06:11 AM EST, 12/12/2022 (MT Newswires) -- $SGX(S68.SG)$ derivatives business continued to grow in November amid signs that the US Federal Reserves will slow its pace of interest-rate hikes.

The major driver behind the derivatives business growth was the record foreign exchange trading activity during the month that drove derivatives volume, according to a Monday release.

Total traded volume rose 30% year on year to 23.7 million contracts, the highest since March this year, while derivatives daily average volume soared 27% year on year to 1.1 million contracts.

Futures volume on SGX FTSE A50 Index climbed 24% year on year to 9.3 million contracts in November, while benchmark iron ore derivatives gained 69% on year to 3.2 million contracts. Whereas, SGX USD/CNH Futures volume jumped more than double on a yearly basis to 2 million contracts or a record-high notional $200.9 billion.

Meanwhile, total volume across the SGX Equity Derivatives suite jumped 17% in November to 15.5 million contracts from a year ago, while total FX futures traded volume ballooned 104% year on year to an all-time high of 4 million contracts.

Furthermore, the benchmark Straits Times Index improved 6.4% to 3,290.49 in November, while securities market turnover value on SGX Securities zoomed 18% month on month to SG$27.2 billion during the month, with securities daily average value rising 7% on month to SG$1.2 billion.

Price (SGD): S$9.12, Change: S$-0.09, Percent Change: -0.98%