Singapore's premier trading bourse the Singapore Exchange (SGX) reported growth in derivatives and commodities trading for the month of April. However the country's largest exchange saw turnover in securities and over-the-counter (OTC) commodities clearing volume fall month-on-month but rise from a year earlier.
Key Statistics:
Securities
- Securities turnover totalled S$30.5 million, down 3% from March but up 30% from a year earlier.
- Securities daily average value was down 12% from March at S$1.4 billion, and 18% higher from a year earlier.
- Turnover of Singapore dollar-based Mainboard shares totalled S$27.3 million, up 2% from March and 29% higher from a year earlier.
- Bond fund-raising totaled S$26.5 billion, up 53% from a year earlier. The biggest issue was Softbank Corp’s US$2.485 billion seven-year notes.
Derivatives
- Total futures and options volume was a record 9.8 million contracts, up 2% month on month and 55% higher year on year.
- Daily average volume was 482,694 contracts, up 2% month on month and up 50% year on year.
- A new one-day high for open interest of 3.3 million contracts was achieved on 25 April.
- China A50 futures volume fell 25% month on month to 1.5 million contracts but more than doubled year on year.
- Nikkei futures volume was 4.0 million contracts, up 10% month on month and 63% higher year on year.
- Nikkei options volume was 938,720 contracts, up 24% month on month. Volume almost quadrupled year on year.
- SICOM rubber futures volume grew 10% month on month to 26,991 contracts and was 91% higher year on year.
OTC Clearing
- Volume of OTC commodities cleared fell 14% from March to 37,202 contracts, but more than doubled from a year earlier.
- Volume of iron ore Swaps cleared slid 12% from March to 32,686 contracts but more than quadrupled from a year earlier.
- Volume of new OTC financial derivatives cleared rose 80% from March to S$7.0 billion, but fell 38% from a year earlier.
Singapore's battle against Hong Kong to be the preferred financial centre for offshore Chinese instruments is well on its way. The HKex launched RMB futures in September 2012. The SGX is not far behind as it is planning to launch RMB futures in Q3 later this year. The Chinese government is keen to internationalize the renminbi by 2015, they want the currency to be included in the IMF's Special Rights basket.
