SGX trading volumes climb across equities and derivatives in 2025

Full-year 2025 FX futures volume increased 34% to a record 79.3 million contracts.

Trading activity on SGX rose sharply in December and through 2025, with cash equities, derivatives, and selected asset classes all posting strong growth, according to SGX Group.

In the cash equities market, securities turnover value increased 29% YoY to $25.8b in December, while securities daily average value (SDAV) rose 23% to about $1.2b.

For the full year, SDAV climbed 21% to almost $1.5b, which SGX said was the highest level since 2010.

Derivatives trading reached record levels. Total derivatives volume rose 22% YoY in December to 28.3 million contracts, with daily average volume (DAV) up 17% to 1.3 million contracts. For 2025 as a whole, derivatives volume increased 10% to 329 million contracts.

SGX highlighted strong market performance alongside higher participation. The Straits Times Index reached 4,655.38 on 30 December and delivered a total return of 22.7% in 2025, or 28.8% including reinvested dividends.

The iEdge Next 50 Indices achieved a total return of 26.7%. Retail participation in cash equities rose to a four-year high, while institutional investors net bought $415m of small- and mid-cap stocks during the year.

In equity derivatives, open interest in SGX MSCI Singapore Index derivatives rose 7% MoM to US$7.6b, while open interest in Net Total Return Futures doubled MoM to a record US$361m.

China-linked contracts were also active, with FTSE China A50 Index Futures volume up 7% YoY in December to 9.1 million contracts and full-year 2025 volume reaching an all-time high of 112 million contracts.

Open interest in the A50 contract increased 16% in 2025 to US$17b, and FTSE China H50 Index Futures posted a record 1.7 million contracts for the year.

FX futures set new highs, with December volume rising 43% YoY to 8 million contracts, the highest since April.

Full-year 2025 FX futures volume increased 34% to a record 79.3 million contracts. SGX said USD/CNH FX Futures volume rose 18% in 2025 to a record 41.5 million contracts, while KRW/USD FX Futures DAV climbed 66% to a notional US$338m.

Commodities trading was led by iron ore. Iron ore derivatives volume increased 51% YoY in December to 5.4 million contracts, and full-year 2025 volume reached 66.2 million lots, marking a seventh consecutive record year.

Forward freight agreement futures volume also hit a new high at 2.2 million lots in 2025.

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