SGX FX futures hit record volumes in March

The total FX futures traded volume for March was up 20% MoM.

The Singapore Exchange (SGX Group) saw its total FX futures traded volume jump 20% MoM to a record high of 4.3 million contracts in March.

The March figure brought the quarterly tally up 30% YoY to 12.1 million contracts.

The bourse attributed its gains on SGX FX to USD/CNH FX Futures, which recorded 2.6 million contracts, translating to a 36% MoM increase in its volume.

“During the month, the world’s most widely traded international renminbi futures contract registered record open interest of US$18.5 billion,” SGX reported.

Meanwhile, SGX INR/USD FX Futures volume increased 3% MoM in March to 1.4 million contracts.

SGX also saw record trading activity in commodity derivatives in March, with volumes climbing 32% MoM to 6.4 million contracts. 

“Growth was observed across a broad range of products, with DAV for SGX SICOM Rubber Futures – the global pricing bellwether for natural rubber – jumping to a record for both March and the first quarter, including a new single-day volume high of 43,538 lots on 18 March,” SGX reported.

“Growing financialisation in the U.S. and Europe, alongside a physical market transiting out of prolonged oversupply, continued to attract fresh participation,” it added.

Overall, derivatives traded volume rose 10% MoM in March to 24 million contracts