SGX’s USD/CNH futures hit a record ADV of US$7.8 billion in October

abdelaziz Fathi

The Singapore Exchange (SGX) notched a healthy gain in its FX and indices volumes, as well as a strong performance across commodity and securities segments.


Total FX futures volume on SGX stood at 3.3 million contracts in October, up by 50 percent on a yearly basis. Heightened inflation expectations and sustained U.S. dollar strength drove hedging on SGX FX, Asia’s most comprehensive currencies marketplace.

The exchange said FX activity was lifted by an 86 percent YoY jump in USD/CNH futures with average daily volume (ADV) of US$7.8 billion – representing a record-high monthly volume in notional terms. ADV of SGX KRW/USD Futures also climbed 25% YoY to a record US$121.2 million, while month-end open interest increased 88% month-on-month to US$155.8 million.

The CNH or offshore RMB is increasingly being adopted as a safe-haven currency amid heightened risk aversion, and the SGX contract is now the world’s most traded CNH futures.

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.

Securities daily average value (SDAV) dropped 1 percent MoM in October to S$1.2 billion, while total market turnover value fell 10 percent MoM to S$23.1 billion. However, the market turnover value of structured warrants and daily leverage certificates (DLC) rose 71% MoM in October to S$1.1 billion

During the month, stock market activity in Singapore was characterised by a fluid outlook for growth, trade, inflation, rates as well as earnings. Net fund inflows were led by the industrials, telecommunications, technology and energy sectors, while net outflows were largely attributed to the real-estate investment trusts (REIT) sector.

On SGX Fixed Income, Asia’s leading international bond marketplace, the amount issued from 83 new bond listings stood at S$17.4 billion in October. Highlights included the Housing and Development Board’s S$1.2 billion five-year green bonds, Industrial Bank of Korea’s US$600 million two-year social bonds and Komatsu Finance America Inc.’s US$600 million five-year sustainability-linked notes.

Earlier in January, SGX completed the takeover of FX trading platform MaxxTrader to expand its reach in the foreign exchange space. Together with its wholly-owned subsidiary BidFX, SGX is now Asia’s largest FX derivatives exchange.

After five years operating as a division of TradingScreen, BidFX has emerged in 2017 as a standalone business focused on delivering a workflow solution for FX. Three years later, Singapore Exchange paid nearly $128 million to buy the 80 percent stake it does not own in BidFX. The transaction came as SGX was seeking to build its presence in foreign exchange futures and the over-the-counter market.

  • Read this next

    Digital Assets

    Hong Kong ends license applications for crypto exchanges

    Hong Kong has officially ceased accepting license applications from cryptocurrency exchanges as of February 29, signaling a stringent regulatory shift.


    Volt secures EMI license, expands payment solutions in UK

    Volt has successfully obtained an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).

    Retail FX

    ASIC bankrupts finfluencer Tyson Scholz over stock tips

    The Australian Securities and Investments Commission (ASIC) has effectively bankrupted Tyson Robert Scholz, the figure behind “Black Wolf Pit.” The action marks a significant crackdown on so-called ‘finfluencers’ and individuals providing unlicensed financial services.

    Digital Assets

    Green Bitcoin Presale Raises $1M as Bitcoin Approaches its ATH

    The eco-friendly crypto project Green Bitcoin has seen its limited-time presale phase cross $1 million in funding. With an innovative gamified staking model and energy-efficient foundation, Green Bitcoin offers token holders a way to stake their tokens and generate yield.


    Introducing QuickNode Streams: Elevating Blockchain Data Management

    Discover QuickNode’s Latest Innovation: Streamlining Blockchain Data Streaming for Enhanced Efficiency and Accessibility. Explore the Future of Blockchain Technology with Streams.

    Industry News

    John Oliver rips into MetaTrader over role in ‘Pig Butchering’ scams

    “If your friend told you to download an app, and you saw it in the app store with good reviews, you might assume everything on it was legitimate. In before, you saw MetaTrader’s logo which looks like three men in suits jerking each other off under a table – an appropriate metaphor for cryptocurrency if I have ever seen one,” Oliver quipped.

    Digital Assets

    Coinbase supports Nethermind and Erigon to ease Geth dependency

    Coinbase plans to support additional execution clients as America’s largest crypto platform aims to improve the Ethereum blockchain’s resilience and mitigate the risks associated with the network’s heavy reliance on a single client.


    How AI Transforms Trading: Current Trends and Perspectives

    In 2023, we observed a boom of news about Artificial Intelligence (AI) in every field, whether finance, tech or medicine. In 2024 and later, AI will take an even more significant place.

    Industry News, Uncategorized

    FCA wants to tackle lack of competition in wholesale data market

    “Complex licensing practices by MDVs and trade data providers who deliver their data through MDVs increase costs for data users. Many Market Data Vendor (MDV) users have to hold licences both from the data generator (such as a trading venue) and from the MDV through which they access data. We have seen an increasing proliferation of licences for similar data types and different use cases. Complexity also drives additional costs for data users, such as operating a compliance team.”