SGX Reports 47% YoY Jump in FY2022 OTC FX Revenue

​Singapore Exchange (SGX Group) today reported FY2022 adjusted net profit of S$456.4 million (S$446.9 million). Total revenue increased 4% to S$1,099.0 million (S$1,056.0 million) – the highest ever since listing. 

Adjusted EBITDA was S$637.8 million (S$623.9 million) while adjusted earnings per share stood at 42.7 cents (41.8 cents).

FICC revenue – comprising Fixed Income as well as Currencies and Commodities revenues – increased 19% to S$252.7 million (S$211.8 million), accounting for 23% (20%) of total revenue.

• Fixed Income revenue declined by 18% to S$12.2 million (S$14.9 million).

• Currencies and Commodities revenue increased 22% to S$240.6 million (S$196.9 million), accounting for 22% (19%) of total revenue. OTC FX revenue was S$58.4 million, an increase of 47% from S$39.7 million a year ago.

• Commodity derivatives volumes increased 21% to 30.3 million contracts (25.1 million contracts), while currency derivatives volume increased 10% to 28.5 million contracts (25.8 million contracts). OTC FX average daily volume (ADV) increased 64% to US$70.6 billion (US$43.1 billion).

Equities revenue – comprising Equities – Cash as well as Equities – Derivatives revenues – was comparable at S$698.9 million (S$701.1 million), accounting for 64% (66%) of total revenue.

• Equities – Cash revenue dipped 6% to S$388.4 million (S$412.7 million), accounting for 35% (39%) of total revenue.

• Equities – Derivatives revenue increased 8% to S$310.4 million (S$288.4 million), accounting for 28% (27%) of total revenue.

Data, Connectivity and Indices revenue increased 3% to S$147.4 million (S$143.1 million), accounting for 13% (14%) of total revenue.

Operating expenses increased 8% to S$464.9 million (S$430.7 million) mainly from higher staff costs, technology expenses and royalties. 

Loh Boon Chye, Chief Executive Officer of SGX Group, said, “Our record-high revenue was driven by higher derivatives volumes across equities, currencies and commodities, as our global customers increasingly used our multi-asset platform to navigate market uncertainties. Our fixed income, currencies and commodities (FICC) business remains a key growth engine and is expected to deliver mid-teens percentage revenue growth in the medium term.”