新加坡交易所市场规模和结构变化分析

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report analyzes the rapid growth of trading volume and open interest in the Singapore Exchange (SGX) in the past two years, explores the influencing factors of its market scale and structure changes, and provides suggestions for the development of Dalian Commodity Exchange (DCE) iron ore futures and options. The DCE and SGX are complementary, and the DCE should build an iron ore derivatives system with Chinese characteristics and international competitiveness based on its local advantages and by learning from the international experience of the SGX [4][25]. 3. Summary by Section Background Introduction The SGX has experienced significant scale expansion in recent years, with double - digit growth in the trading volume and open interest of its derivatives market for two consecutive years. Its development is driven by the increasing hedging needs of enterprises along the "Belt and Road" and the implementation of an international development strategy. Studying the SGX can provide reference for the construction of the DCE's iron ore derivatives market [4]. Singapore Exchange Situation Introduction - Product Function: The SGX's iron ore swap is an over - the - counter (OTC) derivative that manages iron ore price risks for global investors and enterprises. It is cash - settled based on the difference between the fixed price and the floating price linked to the IODEX index [5]. - Trading Characteristics: It uses the US dollar for pricing and settlement, has a cash - delivery model, and standardized contract terms after central clearing. It allows cross - asset margin offset and has specific trading activity peaks [5][6]. - Participant Ecosystem: The market has a multi - level and international participant ecosystem, including upstream producers, traders, downstream steel enterprises, end - users, and financial institutions [7]. Analysis of Influencing Factors on Market Scale and Structure Changes - Market Fluctuations: Global iron ore market volatility has increased the demand for hedging and arbitrage. The SGX's iron ore swap has become a key hedging tool, and geopolitical factors have also contributed to its development [8]. - Diversified Participants: Traditional participants remain active, while the influence of hedge funds and quantitative institutions has risen. Asian funds have expanded, and retail investor participation has increased [9][10]. - Exchange Strategy: The SGX has launched differentiated products, optimized the trading platform, and implemented cost - reduction policies to enhance its competitiveness [11]. - Geopolitical Changes: The "East - West dual - center" pattern in the global commodity market has evolved, and the SGX has strengthened its position as a regional financial hub [12]. - Cross - Market Arbitrage: The price difference between the SGX and DCE iron ore derivatives markets has formed an arbitrage mechanism, promoting the reconstruction of the global iron ore derivatives ecosystem [14]. - ESG Trends: The SGX has launched relevant products to meet the needs of the low - carbon transformation of the steel industry and attracted ESG investors, promoting its transformation into a sustainable financial innovation high - ground [15]. Advantages of SGX Iron Ore Swap Development - Internationalization and Dollar Settlement: The US dollar - based mechanism reduces risks and costs for global participants and reflects global supply - demand balance [16][18]. - Cross - Time - Zone Trading: It provides about 16 hours of continuous trading, complementing the DCE and enabling real - time risk management [19]. - OTC Flexibility and Cash Settlement: The OTC model allows customized contracts, and cash settlement simplifies operations, attracting non - physical - background participants [20]. - Open Regulatory Environment: Singapore's policies facilitate capital flow, while the DCE is restricted by capital account controls [21]. - Index Linkage: The SGX's iron ore swap is linked to the widely used IODEX index, enhancing its pricing authority [22]. - Multi - Level Tool Ecosystem: It forms a synergistic effect with other products, supporting complex hedging strategies [24]. Suggestions for DCE Iron Ore Futures and Options - Accelerate Internationalization: Broaden access for overseas investors, simplify approval processes, and pilot cross - border margin recognition. Build a multi - language trading system for "Belt and Road" countries [26]. - Improve Product Matrix: Launch Asian options, develop细分品种, create "green derivatives", and accelerate the layout of index products [28]. - Optimize Trading Mechanisms: Upgrade the market - making system and pilot extended night - trading hours [29]. - Build a Collaborative Ecosystem: Support small and medium - sized steel mills and strengthen investor education for "Belt and Road" countries [30]. - Balance Policy Intervention: Use market - based adjustment methods and reduce administrative "window guidance" [31].