SGX Group's November Report Reveals 25% Surge in FX Futures Volume

Tuesday, 12/12/2023 | 13:04 GMT by Jared Kirui
  • The report shows a shift in consumer sentiment across various sectors.
  • SGX USD/CNH futures surged 33% YoY, reaching 2.7 million contracts.
Singapore

The Singapore Exchange (SGX Group) has unveiled its market statistics for November 2023, highlighting high volumes in commodities, FX, and REITs. This report disclosed a shift in investor sentiment across various sectors.

The derivatives market led the charge with an uptick of 8% month-on-month (MoM), trading 22.4 million contracts. Notably, SGX FX witnessed a boost of 25% in FX futures volume, hitting over 4 million contracts.

SGX USD/CNH futures, a key international RMB futures contract, soared 33% year-on-year (YoY), reaching 2.7 million contracts. The appreciation of the RMB spurred this growth as exporters engaged in year-end FX conversions, according to the statistics released by SGX Group. SGX INR/USD futures, among the top 10 listed FX futures globally, grew 13% to 1.1 million contracts.

SGX Futures Maintains Upward Momentum

In September, SGX witnessed an upswing of 20% YoY in its total FX futures trading volume, reaching 4.1 million contracts. This expansion was primarily fueled by concerns over prolonged high-interest rates in the US.

The SGX USD/CNH futures contracts rose 77% in volume, hitting a record average daily volume of USD $15 billion. In equity derivatives, SGX experienced heightened demand, notably in the GIFT Nifty 50 Index Futures, which jumped 9% MoM.

Simultaneously, the domain of sustainable finance attracted global institutions as SGX FTSE Blossom Japan Index Futures achieved a record month-end open interest of USD $116 million. Commodity trading surged to unprecedented levels in September as it increased 77% YoY to 5.4 million contracts.

Fixed Income and Renminbi FX Futures

In the fixed income sector, SGX Fixed Income witnessed a remarkable upsurge of 28% MoM in the amount issued from 39 new bond listings for September.

Major financial institutions like The Export-Import Bank of Korea, Sumitomo Mitsui Trust Bank Ltd., Nippon Life Insurance Co., and Bayfront Infrastructure were among the highlights, showcasing multi-billion-dollar offerings.

SGX unveiled a substantial growth trajectory in its FX futures, notably witnessing a record-high of 2.2 million contracts in renminbi FX futures in March 2023. This achievement represented a notable growth rate of 44% MoM. This was accompanied by a rise of 79% YoY in the average daily volume of renminbi futures.

The Singapore Exchange (SGX Group) has unveiled its market statistics for November 2023, highlighting high volumes in commodities, FX, and REITs. This report disclosed a shift in investor sentiment across various sectors.

The derivatives market led the charge with an uptick of 8% month-on-month (MoM), trading 22.4 million contracts. Notably, SGX FX witnessed a boost of 25% in FX futures volume, hitting over 4 million contracts.

SGX USD/CNH futures, a key international RMB futures contract, soared 33% year-on-year (YoY), reaching 2.7 million contracts. The appreciation of the RMB spurred this growth as exporters engaged in year-end FX conversions, according to the statistics released by SGX Group. SGX INR/USD futures, among the top 10 listed FX futures globally, grew 13% to 1.1 million contracts.

SGX Futures Maintains Upward Momentum

In September, SGX witnessed an upswing of 20% YoY in its total FX futures trading volume, reaching 4.1 million contracts. This expansion was primarily fueled by concerns over prolonged high-interest rates in the US.

The SGX USD/CNH futures contracts rose 77% in volume, hitting a record average daily volume of USD $15 billion. In equity derivatives, SGX experienced heightened demand, notably in the GIFT Nifty 50 Index Futures, which jumped 9% MoM.

Simultaneously, the domain of sustainable finance attracted global institutions as SGX FTSE Blossom Japan Index Futures achieved a record month-end open interest of USD $116 million. Commodity trading surged to unprecedented levels in September as it increased 77% YoY to 5.4 million contracts.

Fixed Income and Renminbi FX Futures

In the fixed income sector, SGX Fixed Income witnessed a remarkable upsurge of 28% MoM in the amount issued from 39 new bond listings for September.

Major financial institutions like The Export-Import Bank of Korea, Sumitomo Mitsui Trust Bank Ltd., Nippon Life Insurance Co., and Bayfront Infrastructure were among the highlights, showcasing multi-billion-dollar offerings.

SGX unveiled a substantial growth trajectory in its FX futures, notably witnessing a record-high of 2.2 million contracts in renminbi FX futures in March 2023. This achievement represented a notable growth rate of 44% MoM. This was accompanied by a rise of 79% YoY in the average daily volume of renminbi futures.

About the Author: Jared Kirui
Jared Kirui
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Jared is an experienced financial journalist passionate about all things forex and CFDs.

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