The Singapore Exchange S68 (SGX) Group has reported a total securities market turnover value of $17.3 billion for the month of September, down 32.7% y-o-y and 26.5% m-o-m.
The month of September had 20 trading days compared to the 22 trading days each for September 2022 and August.
September also had 635 listed securities compared to the 656 listed securities in the same month in 2022 while August had 637 listed securities.
According to the exchange, major global equity markets faced downward selling pressures during the month amid a risk-off mood following central bank meetings.
As major global stock markets fell during the month, SGX’s securities daily average value (SDAV) in September fell by 26.0% y-o-y and 19.0% m-o-m to $867 million.
The benchmark Straits Times Index (STI) dropped 0.5% m-o-m to 3,217.41 points.
In September, derivatives daily average volume (DDAV) rose by 3% y-o-y and m-o-m to 1.1 million contracts.
Total derivatives volume stood at 21.5 million, down 3.5% y-o-y and 9.1% m-o-m.
During the month, commodity derivatives traded volume climbed 77% y-o-y to a record high of 5.4 million contracts. The product suite saw broad based gains including iron ore and freight derivatives, petrochemicals as well as rubber futures.
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Benchmark iron ore derivatives volume jumped 85% y-o-y in September amid record open interest in both futures and options, as China’s stimulus measures and expanding steel production boosted hedging. Screen trading contributed to almost 60% of total futures activity during the month, extending a trend of growing adoption from financial participants, even as Negotiated Large Trade (NLT) volume rose 21% y-o-y.
In September, SGX saw a 15% y-o-y increase in forward freight agreement (FFA) volume while the volume of SGX SICOM rubber futures, the global pricing bellwether for natural rubber, rose by 37% y-o-y to 262,199 contracts, making another record high.
On SGX FX, total foreign exchange (FX) futures traded volume rose by 20% y-o-y to 4.1 million contracts in September as concerns of prolonged higher US interest rates drove trading activity.
Volume for the SGX USD/CNH Futures contract – the world’s most widely traded international renminbi futures – surged by 77% y-o-y to 2.8 million contracts in September. The contract saw a record notional average daily volume of almost US$15 billion ($20.5 billion).
On SGX Equity Derivatives, robust demand for quality India access spurred trading activity in GIFT Nifty 50 Index Futures. DAV was up 9% m-o-m in September at 85,000 lots or a notional US$3 billion, with month-end open interest at 215,000 contracts or US$8.4 billion.
SGX FTSE Blossom Japan Index Futures also continued to attract global institutions, with month-end open interest at a record US$116 million.
In September, SGX Fixed Income saw the amount issued from 39 new bond listings climb 28% m-o-m to $22.2 billion. Highlights included a US$2.5 billion equivalent four-tranche USD/EUR bond offering by The Export-Import Bank of Korea, US$1.5 billion three-tranche senior notes offering by Sumitomo Mitsui Trust Bank Ltd., US$930 million step-up callable subordinated notes by Nippon Life Insurance Co., and Bayfront Infrastructure’s four classes of infrastructure asset-backed securities totalling US$371.7 million.
Shares in SGX closed 7 cents lower or 0.71% down at $9.77 on Oct 13.
