SGX Hits New FX Record

Further evidence that April was a busy month in FX markets comes from Singapore Exchange (SGX) which has reported its second successive record month for FX futures, with volumes increasing more than 11% on March.

SGX handled just under 4.8 million contracts per day in April, up 11.8% month-on-month and up a massive 95.2% year-on-year. USD/CNH futures, SGX’s busiest FX contract and one it says is the most traded international renminbi futures contract, saw activity rise strongly, however ahead of the Indian general election INR futures also fuelled much of the growth.

USD/CNH futures traded just over 2.82 million contracts per day in April, up 7% from April and up an impressive 89.5% on a year-on-year basis. This growth was outstripped, albeit slightly, by USD/INR, a contract that continued its rebound from last year’s doldrums to hit just under 1.59 million contracts per day. This is up 17% from March and is up 97.8% year-on-year.

Earlier in the month, a host of OTC FX platforms reported their second busiest month – beaten only by March 2020 – while CME’s EBS was boosted by the Bank of Japan’s intervention in USD/JPY towards the end of the month.