SMX records turnover of over $ 100 billion

MUMBAI: Singapore Mercantile Exchange ( SMX), a pan-Asian multi-product commodity and currency derivatives exchange today said it has recorded a turnover of over $ 100 billion during the second year of its operations.

The Mumbai-based Financial Technologies promoted SMX registered a turnover of over $ 100 billion between August 31, 2011 and August 30, 2012, a company spokesperson told PTI here.

The exchange commenced operation on August 31,2010 and has been able to post record turnover by introducing unique products and services, to cater to the needs of the market, he said.

"SMX 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," SMX CEO V Hariharan said in a statement here.

Research and 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 and industry associations, Hariharan said.

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 month-wise average Open Interest has grown around 22 times, the release said.