SGX Reports FX Trading Volume Surge in March 2021

Monday, 12/04/2021 | 06:28 GMT by Bilal Jafar
  • The exchange reported a significant jump in INR/USD futures.
SGX Reports FX Trading Volume Surge in March 2021
Bloomberg

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.

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.

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.

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.

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.

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.

About the Author: Bilal Jafar
Bilal Jafar
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Bilal Jafar holds an MBA in Finance. In a professional career of more than 8 years, Jafar covered the evolution of FX, Cryptocurrencies, and Fintech. He started his career as a financial markets analyst and worked in different positions in the global media sector. Jafar writes about diverse topics within FX, Crypto, and the financial technology market.

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