OTC FX Drives SGX Revenues Higher
Posted by Colin Lambert. Last updated: August 8, 2025
Amid a strong annual report for financial year 2024/25, the OTC FX business of Singapore Exchange (SGX) stood out, its contribution to the group’s EBITDA rising to 5% from 3% just a year previously as volumes pushed ahead, alongside currency and commodity derivatives activity.
Currencies and commodities net revenue rose 8.6% to SGD 312.5 million, with treasury and clearing revenue making up SGD 280.7 million of that, up 17.8% year-on-year. This was driven by OTC FX average daily volume of $143 billion, a 28.5% increase on FY 23/24. OTC FX net revenue rose 25.3% to SGD 113 million.
Currency derivatives volumes increased 49.7% to 73.6 million contracts, mainly due to higher volumes in INR/USD and USD/CNH FX futures contracts. This works out to around 295,000 contracts per day, for an average daily notional value of around $25 billion.
In his statement accompanying the results, Loh Boon Chye, CEO of SGX Group, says, “SGX FX – one of our key growth drivers – has risen to rank among the top three exchange-backed OTC FX platforms, with room to grow further.”
He doesn’t provide further details as to how that ranking is calculated, but SGX is clearly now established in the top group of these venues thanks to the growth over the past year. For comparison, across all FX products, SGX’ $168 billion per day in notional volume compares to around EUR 160 billion per day ($185 billion) at Deutsche Börse’s 360T, $172 billion per day at CME Group and $510 billion per day at LSEG over the same 12 months.
Commodity derivatives volumes increased 6.2% to 65.3 million contracts (61.5 million contracts), mainly due to higher volumes in iron ore derivatives, SGX says, it also saw higher new revenue (by 7.8% to SGD 9.1 million) in fixed income, and an 18.7% increase (to SGD 392.7 million) in equities.
Market data revenue was SGD 51.8 million, up 8% and largely due, SGX says, to repricing. Connectivity revenue rose 11.8% to SGD 77.2 million, mainly due to higher co-location sales as well as repricing again.
