• No direct access to venue production systems or trading GUI
• No direct communication with external clients, LPs or Prime Brokers
• No operation of matching engines or production infrastructure
• All insights and recommendations delivered through the LM and Ops team
• All tooling and automation subject to SGX security and compliance approval processes

Learning Outcomes

Hands-on exposure to and experience with:

• How an institutional FX ECN operates — liquidity dynamics, pricing behaviour, flow composition and venue health across SG1/LD4
• FX market microstructure concepts — RFS/RFQ workflows, quote lifecycle, rejects, fill dynamics, and how latency impacts execution quality
• How LP performance is measured and managed at venue level — coverage, uptime, spread quality, response times, size commitments
• How operational data translates into commercial decisions
• How a MAS-regulated market operator (RMO) balances innovation with compliance, security governance and audit-trail discipline
• Internal stakeholder coordination across Liquidity Management, Operations, Technology, Compliance and Sales teams
• General understanding of Singapore Exchange, Global Markets Division and SGX FX business operations

Requirements

• MUST: Good communication skills (both written and spoken) in English — able to turn data into clear, structured internal updates
• MUST: Proficiency in Python (pandas, basic visualisation) and advanced Excel (pivots, lookups, charting)
• MUST: Proactive, detail-oriented and self‑motivated — treats accuracy as non‑negotiable
• MUST: Analytical mindset — questions the data, doesn't just report it
• MUST: Interest in financial markets, FX trading mechanics or market microstructure
• Major in Finance, Business, Computer Science, Data Science, Engineering, Mathematics, Economics or related backgrounds
• Familiarity with SQL or willingness to learn quickly
• Exposure to AI/ML tools for data analysis and automation is a plus
• Basic understanding of FIX protocol or e-trading connectivity concepts is a plus
• Comfortable with PowerPoint and Word for internal documentation and presentations
• Ability to multitask and deliver on tight deadlines