SGX Sees FX Trading Volume 27% Jump in March 2021

Singapore Exchange (SGX) today released its market statistics for March 2021. The exchange saw a significant jump in total securities market turnover for the last month as the securities market turnover touched S$38.7 billion, which is a 50 percent increase compared to the previous month.

According to the press release, Forex trading volume on SGX for the month of March stood at 2.9 million contracts compared to February's 2.3 million contracts, a month-on-month rise of 27 percent. For Q1 2021, the total Forex volume rose by 20 percent quarter-on-quarter to 7.3 million contracts.

The exchange stated that the rise in Forex trading volumes was led by SGX INR/USD Futures as the trading volumes in this currency pair increased by 27 percent quarter-on-quarter to 4.3 million. The trading volume of SGX USD/CNH Futures increased by 9 percent to 2.7 million contracts.

As SGX mentioned in the press release, "Securities daily average value (SDAV) rose 24% m-o-m to S$1.7 billion, gaining 18% q-o-q to S$1.52 billion. The average securities clearing fee for the quarter was 2.68 basis points, compared with the preceding quarter. SGX set monthly volume records for its USD/SGD, INR/USD, and USD/INR (USD) futures in March, reflecting strong demand among global institutional investors to risk-manage Asian currencies. The exchange is Asia's largest FX futures marketplace." 

Earlier last month, Fazzaco reported that SGX saw a rise in Forex futures trading volume in February 2021​.