SGX Posts Continued FX Growth

SGX has reported that 1.09 million FX futures contracts were traded on its platform last month, up 88% compared to April 2017.

This also represents the fourth consecutive month that the number FX contracts on the exchange have exceeded over 1 million.

The cumulative open interest for all FX contracts is up 37% m-o-m and 74% y-o-y. In April, SGX also reached the milestone of $ 1 trillion worth of cumulative notional trading in INR/USD and USD/CNH futures since their inception in 2013 and 2014, respectively.

Source: SGX

April was also the first time that the SGX USD/CNH futures traded in excess of $1 billion for 15 successive days, beating the previous run of 13 days that had ended a few weeks ago on 12 March.

The average daily volume (ADV) for the SGX USD/CNH futures contract has risen from $1.1 billion at the end of 2017 to $1.45 billion in April. SGX has cleared over US$ 115 billion for the contract since the start of 2018, which represents an increase of 207% from the corresponding period in 2017.

The year-to-date volume in notional terms for SGX’s INR/USD futures in 2018 is up 72% y-o-y, bolstered by $24 billion of trading in April alone. Trading in this contract has already crossed $1 billion threshold 54 times in the current year compared to 19 such days for the corresponding period in 2017.

Galen Stops

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