SGX

SGX: Sep trading figures out. Total mkt turnover fell 21% to $29.9b with daily average value of securities at $1.4b -25% yoy. On a monthly basis, Sep rev for securities on the main board was $28.5b -28.4% mom slid closer to Jul figures down from the spike in Aug.

However ETF turnover was at $1.1b more than doubling yoy and structured warrants trading also more than doubling at $928m.Derivatives volume increased 33% yoy to 7.2m contracts with daily avg volume of 349.3k contracts. Other derivative volumes were generally up Nifty volumes +64% at 1.5m, MSCI Singapore +53% at 457.3k MSCI Taiwan +42% at 1.7m except China A50 -6% from Aug at 281.7k contracts. Volume of OTC commodity contracts cleared rose 51% from a year earlier to 18,601 contracts. Clearing of OTC Interest Rate Swaps continued to grow with a notional $4.4 billion cleared in Sep, bringing the cumulative amount cleared since launch to $169b notional.

While volumes have seen growth in derivative and ETF contracts, the bulk of SGX (more than 90%) still comes from securities traded on the Mainboard which have seen a decline. Co is currently trading at 19.0x fwd P/E.