SGX Reports FX Trading Volume Surge in March 2021

The exchange reported a significant jump in INR/USD futures.

Singapore Exchange (SGX) today reported its market statistics for the month of March. The exchange saw a 50% month-on-month jump in total securities market turnover during March 2021. Securities market turnover touched S$38.7 billion last month, the highest level since March 2020.

According to the official announcement, FX trading volume on SGX reached 2.9 million contracts in March 2021, which is a month-on-month jump of 27%. For Q1 of 2021, the total FX volume jumped 20% quarter-on-quarter to 7.3 million contracts.

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Additionally, SGX highlighted a significant jump in INR/USD futures and USD/CNH futures. SGX INR/USD futures jumped 27% quarter-on-quarter to 4.3 million, while SGX USD/CNH futures jumped nearly 9% to 2.7 million.

“Securities daily average value (SDAV) rose 24% m-o-m to S$1.7 billion, gaining 18% q-o-q to S$1.52 billion. The average securities clearing fee for the quarter was 2.68 basis points, compared with the preceding quarter. SGX set monthly volume records for its USD/SGD, INR/USD and USD/INR (USD) futures in March, reflecting strong demand among global institutional investors to risk-manage Asian currencies. The exchange is Asia’s largest FX futures marketplace,” SGX mentioned in the official announcement.

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Singapore Exchange recently welcomed Haitong International as a clearing member in its securities and derivatives market.

Strong Numbers

In addition to the growing FX trading volumes, SGX reported strong growth in its commodities division. The exchange reported a jump of 39% in commodities derivatives volume during March 2021 as the total number of contracts reached 2.5 million. For Q1 of 2021, the total volume jumped 17% quarter-on-quarter to 6.4 million.

“Iron ore derivatives traded volume on SGX surged 43% m-o-m in March to 2 million contracts, bringing the quarterly total to 5.1 million, up 15% q-o-q. Almost half a million forward freight agreement (FFA) contracts changed hands in the first quarter, up 78% q-o-q. SGX’s unique offering provides a liquid and capital-efficient platform to manage bulk cargo and freight risks,” the exchange added in the press release.

Singapore Exchange partnered with Euroclear Bank in February 2021 to launch Orchid bond structure.

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