Singapore Exchange (SGX) reported its market statistics for May 2021 today. The exchange saw a jump in the total foreign exchange volume as the contracts reached the mark of 2 million last month.
According to a press release shared with Finance Magnates, USD/CNH Futures climbed 20% (y-o-y) to 869,101 contracts in May 2021. In April 2021, SGX saw a jump of nearly 38% in INR/USD futures.
SGX reported a surge in activity across the derivatives market due to the recent optimism of a sustained economic recovery. The total derivatives traded volume on SGX reached 18.1 million contracts in May 2021, which is up by 6% compared to the same period in 2020.
A jump of 24% was reported in SGX MSCI Singapore Index Futures volume as the total number touched 1 million contracts during the last month. Additionally, strong growth was reported in the performance of the Singapore stock market in May 2021.
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“Securities market turnover value on SGX increased 12% y-o-y to S$30.3 billion in May, while securities daily average value (SDAV) climbed 6% y-o-y to S$1.6 billion. The benchmark Straits Times Index (STI) slid 1.7% for the month to 3,164.28. While this ended a six-month streak of gains, the STI continued to outpace the FTSE All-World Index on a year-to-date basis, generating a total return of more than 13%,” SGX mentioned.
Singapore Exchange recently welcomed Pol de Win, the former Managing Director at Goldman Sachs Hong Kong, as its new Head of Global Sales and Origination. Earlier this month, Synergy Futures Limited joined SGX as a trading member.
Indian Rupee’s Performance
In May 2021, Singapore Exchange launched USD/INR (USD) Option contracts to meet growing demand. “A recovery in the Indian stock market boosted the rupee’s performance through May, with month-end open interest in SGX INR/USD Futures reaching US$1.9 billion, a gain of 107% m-o-m and 3.9% y-o-y. During the month, SGX introduced its USD/INR (USD) Option contract, following a successful launch of the USD/INR (USD) Futures in November 2020. Both contracts are designed to meet the needs of OTC institutional participants,” the exchange added.