Singapore Exchange sees FX futures volumes grow 13% MoM in June 2015


As we dive deeper into the sea of June operating metrics reported by trading companies, we see that last month was very solid in terms of Forex trading activity. Another piece of proof comes from the Singapore Exchange (SGX), which earlier today posted its operating data for June 2015 and for the full year from June 2014 to June 2015.

The rise in FX futures volumes (in both annual and monthly terms) is noteworthy, as well as the fact that the main driver of this growth is the continued interest in instruments with the Indian rupee. The Exchange has already announced record smashing INR/USD trading numbers for June 2015, with today’s data adding to the positive news.

  • In June 2015, FX futures volume at SGX soared to 303,437 contracts, up from 13,767 contracts a year earlier and up 13% from a month earlier. The most actively traded contract was the INR/USD futures which had a volume of 286,959 contracts, up from 11,165 contracts a year earlier and 13% higher than a month earlier.
  • During the June 2014-June 2015 period, FX futures volume amounted to 2.1 million contracts versus 91,469 contracts a year earlier; INR/USD futures trading reached 1.9 million contracts from 69,573 contracts previously.

Below is the full data.

For June 2015:

Securities

Traded value was $25 billion, up 20% year on year and up 8% month on month

Daily average value was$1.2 billion up 20% from a year earlier and up 8% from a month earlier.

ETF trading increased 30% from a year earlier to $237 million while trading of STI stocks accounted for 68% of total trading versus 51% a year earlier.

A total 37 bonds raising $12 billion were listed in June compared with 45 issues raising $21 billion a year earlier. Bharti Airtel and Global Logistic Properties (GLP) issued the largest bonds; both issues raised US$ 1 billion each.

One equity listing raising $11 million occurred in June versus $10 million raised in two listings a year earlier.

Derivatives

indian-rupee-symbolVolume was 22 million contracts, up 152% from a year earlier and 41% higher month-on-month.

Daily average volume was 1 million contracts, up 144% year-on-year and 31% higher month-on-month.

Equity index futures volume was up 172% year-on-year to 20 million contracts.

FTSE China A50 futures achieved volume of 14 million contracts, more than five times than a year earlier and 55% up month-on-month.

Nikkei 225 futures volume was 2.7 million contracts, 27% higher year-on-year and up 84% month-on-month.

CNX Nifty futures volume was 1.8 million contracts, 16% up from a year earlier and 1.5% lower from May.

FX futures volume was 303,437 contracts, up from 13,767 contracts a year earlier and up 13% from a month earlier. The most active contract was the INR/USD futures which had a volume of 286,959 contracts, up from 11,165 contracts a year earlier and 13% higher than a month earlier.

Volume of cleared OTC SGD Interest Rate Swaps quadrupled from a year earlier and doubled from May to $7.1 billion.

Commodities

Volume of SICOM rubber futures was 62,135 contracts up 53% year on year but down 9% month on month.

Volume of iron ore and steel derivatives more than doubled to 586,218 contracts from a year earlier.

Volume of forward freight derivatives was 24,030 contracts compared with 1,316 contracts a year earlier.

For the full year FY2015 (July 2014 to June 2015):

Securities

Turnover declined 4% to $274 billion; daily average value traded was 4% lower at $1.1 billion.

Trading of ETFs grew 20% to $2.8 billion.

The Straits Times Index gained 2% at 3,317.33 while total market capitalisation was steady at $1.01 trillion.

Derivatives

Total volume grew 55% to 161 million contracts, led by a 60% increase in equity index futures trading to 146 million contracts; daily average volume was 658,834 contracts, up 55%.

FTSE China A50 futures volume more than tripled to 78 million contracts while trading of Nikkei 225 futures fell 6% to 27 million contracts. Volume of CNX Nifty futures rose 20% to 21 million contracts.

no9-280187FX futures volume totalled 2.1 million contracts versus 91,469 contracts a year earlier; INR/USD futures trading reached 1.9 million contracts from 69,573 contracts previously.

Total interest rate swaps cleared was $73 billion, up 14%.

Commodities

Volume of SICOM rubber futures, the world’s price benchmark for physical rubber, increased 54% to 606,604 contracts

Volume of iron ore and steel derivatives more than tripled to 4.8 million contracts.

Volume of forward freight derivatives more than quadrupled to 112,218 contracts.

To view the official announcement by SGX on its June 2015 metrics, click here.

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Singapore Exchange sees FX futures volumes grow 13% MoM in June 2015

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