SGX Reports Surge in FX Futures Volume in February 2021

The total foreign exchange (FX) futures trading volume jumped 7% to 2.3 million contracts in February.

Singapore Exchange (SGX) today reported the market statistic for the last month. The exchange saw a surge in FX futures trading volume during February 2021 as the total number of contracts reached 2.3 million, which is a 7% jump compared to January 2021.

According to the official announcement, the latest surge in FX volumes was led by INR/USD futures as the volume in the currency pair jumped 22% in February due to high market volatility. The trading volume of USD/CNH futures dipped 15% in the last month amid the New Year holidays in China.

“Derivatives daily average volume (DAV) on SGX rose 6.2% month-on-month (m-o-m) in February to 1.1 million contracts, even as total traded volume was lower year-on-year (y-o-y) at 17.7 million due to fewer trading days in onshore markets. Several markets across East Asia were closed for extended Lunar New Year holidays in February, a period that was marked in January last year. SGX’s derivatives platform was open and available through these holidays,” SGX mentioned in the press release.

Additionally, SGX reported a jump in FTSE China A50 Index Futures DAV and FTSE Taiwan Index Futures DAV.

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Commodities and Securities

Apart from the growth in FX futures and the overall derivatives average daily volume, SGX highlighted a surge in its commodities business. Petrochemical derivatives volume and Paraxylene traded volume jumped significantly during February 2021. However, Iron ore derivatives volume dropped 12% in February due to the Lunar New Year holidays. The securities’ daily average value (SDAV) on SGX was down nearly 1% in February.

“SGX welcomed multidisciplinary specialist healthcare group, Livingstone Health Holdings Limited as well as fintech group, MC Payment Limited in February. Homegrown Livingstone Health joins a growing listed healthcare cluster on the exchange, while MC Payment’s listing was the first for a digital-payments company in Singapore,” the exchange added.

SGX recently partnered with Belgium-based financial services provider, Euroclear Bank to launch the Orchid bond structure in Singapore.

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