SGX Sees Second Highest FX Volumes as LSEG, 360T Drift

Led by slightly lower activity in non-spot products, both LSEG and Deutsche Börse’s 360T reported a drift in activity from April, but largely up year-on-year. Singapore Exchange, by contrast, has reported its second highest FX average daily futures and options volume.

LSEG says spot FX average daily volume (ADV) was $108 billion in May, down 3.6% from April and down 1.8% year-on-year. This is in contrast to other venues that reported year-on-year increases earlier this month.

Non-spot volumes across the LSEG venues were $427 billion, down 2.5% from April and up 6% year-on-year. Although activity drifted from April, this was still the sixth busiest non-spot ADV reported by LSEG.

Elsewhere, 360T reports total FX volume, across all products and platforms, of EUR 182.5 billion in May, down 2.9% from April, but up a healthy 16.9% year-on-year. Using a fixed exchange rate, The Full FX estimates this to represent non-spot volumes of $147.8 billion, coincidentally the sixth highest reported by 360T to date, and the second highest non-quarter end month behind April. Earlier this month, 360T reported its third highest spot ADV of $39.9 billion.

SGX, meanwhile, reports total FX futures volume of 9.57 million contracts in May, representing 504,000 contracts a day, the second highest reported by the exchange, behind March 2026’s 533,000. On an ADV basis, this is up 9.4% from April (although total contract volume dropped slightly) and up 38.3% year-on-year.

SGX’ busiest FX contract, CNH, saw average daily volume of 233,852 per day, barely changed from 234,789 in April, but on an ADV basis up 29% year-on-year. USD/INR, which has a smaller contract size, saw good growth in May, rising to 201,721 contracts per day from 182,509, a 10.5% rise and up 40.4% year-on-year.