Market data and connectivity activities continued to grow from $76.6 million in 2014 to $102.5 million in 2019. Although this segment has increased, the share of contributions over the past five years is about 11%. That`s because the growth in the derivatives business has been amazing, where revenue has doubled from $208.7 million in 2014 to $459.7 million in 2019, and contributed 50% of sales in 2019, an increase of 30% in 2014. Many companies that have been disconnected from SGX have explained reasons such as low ratings for many publicly traded companies and the availability of private financing. Osim and CityNeon Holdings are among the well-known companies that have been disconnected from SGX. Osim justified this decision by the fact that its company was not fairly evaluated by Singapore investors due to a lack of liquidity and liquidity. In addition, the CEO of Cityneon decided to take his company privately because he was not satisfied with the valuation. As a growing company that does not distribute dividends, investors are misunderstood as to its valuation potential because they are used to companies paying constant dividends. “We note that MSCI Singapore contracts are in the plans in addition to plans to offer products to MSCI in Taiwan, as they are not exclusive to SGX and there could be a movement in the quantities of SGX to HKEX,” warned Lee. SGX is proud of Asia`s most international stock exchange. Headquartered in Singapore with an AAA rating and branches in nine cities around the world, SGX is a multi-asset global exchange that operates the equity, fixed-rate, currency and commodity markets to the highest regulatory standards. In order to reduce dependence on China`s A50 futures, it is encouraging to see SGX developing its derivatives in iron ore futures and derivatives as shown in the graph below.
SGX has developed its platform for iron ore derivatives, where customers are able to trade the entire value-added chain of steel and benefit from margin offsets, which leads to customer stability. In GJ`s latest result, futures and iron ore derivatives contributed 19.54% of the total volume of GJ20 derivatives. I decided to use 10 years of financial performance to stay relevant. In general, SGX`s revenue and net income have increased over the past 10 years. SGX increased revenue by $413 million over 10 years from $640 million in 2010 to $1.053 billion in 2020. Net income had also grown well over the past 10 years. Earnings increased by $152 million, from $320 million in 2010 to $472 million in 2020. Not only are many companies not listed on SGX, but there are also existing publicly traded SGX companies that are delisting by the stock exchange. The number of companies listed by the stock exchange exceeds the number of companies that wish to be listed in Singapore. According to the data, the number of listed companies increased from 783 in 2010 to 723 in 2019. I expect my EPS forecast for next year to be about 10% lower at 44.1 cents due to lower market volatility and the stock of headwinds from HKex`s derivatives activities. Investors could go hunting for SGX because it reports better results, but I think the headwinds and problems that SGX is currently facing should give investors reasons not to do so.
I believe in SGX`s growth strategy, but I won`t look for it right away. Securities settlement revenues increased in 2014 in the first four years, but have been declining since then. Revenue was $71.4 million in 2014, where it grew steadily over the next four years and peaked at $95.7 million. SGX attributed the increase in the securities settlement to revised fees, increased volumes of securities settlement-delivery instructions, and changes to the mix of securities instructions