SGX Offers Insight into OTC FX Performance as CME Group Reports YoY Gain

Singapore Exchange (SGX) has offered a look into its growing OTC FX business by publishing volume data from that business for the first time.

The exchange group says that OTC FX volume, in all products, was “about” $80 billion per day in January, something it says is an 18% year-on-year increase. The OTC business at SGX includes Bid FX and MaxxTrader, which were acquired, and the recently launched CurrencyNode, an FX ECN.

In its futures business, SGX says RMB futures led a 42% year-on-year increase to 2.7 million contracts in January, although notional values are not available. USDCNH futures volume rose 55% year-on-year to a total notional ADV of $5.6 billion, SGX says, followed by USD/INR, which rose 31%.

CME Group has also reported January data, with the Merc’s FX futures and options complex rising to 807,000 contracts, a 4% increase year-on-year. The Full FX estimates this to represent notional average daily volume of $76.2 billion.

CME’s OTC FX business, EBS, reports ADV of $62.4 billion, a 13.7% increase on December (CME FX futures were down 27% on December, which is a roll month), and up 0.4% year-on-year. As was the case with all other platforms to report spot data (except Cboe FX), this is slightly below the platform’s 2022 average ADV of $65.7 billion.