The New Zealand Financial Markets Authority (FMA) published its annual review of Singapore Exchange Derivatives Trading Limited (SGX-DT) and concluded the overseas regulated market continued to comply with its licensed market operator obligations for the period 1 July 2024 to 30 June 2025. The assessment relied largely on oversight by the Monetary Authority of Singapore (MAS), SGX-DT’s primary regulator, which identified no information suggesting non-compliance. During the review period, the FMA observed no material changes to the arrangements under which the dairy derivatives market operates and no notable changes to financial products. MAS continued to apply a comprehensive supervision regime to SGX-DT as a systemically important entity, including inspections and external reviews, and confirmed SGX-DT remained in good standing with no regulatory concerns about its ability to operate an approved exchange in Singapore. Market suitability work included consideration of the establishment of the SGX-NZX Dairy Committee and feedback from a key New Zealand end user, with no issues raised. Operationally, open interest and average daily trading volume were 190,396 lots and 2,929 lots, up 22% and 14% versus the same period in 2024; the system was stable with no market disruptions, trading alerts fell to 697 from 992, and there were no investigations or disciplinary proceedings for misconduct or exchange rule breaches.

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