MSCI Singapore Index Futures (SiMSCI) celebrates its 10th anniversary of its launch this month with two records in recent months.
Coinciding with the anniversary, the SiMSCI contract has set two records in this year:
- Record daily average Open Interest (OI) of 71,190 lots was set in August 2008. This is 4% higher than the previous record set in September 2007.
- Record daily volume of 93,993 lots was set in July 2008. This is 5% higher than the previous record set in January 2008.
In addition, the contract has served as an efficient risk management instrument with the recent volatile market conditions. The notional traded value of the futures contract has exceeded that of the underlying cash market by 10% in August 2008.
Thomas Tey, Senior Vice President and Head of Product Management and Institutions said, “The MSCI Singapore Index Futures (SiMSCI) was our first domestic futures contract and marks our pioneering efforts to develop the Singapore derivatives market. Ten years on, the SiMSCI futures is a liquid contract with 18,598 contracts traded daily for the period January to August 2008. We look forward to building on the current success to extend and deepen participation from the professional investment community.”
Deborah Yang, Executive Director and Head of Asia ex-Japan at MSCI Barra said, “The licensing of MSCI Singapore Futures ten years ago underscores our long-standing relationship with the Singapore Exchange. We are delighted that the MSCI Singapore Index is the basis of such a well-established futures contract.”
