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OTC Derivatives and Trading Platforms in Singapore

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9 February 2012
Hua Zhang

Abstract

Singapore is already a major trading hub in the world: it is the eighth largest centre for OTC derivatives.

In a new report, OTC Derivatives and Trading Platforms in Singapore, Celent examines the regulation dynamics, market size, trends in the OTC derivatives market, participant trends, electronic trading, and trading platforms. The proportion of e-trading will continue increasing. The electronic trading rate of CDS, IR, and FX will reach 5%, 15%, and 61% respectively in 2013.

According to the G20 agreement, Singapore Exchange will provide clearing services for many derivatives products, such as NDF. Celent expects this to decline further because there will be greater buy side adoption of algorithmic trading and an increase in speeds once SGX Reach comes online. It will make the market move more trading from OTC to exchanges. Over the next couple of years, SGX will expand this to foreign exchange options, IRS in other currencies, nondeliverable swaps, Asian CDS, indices, and Asian single-name CDSs.

“Celent continues to see a lot of players in the regional IRS markets,” says Hua Zhang, analyst with Celent’s Asian Financial Services group and author of the report, “Regional IRS markets are likely to continue to grow in line with the rise of Asia as a major market in the global economy.”

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