To The Moon

• SGX has delivered a standout outperformance over the past year, driven by Singapore's broad market reform agenda, share price volatility, and growing IPO interest

• $SGX(S68.SI)$’s share price is up 64% on a total return basis over the past year, far outperforming the benchmark index’s 32% return

• It has also outperformed the Singapore banks across the 1-month, 3-month, 6-month and 12-month time horizons (Bloomberg AskB)

• Macquarie’s trending SGX call warrant $SGX MB eCW260929(NFUW.SI)$ (https://warrants.com.sg/tools/HistoricalPerformance/NFUW) which was listed on 1 April 2026, is up 37.1% to SGD 0.085 since, compared to SGX’s 10.8% gain over the same period

• There is no trending put warrant tracking SGX shares that is quoted on tight spreads

• In the company’s latest announcement, SGX published their May statistics yesterday evening

• The May statistics showed yet rising investor participation across securities trading

• On the back of the latest stats, Macquarie Research (MQ) published a research report last night, with a summary of the published statistics and MQ’s share price view

• Read more for the full article containing excerpts of MQ’s report and important disclaimers

SGX reports May-26 statistics​​​​​​​

• For the month of May, derivatives volume rose 20% year-on-year (11M FY26 rose 14% YoY), and securities turnover rose 79% year-on-year (11M FY26 rose 32% year-on-year).

• 11M FY26 derivatives volume accounted for 91% of of MQ’s FY26 forecast, and securities traded value accounted for 94% of MQ’s FY26 forecast.

Key highlights for May-26

• Securities turnover increased 6% MoM/70% year on year, while securities DAV rose 17% month-on-month (MoM) / 79% year-on-year (YoY).  Velocity (turnover/market cap) was 56%, above the monthly average for the fiscal year of 44%.

•  Equity Index Futures volume rose 5% MoM/22% YoY.

  o          FTSE China A50 Index Futures volume: +9% MoM/+26% YoY.

  o          NSE IX Nifty 50 Futures volume: +4% MoM/+8% YoY.

  o          MSCI Singapore volume: flat MoM/+32% YoY. ​​​​​​​

  o          FTSE Taiwan volume: -4% MoM/+10% YoY.​​​​​​​ ​​​​​​​

• FX Futures volume: -1% MoM/+31% YoY.

• Metal and dry bulk commodity futures volume: -6% MoM/+3% YoY.

• Energy commodity futures volume: -40% MoM/-37% YoY

​​​​​​​MQ has an Outperform rating and S$24.60 target price (based on a Dividend Discount Model stock pricing methodology)

• MQ expects the shares to remain supported amidst ongoing market volatility.

• MQ also expects higher securities turnover to be maintained (the past three months averaged S$2.3 billion).

Note: Macquarie Research is independent from the Warrants business, what the Macquarie Warrants desks quote from Macquarie Research may not reflect the complete analysis of Macquarie Research on the relevant company over time.

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Trending SGX call warrant NFUW (https://warrants.com.sg/tools/livematrix/NFUW ) that was listed on 1 April, has gained 37.1% to SGD 0.085 (as of 10AM today on 11 June 2026), almost four times more than SGX’s 10.8% during this period.

As one might already have noted, the SGX call warrant cost a fraction of SGX’s share price and tends to move in greater percentages than the share price due to their gearing effect.

However, one may also wish to note that this geared effect is a double-edged sword, causing the warrants to fall in greater magnitude than the shares should your view be wrong.There is no trending SGX put warrant that is quoted on tight spreads.