SGX FX outlines plans to grow its FX market share and global footprint. Speaking to Trader TV at Trade Tech FX 2026 in Miami, Hugh Whelan, UK head of liquidity and data management at SGX FX, discusses the rising volumes in FX trading, amid a volatile market backdrop, and the firm’s ambitions to extend its client reach beyond hedge funds and target more traditional asset managers and sell-side banks.
Whelan further unpacks the firm’s strategy to expand its multi-asset coverage, grow its presence globally, and strengthen its FX liquidity offering through its partnership with CME Group’s EBS (electronic broker services) division.
Interview
Terry Flanagan – Terry, welcome to Trader TV. I’m Terry Flanagan, live on the ground at Trade Tech FX in Miami. Today, I’m pleased to be joined by Hugh Whelan. Hugh is head of liquidity management and data strategy at SGX FX. Hugh, it’s great to have you with us. Thanks for being on.
Hugh Whelan – Thanks, Terry, great to be here.
Terry Flanagan – Heavy trading volume and high market volatility are among the themes of this conference. What did SGX FX’s recently released quarterly results say about this, and what are you seeing in the market so far in 2026?
Hugh Whelan – So we’ve had a significant increase in our volume over the last six months, 32% up year on year, which I think is in line with most venues. But we’re performing given our franchise, particularly in a macro hedge fund space. And we’re seeing some outsized volumes, which are continuing into January and 2026. We had two back-to-back record days on the 29th of January after the new Fed was announced. There’s a significant increase in Swaps volumes, particularly in EM (emerging markets), as the interest rate differentials start to align a little bit more, particularly with Japan. You saw a big sell-off in the euro as well. Yeah, it’s been an interesting start to the year, but a continuation of the theme from 2025.
Terry Flanagan – The rising volume tide is growing the overall pie in FX. What is SGX FX doing to make inroads in the marketplace and capture a bigger piece of that pie?
Hugh Whelan – So we’re developing and expanding our client segment outside of our traditional macro hedge fund space, into asset managers, and traditionally, more into the sell-side bank space through our FX solutions product Max Trader. We’re also developing products moving more into the futures world, we want more multi-asset and our jurisdiction, we’re expanding that into Latin America, expanding our presence in North America. We’re developing stronger links with Korea, India, Malaysia, and Indonesia. So that’s where we’re making some significant progress, and that’s reflected in our results and our growth in volume. We’re now the second-largest platform in OTC (over-the-counter) FX.
Terry Flanagan – Earlier today, SGX FX made news by announcing a partnership with CME Group’s EBS division. This connects two of the world’s major FX venues. Tell us a little bit more about this partnership and why it’s so significant?
Hugh Whelan – It’s very exciting and significant in the sense that it’s offering primary liquidity to our client base on the buy side. So this expands the liquidity to our macro hedge funds on the sell side. So through Bid FX and Max Trader. What you find is that we own the last mile, so to speak. Desktop real estate is very, very valuable, and having additional liquidity on the platform creates an efficient execution for the clients, reduces fragmentation, and then offers a one-stop shop. And you know, the CME sees the value in that because of our last-mile offering. And the macro hedge fund community is always looking for additional liquidity, and the primary markets are probably the deepest liquidity pool outside of OTC FX.
Terry Flanagan – SGX FX is a long-established operator, but it’s not the most well-known in the marketplace here in North America. What should market participants know about SGX FX that they may not already know?
Hugh Whelan – Well, we are definitely acknowledging that and trying to change the narrative. Singapore is the largest exchange in Asia, but we’re a global business, and we’ve invested globally. So we have a significant presence in North America, Latin America, Europe. So the key message is we’re the second largest OTC FX platform in the world. We’re Singaporean-originated, and we’re proud of that heritage, but we’re a global business, and we’re investing. We offer a very strong technology solutions platform as well as a venue of choice for some of the most significant FX traders in the world.
Terry Flanagan – Hugh, thanks so much for being with us. Enjoy the rest of the conference.
Hugh Whelan – Thank you, Terry. It’s been a pleasure. You.
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