SGX Group Reports Record-Breaking March Performance on Surging Trading Activity

Date: 9 March 2026
Source: Singapore Exchange (SGX Group)

Key Takeaways for Investors and Shareholders

• Record Derivatives Volumes: Derivatives traded volume soared 40% year-on-year (y-o-y) in March, reaching a record 38.3 million contracts. The derivatives daily average volume (DAV) was up 35% y-o-y at 1.8 million contracts. For the January-to-March quarter, derivatives volume climbed 16% quarter-on-quarter (q-o-q) to 97.5 million contracts. The average net fee per contract was S\$1.16.
• Securities Market Surges: Securities turnover spiked 78% y-o-y to S\$52.8 billion in March, with daily average value (SDAV) up 62% y-o-y at S\$2.4 billion. For the quarter, turnover rose 32% q-o-q to S\$126 billion. The average securities net clearing fee stood at 2.61 basis points.
• All-Round Growth: The Singapore stock market saw growth across all customer segments. Institutional activity increased 13% month-on-month (m-o-m), while retail participation hit a 13-year high, resulting in the highest SDAV since October 2007. Institutions made net purchases into small- and mid-cap stocks for the third consecutive month, adding S\$218 million in March, with a 12-month total exceeding S\$600 million.
• Buyside Demand for Equity Derivatives: Strong global buyside demand propelled SGX MSCI Singapore Index Futures DAV up 8% q-o-q to 55,607 contracts. The Net Total Return Index reached a 44% q-o-q growth in open interest (US\$512 million). The price return version DAV hit a high watermark of 59,658 lots (US\$2 billion notional) in March. Micro SGX Straits Times Index Futures, launched 9 March, saw DAV quadruple within the month.
• GIFT Nifty 50 Index Futures Set New Records: Amid market volatility, GIFT Nifty 50 Index Futures volumes surged 35% y-o-y to a record 2.76 million contracts, with month-end open interest at 261,403 contracts (US\$11.7 billion). March DAV reached a record 145,281 contracts (US\$6.3 billion notional), and the quarterly DAV hit a new high of 116,954 contracts (US\$5.6 billion notional).
• ETF Inflows and Gold ETF Milestones: Net inflows into SGX-listed ETFs reached S\$468 million in March, with quarterly net inflows at S\$1.3 billion. Assets under management (AUM) across 53 ETFs grew to S\$19 billion, with record turnover at S\$3.87 billion. STI ETFs posted a 13th straight month of net inflows (S\$981 million, AUM: S\$4.2 billion). Gold ETFs marked a 22nd consecutive month of inflows (S\$2.2 billion since June 2024). The LionGlobal Singapore Physical Gold ETF was listed, the first in Singapore with locally vaulted bullion.
• Record FX Futures Volumes: FX futures traded volume jumped 79% y-o-y in March to 11.7 million contracts. For the quarter, volumes totaled 28 million (up 34% q-o-q). KRW/USD FX Futures volume surged 70% q-o-q; USD/CNH FX Futures (the world’s most traded international renminbi futures) increased 45% q-o-q.
• Commodity Derivatives Growth: SICOM Rubber derivatives volume rose 67% m-o-m to 500,002 contracts. Petrochemicals clearing hit 7.8 million metric tonnes (MT), with average open interest at 5.8 million MT. Forward freight agreements (FFAs) for dry bulk and containers rose 49% m-o-m to 320,497 contracts. Benchmark iron ore futures/options volume gained 52% m-o-m to 7.15 million contracts. Total commodity derivatives volume rose 13% q-o-q to 20.1 million contracts for the quarter.
• New Product Launches: SGX announced the launch of Asia Pacific Government Bond Futures (trading from 20 April), targeting increased global allocations to EM Asia sovereign-bond markets.
• Fundraising Activity: SGX welcomed UI Boustead REIT to its Mainboard on 12 March. Combined primary and secondary fundraising proceeds for March totaled nearly S\$1.4 billion – the highest in six months.

Potential Price-Sensitive Information for Shareholders

Investors should note the following potentially price-sensitive developments:

• Record Trading Volumes: The surge in trading activity across derivatives, securities, FX, and commodities could have a direct positive impact on the Group’s fee income and overall financial performance.
• Strong Institutional and Retail Participation: The highest SDAV since 2007 and record retail participation signal strong market liquidity and investor confidence, which may support a higher valuation for SGX shares.
• Product Innovation and Diversification: The introduction of new products (Micro SGX STI Futures, Asia Pacific Government Bond Futures, LionGlobal Physical Gold ETF) demonstrates SGX’s ongoing commitment to innovation, potentially attracting new investor segments and boosting trading and listing revenue.
• Robust Fundraising Environment: The successful listing of a major REIT and the largest fundraising in six months highlight SGX’s attractiveness as a capital-raising venue, which may enhance its competitive position in the region.
• Geopolitical Factors: The ongoing Middle East conflict and resulting volatility have driven risk management activity on SGX, boosting volumes in FX and commodities. While this is positive for short-term income, investors should monitor ongoing developments for potential impacts on market stability and participant activity.

Strategic Considerations

SGX Group continues to position itself as a trusted international marketplace, offering comprehensive services across equities, fixed income, currency, and commodities. The Group is also advancing its sustainability leadership through the SGX FIRST platform and maintaining high regulatory standards. These factors may further bolster investor confidence and support long-term growth.

Outlook

With record volumes, new product launches, and strong fund inflows, SGX is well-placed to capture continued growth in the region’s capital markets. Investors should watch for the impact of new listings, continued product innovation, and geopolitical developments on trading volumes and revenue streams.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a professional adviser before making investment decisions. While care has been taken to ensure the accuracy of the information, no liability is accepted for any losses or damages arising from reliance on this article.

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