Top 5 Market Makers For SGX 3-Month SGD Interest Rate Futures

Singapore Exchange Derivatives Trading Limited (SGX-DT) announced today that the top 5 market makers for the SGX 3-month Singapore Dollar Interest Rate futures contract are: 1. BNP Paribas; 2. Deutsche Bank; 3. DBS Bank; 4. HSBC; 5. United Overseas Bank.

This ranking is based on volumes traded for the contract, from 21 August 2000 when market makers were introduced, till the end of September 2000.

A total of 15 market makers, comprising 5 local banks and 10 foreign banks, have demonstrated full commitment in providing 2-way quotes on the 3-Month SGD Interest Rate futures contract on SGX-DT. While promoting liquidity in the contract, these market makers use the contract to trade and hedge their own inter-bank and over-the-counter positions.

The participation of market makers has contributed to the contract's growth. After registering the highest single day volume of 1,518 contracts on 21 August 2000, it went on to break three records:- (1) the highest monthly volume of 12,229 contracts in Sep 00; (2) the highest average daily volume of 582 contracts in Sep 00; and (3) the highest open interest of 4,800 contracts on 18 Sep 00.