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- SDAV reaches three-year high in March
- Record volumes across multiple asset classes, with best-performing quarter for India equity derivatives
Singapore Exchange (SGX Group) today released its market statistics for March. Securities market turnover value rose 25% year-on-year (y-o-y) in March to S$29.7 billion, while securities daily average value (SDAV) also gained 25% y-o-y to about S$1.5 billion – the highest since May 2022. The average securities net clearing fee for the January-to-March quarter was 2.58 basis points*.
Derivatives traded volume increased 14% y-o-y to 27.4 million contracts, as derivatives daily average volume (DAV) climbed 12% y-o-y to 1.3 million contracts. The average net fee per contract for equity, currency and commodity derivatives for the January-to-March quarter was S$1.31*.
Key highlights:
- STI at all-time high: The Straits Times Index (STI) rose above 4,000 for the first time on 28 March. The STI generated a 5% gain over the January-to-March quarter, topping stock benchmarks across ASEAN. Meanwhile, small- and mid-cap stocks continued to garner investor interest with another consecutive month of net institutional inflows in March.
- Higher trading of securities products: SGX Securities broadened its offering of Singapore Depository Receipts (SDR) with the launch of three Hong Kong underlyings – Xiaomi, Meituan and Ping An – on 5 March. SGX Group also deepened its collaboration with the Shanghai Stock Exchange through the SSE-SGX ETF Link with the listing of Lion-China Merchants CSI Dividend Index ETF on 28 March. That marked the ninth exchange-traded fund (ETF) under the ETF product links between Singapore and China, bringing combined assets-under-management to more than S$700 million. For the January-to-March quarter, combined turnover value of SDRs, daily leverage certificates, structured warrants and ETFs was up 13.6% from the previous three-month period at S$3.6 billion.
- Records for SiMSCI futures: DAV of SGX MSCI Singapore Index Futures gained about 13% m-o-m in March to a notional US$1.8 billion on the back of strong buyside support, while month-end OI climbed to a notional US$6.4 billion – each setting a record high. The increases demonstrated growing investor confidence in Singapore’s equity market, even during times of volatility.
- Best-performing quarter for India equity derivatives: GIFT Nifty 50 Index Futures traded volume increased 10% y-o-y in March to 2 million contracts, with DAV up 11% y-o-y at 107,320 lots (notional US$5 billion). For the January-to-March quarter, volume climbed to a record 5.9 million contracts, driven by a resurgence in Indian equities. Open interest (OI) rose 7% over the previous three-month period to 213,491 lots (notional US$10 billion), underscoring sustained growth for a key offering from SGX Equity Derivatives.
- Strong quarter for INR futures: SGX INR/USD FX Futures traded volume jumped 80% y-o-y to 2.4 million contracts – with a single-day record of US$5.92 billion notional achieved on 21 March – lifting total futures volume on SGX FX by 53% to 6.6 million contracts. For the January-to-March quarter, SGX INR/USD FX Futures volume rose 31% from the previous three-month period to 6.8 million contracts, while total FX futures volume increased 8% to a record 18.5 million contracts.
- Broad-based growth in commodities: Dairy derivatives traded volume on SGX Commodities reached a single-day record of 31,000 lots on 19 March, with DAV for the month up 82% y-o-y at a new high of 4,484 lots. The gains were driven by record options volume of 41,429 lots, as market participants increasingly leveraged advanced strategies to manage risk and capture opportunities. Petrochemicals traded volume climbed 47% y-o-y in March to the equivalent of 2.7 million metric tonnes (MT) as volatility in physical prices drove hedging, with average OI for the month at a new high of 2.8 million MT and a record of 8 million MT for the January-to-March quarter. Among the petrochemicals suite, benzene contracts achieved a record monthly volume of 1.1 million MT for March.
The full market statistics report can be found here.
*From FY2025, transaction-based expenses, i.e. processing and royalties, will be moved from expenses to be netted-off against revenue. Including the respective transaction-based expenses for a like-for-like comparison, the average securities net clearing fee was 2.45 basis points, and average net fee per contract for equity, currency and commodity derivatives was S$1.31, for the period January-to-March 2024 (3Q FY2024).
