SGX Group Delivers Stellar February 2026 Performance – Highest SDAV in Six Years

Key Highlights All Investors Should Note

• Record Securities Turnover: Securities daily average value (SDAV) surged 45% year-on-year (y-o-y) to S\$2.1 billion in February, the highest since 2020. Total securities market turnover grew 30% y-o-y to S\$38.5 billion.
• Derivatives Resilience: Derivatives daily average volume (DAV) rose 22% y-o-y to 1.66 million contracts, with total derivatives traded volume reaching 27.1 million contracts, up 6% y-o-y, despite fewer trading days due to Lunar New Year holidays.
• All-Time High for STI: The Straits Times Index (STI) crossed the 5,000-point threshold, hitting a new all-time high of 5,041 on 23 February, buoyed by strength in real estate and industrial sectors. STI advanced 2% month-on-month (m-o-m) in February and is up 8% year-to-date.
• Small/Mid-Cap Outperformance: Turnover in small- and mid-cap stocks rocketed 135% y-o-y, indicating strong institutional interest. Retail turnover saw its highest level in 13 years, jumping 45% y-o-y.
• ETF Market Soars: ETF turnover exploded 172% y-o-y to S\$1.1 billion, with net inflows hitting S\$643 million (the highest since Dec 2024). Notably, investments in ETFs by Supplementary Retirement Scheme (SRS) holders exceeded S\$1 billion for the first time, reflecting a structural shift toward passive investing and long-term strategies.
• Derivatives Market Detail: The SGX MSCI Singapore Index Futures saw DAV up 25% m-o-m, reaching 1 million contracts and a record notional value of S\$49 billion, supported by institutional flows around earnings season.
• FTSE Taiwan Derivative Suite: Notional traded value in SGX FTSE Taiwan Index Futures and Micro contracts increased 170% y-o-y to US\$13.3 billion, driven by AI/tech sector momentum. Daily volume peaked at 304,000 lots for the full-sized contract on 23 February, benefitting from Lunar New Year roll flows and increased onshore Taiwan participant activity.
• FX Futures Records:
  • SGX USD/CNH FX Futures hit a record DAV of US\$24 billion and open interest of US\$27.1 billion during the Lunar New Year (when onshore markets were closed).
  • SGX INR/USD FX Futures saw a single-day peak volume of US\$7 billion on 3 February, reflecting active hedging post-policy and trade news.
  • SGX KRW/USD Mini Futures set a new DAV record of US\$713 million (+43% m-o-m), while TWD/USD FX Futures DAV rose 35% m-o-m to US\$378 million, with open interest up 28% to US\$26 million, reflecting strong tech and semiconductor supply-chain themes.
• Commodity Market Strength:
  • Commodities traded volume increased 5% y-o-y to 5.28 million contracts, with iron ore derivatives up 7% y-o-y (4.69 million contracts), remaining the anchor for SGX’s commodity suite.
  • Petrochemicals suite cleared 3 million metric tonnes (+6% y-o-y), with open interest at a record 5.7 million metric tonnes, showing stronger client adoption and hedging demand.
  • Whole Milk Powder options saw single-day open interest peak at 44,185 lots on 27 February, signaling higher use of options amid volatile dairy prices.

Analysis and Potential Share Price Impact

For shareholders, these results are highly significant and price sensitive:

• The sharp rise in SDAV, retail and institutional participation, and record-breaking ETF flows highlight a sustainable increase in market activity and liquidity, which can bolster SGX’s fee income and profitability.
• The exceptional derivatives and FX futures performance, especially during periods when regional markets were closed, reinforce SGX’s role as a key international risk-management hub. This unique positioning could attract further global flows.
• The all-time high for the STI, coupled with booming small/mid-cap and ETF segments, suggests a broad-based rally that may fuel positive sentiment and further market engagement.
• The rapid growth and diversification in commodities and petrochemicals derivatives, as well as the usage of options, indicate that SGX is broadening its product suite and deepening engagement with both institutional and corporate clients.
• Notably, the record inflow into ETFs via SRS holders points to a structural change in the market, positioning SGX to benefit from secular growth in passive investing.

Conclusion

SGX’s robust February performance is likely to be viewed positively by the market and may support further upside in SGX shares, given the broad-based growth across all segments, leadership in derivatives and FX risk management, and growing retail and institutional participation. The record ETF flows and strong commodities performance further enhance the group’s earnings visibility and strategic positioning.
Investors and shareholders should closely monitor subsequent monthly updates for sustained momentum and watch for any new product launches or regulatory changes that could further drive trading volumes and fee growth.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should perform their own due diligence or consult a professional before making any investment decisions. The author and publisher accept no liability for any losses incurred based on this report.

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