SMX has witnessed a growth of 8 times during the last one year with the overall volumes growing from 399,775 lots to 3,238,569 lots and the average daily volumes growing from a mere 1544 lots to 12,553 lots. The monthwise average Open Interest has grown around 22 times. SMXCC, the Clearing Corporation of SMX, has successfully completed 516 settlement cycles since inception. SMX has been titled as the World’s fastest growing Exchange by FOW 2011 Contract Review.
Mr. V Hariharan, CEO of SMX said: “SMX as part of its continuous endeavor to strengthen its offerings while catering to the needs of the market has introduced new commodity classes and products.
Introduction of uniquely designed products for niche markets along with redesigning and restructuring of existing products, has been the key contributor to the growth of SMX. Research & Product Innovation has helped growth in volumes across all commodity classes. SMX has been expanding its reach in different countries and amongst different industry users, with the launch of the new products, new Trade Member categories and partnering at various levels with commodity & industry associations.”
Growth across Commodity Class:
Base Metals through Copper have grown by almost 6 times from a daily average volume of 460 lots to 2,826 lots in the last year Euro-USD contracts have done a volume of around 1.5 Million lots during the same period constituting 83% of the volumes since their launch Iron-Ore Index – MBIO has witnessed a quarter-on-quarter average growth of 165% with the total turnover of over USD 2.6 Billion.
The recently launched E-Gold contracts have brought in an overwhelming response from various participants achieving a turnover multiple of around 50 times since the launch week witnessing steady growth. E-Gold contracts which are based on Indian gold prices in USD terms has recorded daily turnover of USD 119.22 million on July 24, 2012.
Black Pepper, the first Agriculture product of SMX has also been a contributor to the overall volumes of the Exchange and has successfully completed three cycles of delivery at Ho Chi Minh City, Vietnam. The latest delivery cycle for Black Pepper has been recorded at 45 MT.
New Trade Memberships:
Aimed at better serving a wider spectrum of market participants and investors and to achieve a wider geographical reach, SMX launched new categories of Trade Members. The new categories have been ideally suited for physical traders, small and medium enterprises and retail users active in the commodities and currency derivatives market.
Online Trading Championship:
To provide students of premier institutions across Singapore the opportunity to test their financial learning and instincts in a real life trading environment, SMX held the SMX Trading Championship. The Championship was designed to offer individuals an opportunity to familiarise themselves with the trading of commodities and currencies on a sophisticated electronic platform with global products available across multiple time zones.
Expanse of Reach:
SMX has witnessed an increase in the number of members by 36%. With more than a dozen contracts to offer, SMX is seeing growing interest from various quarters such as physical market participants, exporters, importers, hedgers and investors. By creating a horizontal and vertical reach across the market the number of active participants at SMX has doubled.