SINGAPORE: Singapore Exchange (SGX) is named “Best FX Exchange in Asia” at the FX Markets Asia Awards 2020, a news release said.
The award, based on votes by foreign exchange (FX) and money market professionals, recognises the exchange which has demonstrated the ability to offer market participants cost efficiencies and new solutions as well as growing liquidity and volumes. As the world’s largest and fastest-growing venue for Asian FX futures, SGX is widely seen as a reliable and leading marketplace, providing deep liquidity in Asian currencies amid heightened market volatility due to COVID-19.
Lee Beng Hong, Senior Managing Director, Head of Fixed Income, Currencies and Commodities at SGX, said, “SGX offers continuous price formation and round-the-clock risk management which is even more important given rapidly changing market conditions. At the height of market volatility earlier this year, our Asian FX futures demonstrated deep liquidity across time zones, while offering cost-efficient trading throughout.
“We have seen trading interest from international participants growing significantly and are grateful for the confidence that our clients have in our products and platform. Being recognised for our strengths for the third year in a row is a deep honour and we look forward to continue serving the market with relevant solutions as the FX landscape evolves.”
From January to October this year, SGX achieved new monthly records in FX trading, on the back of greater demand for risk management. The exchange’s FX futures had an average notional daily volume of US$5.9 billion, 10% higher than what was achieved a year ago. Open interest as at 31 October 2020 stood at US$10.75 billion, compared with US$7.79 billion as at 31 October 2019.
SGX has continued to broaden its suite of solutions to help OTC clients bridge to centralised trading and clearing. Its FlexC FX Futures allow market participants to replicate OTC FX with fully customised expiration dates and clear transactions on SGX. This year, SGX acquired leading cloud-based FX trading platform, BidFX – combining forces to build SGX into a one-stop venue for international FX OTC and futures participants.
This latest award comes on the heels of an earlier accolade in September, when SGX was named “Best Exchange for FX” at the FX Markets e-FX Awards 2020 in recognition of the best-in-class in electronic FX trading globally.