SGX Named "Best FX Exchange in Asia" for the Third Consecutive Year

The Singapore Exchange (SGX) announced on Wednesday that it has been named "Best FX Exchange in Asia" at the FX Markets Asia Awards 2020 for the third consecutive year, based on votes by foreign exchange (FX) and money market professionals.

The award recognises the exchange's ability to offer market participants cost efficiencies and new solutions as well as growing liquidity and volumes. SGX is the world's largest and fastest-growing venue for Asian FX futures and is widely seen as a reliable and leading marketplace, providing deep liquidity in Asian currencies amid heightened market volatility due to COVID-19. 

From January to October this year, SGX achieved new monthly records in FX trading, on the back of greater demand for risk management. The exchange's FX futures had an average notional daily volume of US$5.9 billion, 10% higher than what was achieved a year ago. Open interest as at 31 October 2020 stood at US$10.75 billion, compared with US$7.79 billion as at 31 October 2019. 

The Singapore based market infrastructure has continued to broaden its suite of solutions to help OTC clients bridge to centralised trading and clearing. Its FlexC FX Futures allow market participants to replicate OTC FX with fully customised expiration dates and clear transactions on SGX. This year, SGX acquired leading cloud-based FX trading platform, BidFX – combining forces to build SGX into a one-stop venue for international FX OTC and futures participants.

This latest award comes on the heels of an earlier accolade in September, when SGX was named "Best Exchange for FX" at the FX Markets e-FX Awards 2020 in recognition of the best-in-class in electronic FX trading globally.