London – 04 September 2025: Business confidence across the global derivatives industry declined for the second consecutive quarter, according to the latest SGX Global Market Sentiment Index, published today by SGX Group and Acuiti.
The Q3 2025 index of industry sentiment fell to 68, down from 74 in Q2, reflecting expectations of slower revenue growth from market participants amid falling volumes, reduced volatility and ongoing geopolitical uncertainty.
This marks the second consecutive quarterly fall in optimism following a record high of 78 in Q1 2025 in the wake of the inauguration of Donald Trump as US president.
The SGX Global Market Sentiment Index is a quarterly benchmark of business confidence across the global derivatives industry, based on a survey of senior executives in Acuiti’s global network, covering proprietary trading, asset management, hedge funds, clearing firms and sell-side execution desks.
Sentiment among proprietary trading firms recorded the sharpest decline, falling from 81 in Q2 to 63 this quarter. Firms reported that events which earlier in the year triggered sharp market moves are now having a diminished impact, resulting in fewer trading opportunities.
Hedge funds were the only segment to report improved sentiment, rebounding from a Q2 low of 61 to 68 in Q3. The recovery from April’s market volatility and growing optimism among CTAs contributed to the uplift. However, concerns remain around unpredictability and macroeconomic risk.
“While the first half of 2025 was a profitable period for many firms, the industry is entering a more cautious phase,” said Will Mitting, Managing Director of Acuiti. “Market participants are adjusting to more muted responses to macro events and lower volatility across major asset classes.
“While there is still plenty of opportunity to be had across global derivatives markets, both volumes and volatility have fallen back since their record highs in April.”
This quarter’s report also takes a deep dive into FX markets, particularly emerging market currencies. The report looks at how firms are sourcing information on liquidity and expectations for the top performing major emerging market currency in 2025.
Download the full report here: https://www.acuiti.io/the-sgx-global-market-sentiment-report-q3-2025/
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For more information, contact:
For Acuiti:
Will Mitting
Tel.: +44 (0) 203 998 9190
Email: willmitting@acuiti.io
About Acuiti
Acuiti is a management intelligence platform that provides senior professionals in the derivatives industry with high-value insights into industry-wide performance and operations. Our platform allows an exclusive network of senior industry executives to share and source information on day-to-day challenges, giving their management teams greater transparency and analysis to make informed decisions and benchmark performance. Network members include senior executives at banks, non-bank FCMs, brokers, proprietary trading firms, hedge funds, and asset managers.
About Singapore Exchange (SGX Group)
SGX Group seeks to serve as the world’s most trusted and efficient international marketplace, operating equity, fixed income, currency and commodity markets to the highest regulatory standards. As one ecosystem with global relevance and influence, we offer multiple growth avenues to our stakeholders through listing, trading, clearing, settlement, depository, data and index services. We are committed to lead on climate action by developing a world-class transition financing and trading hub through SGX FIRST (Future in Reshaping Sustainability Together), our multi-asset sustainability platform. Headquartered in AAA-rated Singapore, we are globally recognised for our risk-management and clearing capabilities. Find out more at www.sgxgroup.com.