SGX FX volume crosses 4.0 million contracts in November

abdelaziz Fathi

The Singapore Exchange (SGX) notched a healthy gain in its FX and derivatives volumes amid optimism on Asian economies and signs that the U.S. Federal Reserve will slow its pace of interest-rate hikes.

Total FX futures volume on SGX stood at an all-time high of 4.0 million contracts in November, up by 104 percent on a yearly basis. Hedging activity on SGX FX accelerated in November amid U.S. dollar weakness related to the outlook for rates.

The exchange said FX activity was lifted by an 81 percent YoY jump in INR/USD futures with a record average daily turnover of 83,700 contracts – representing a record-high monthly volume. Total volumes of KRW/USD Futures also climbed to a record monthly high of $3.3 billion in notional terms.

Additionally, USD/CNH futures volume more than doubled YoY to 2 million contracts or a record-high notional $200.9 billion, bolstering its position as the most widely traded international RMB futures. The CNH or offshore RMB is increasingly being adopted as a safe-haven currency amid heightened risk aversion.

Earlier in September, SGX FX has added non-deliverable forwards (NDFs) to its FX electronic communication network, SGX CurrencyNode, after being approved as a Recognised Market Operator (RMO) by the Monetary Authority of Singapore (MAS). Using a central prime brokerage model, SGX CurrencyNode currently streams liquidity for FX Spot, Precious Metals and NDFs, with plans to launch FX Swaps and NDF Spreads at a later date. BNP Paribas and Deutsche Bank are the central prime brokers for SGX CurrencyNode.

Meanwhile, commodity derivatives volume increased on both a YoY and month-on-month basis on the back of improved sentiment over China’s economic outlook. Specifically, total monthly volume climbed 57% YoY in November to 3.7 million contracts, the highest since March 2022.

Securities market turnover also reversed the course and rose 18% month-on-month in November to $27.2 billion, while securities daily average value (SDAV) climbed 7% MoM to $1.2 billion.

On SGX Fixed Income, Asia’s leading international bond marketplace, the amount issued from 33 new bond listings stood at $3.9 billion in November. During the month, SGX Group launched an initiative to recognise green, social and sustainability fixed income securities, enabling investors to more easily identify investments that meet certain criteria at issuance.

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