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- Awards based on voting by FX and money-market professionals
Singapore Exchange (SGX) has retained its “Best FX Exchange in Asia” and “Best FX Clearing House in Asia” accolades at the FX Week Asia Awards 2019, following voting by foreign exchange and money-market professionals.
FX Week, a leading industry publication, is running its Asia awards for a second year, and SGX has emerged tops for both award categories each time. The winners were unveiled on 29 August in Singapore.
Lee Beng Hong, Senior Managing Director, Head of Fixed Income, Currencies and Commodities at SGX, said, “We are honoured to be recognised once again by the industry for our leadership and innovation in FX. As demand for FX risk management grows, particularly in Emerging Asia, we will continue to work towards offering market participants a neutral venue with round-the-clock liquidity and solutions.”
SGX is the world’s largest and fastest-growing venue for Asian FX futures. In FY2019 ending June 2019, the notional volume of SGX’s FX futures suite increased 46% year-on-year to 20.8 million contracts, while total notional value rose 73% to US$1.14 trillion.
From January to July this year, the exchange’s FX futures had an average notional daily volume of US$5.15 billion, 37% higher than what was achieved in full year 2018. Open interest as at 31 July 2019 stood at US$7.64 billion, compared with US$4.15 billion as at 31 December 2018.
In staying ahead with the trend of FX markets moving towards central clearing, SGX developed and launched FlexC FX Futures in July 2018. Its innovative feature offers market participants a more effective way of mitigating counterparty credit risks while retaining bilateral trading relationships. It lowers margin costs and capital requirements, and effectively facilitates multilateral settlement netting, thereby enhancing overall operational efficiency.
In March this year, SGX announced a strategic investment in BidFX, a specialised trading platform for global FX markets, to expand its offerings by bringing together the OTC and exchange-traded pools of liquidity.
