Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
DVP Rules
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
Chapter 1 Application of Rules
Chapter 2 Clearing Membership
Chapter 3 Committees
Chapter 4 Enforcement of Rules
Chapter 5 Arbitration
Chapter 6 Delivery and Related Matters
Chapter 7 Clearing and Margins
Chapter 7A Suspension and Default
Chapter 7B Payments
Chapter 8 Mutual Offset System
Chapter 9 Definitions and Interpretation
Chapter 10 Transitional Provisions
Directives
Practice Notes
Appendices
Appendix 1 — Final Settlement Price
Schedules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Rule Amendments

Appendix 1 — Final Settlement Price

Past version: effective from May 22 2017 - Jul 16 2017.
To view other versions open the versions tab on the right.

Oil Swaps Contracts

Products Dubai Brent / Dubai Crude Oil Spread Swap Gasoil Kerosene Naphtha
Contract Dubai Crude Oil Swap Brent / Dubai Crude Oil Spread Swap Gasoil Swap FOB Singapore Kerosene Swap FOB Singapore Naphtha Swap FOB Singapore Naphtha CFR Japan Balance-of-Month Naphtha CFR Japan
Final Settlement Price Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places. Cash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places. Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.


Products Fuel Oil 180 Fuel Oil 380
Contract Singapore Fuel Oil 180cst Swap, 3.5% sulfur Singapore Fuel Oil 380cst Swap, 4% sulfur
Final Settlement Price Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.


Products Mini Fuel Oil 180 CST Mini Fuel Oil 380 CST BOM Mini Fuel Oil 180 CST BOM Mini Fuel Oil 380 CST
Contract Mini Singapore Fuel Oil 180 CST Swap, 3.5% Sulfur Mini Singapore Fuel Oil 380 CST Swap, 4% Sulfur Balance-of-Month Mini Singapore Fuel Oil 180cst Swap, 3.5% Sulphur Balance-of-Month Mini Singapore Fuel Oil 380cst Swap, 4% Sulphur
Final Settlement Price Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places. Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.


Products Visco Regrade
Contract Fuel Oil 180cst vs 380cst Swaps Differential Kerosene vs Gasoil Swaps Differential
Final Settlement Price FSP of Fuel Oil 180cst Swap minus FSP of Fuel Oil 380cst Swap FSP of Kerosene Swap FOB Singapore minus FSP of Gasoil Swap FOB Singapore


Products Petrochemical Swaps
Contract SGX Platts Benzene-Naphtha Swap SGX Platts Paraxylene-Naphtha Swap SGX PLATTS PX CFR China Swap Benzene FOB Korea Swaps Balance-of-Month Benzene
Final Settlement Price Cash settlement using the arithmetic difference between the Final Settlement Prices of the SGX Platts BZ FOB Korea Swap and the SGX Platts Naphtha CFR Japan Swap, rounded to 3 decimal places. Cash settlement using the arithmetic difference between the Final Settlement Prices of the SGX Platts PX CFR Taiwan/China Swap and the SGX Platts Naphtha CFR Japan Swap, rounded to 3 decimal places. Cash settlement using the arithmetic average of all Platts PX daily spot price assessments in the contract month, rounded to 2 decimal places Cash settlement using the arithmetic average of Platts daily spot 'marker' physical cargo assessments in the contract month, rounded to 3 decimal places. Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot marker physical cargo assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.


Products BOM Dubai BOM Gasoil BOM Kerosene BOM Fuel Oil 180 BOM Fuel Oil 380
Contract Balance-of-month Dubai Crude Oil Swap Balance-of-month Gasoil Swap FOB Singapore Balance-of-month Kerosene Swap FOB Singapore Balance-of-month Singapore Fuel Oil 180 cst Swap, 3.5% sulfur Balance-of-month Singapore Fuel Oil 380 cst Swap, 4% sulfur
Final Settlement Price Arithmetic average of the remaining assessments of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.


Product Gasoline 92 Gasoline 95 BOM Gasoline 92 BOM Gasoline 95
Contract Gasoline 92 RON FOB Singapore Swap Gasoline 95 RON FOB Singapore Swap Balance-of-Month Gasoline 92 RON FOB Singapore Swap Balance-of-Month Gasoline 95 RON FOB Singapore Swap
Final Settlement Price Cash settlement using arithmetic average of Platts' daily spot assessments in the contract month, rounded to three decimal places. Cash settlement using the arithmetic average of the remaining assessments of Platts' daily spot assessments in the Contract Month (inclusive of the current Business Day), rounded to three decimal places.


Product Petrochemical Swaps
Contract SGX ICIS LLDPE CFR China Swap SGX ICIS LLDPE CFR S.E.Asia Swap SGX ICIS PP Flat Yarn (Raffia) CFR China Index Swap SGX ICIS PP Flat Yarn (Raffia) CFR S.E.Asia Swap
Final Settlement Price Cash settlement using the arithmetic average of all ICIS spot price assessments in the contract month for the relevant underlying product, rounded to 2 decimal places.


Product Dated Brent
Contract Dated Brent Swap
Final Settlement Price Cash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places.

Iron Ore Swap Contracts

Products Iron Ore Swap
Contract SGX TSI Iron Ore CFR China (62% Fe Fines) Swap SGX MB Iron Ore CFR China (58% FE Fines) Swap SGX TSI Iron Ore CFR China (58% FE Fines) Swap SGX Platts Iron Ore CFR China (Lump Premium) Swap
Final Settlement Price Cash settlement using the arithmetic average of all The Steel Index (TSI) Iron Ore Fines 62% FE — CFR Tianjin Port reference prices in the expiring month, rounded to 2 decimal places. Cash settlement using the arithmetic average of all the aggregate daily values of MBIOI — 58% FE Fines, CFR Qingdao Index and MBIOI — 58% Premium FE Fines, CFR Qingdao Index reference prices, as published by Metal Bulletin, in the expiring contract month, rounded to 2 decimal places. Cash settlement using the arithmetic average of all The Steel Index Iron Ore Fines 58% Fe (Low Alumina) — CFR Qingdao Port Index reference prices in the expiring contract month, rounded to 2 decimal places. Cash settlement using the arithmetic average of all Platts IO Spot Lump Premium 62.5% CFR China Index reference prices in the expiring contract month, rounded to 4 decimal places.


Product Iron Ore Option
UnderlyingContract Iron Ore Swap
Option Exercise and Settlement European Style: An option will be exercised automatically at expiry only if it is in-the-money.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying Iron Ore Swap minus the strike price, multiplied by the contract size.
Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying Iron Ore Swap, multiplied by the contract size.

Freight Forward Contracts: Tanker Voyage Routes

Product TD3 TC4 TC 5
Contract TD3 Forward Freight Agreement- ME Gulf-Japan (Ras Tanura - Chiba), 260,000 mt TC4 Forward Freight Agreement- Singapore-Japan (Singapore - Chiba), 30,000 mt TC5 Forward Freight Agreement- Middle East-Japan (Ras Tanura - Yokohama), 50,000 mt
Final Settlement Price Arithmetic average of Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places.

Freight Forward Contracts: Dry Trip Timecharter Routes

Product P2A P3A
Contract Panamax Route P2A Forward Freight Agreement Skaw/Gibraltar — Far East, re-delivery Taiwan/Japan range. 60/65 days Panamax Route P3A Forward Freight Agreement Trans Pacific round either via Australia or Pacific, delivery and re-delivery Japan/South Korea range. 35/50 days
Final Settlement Price Arithmetic average of last 7 Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place

Freight Forward Contracts: Dry Voyage Routes

Product C3 C4 C7
Contract Capesize Route C3 Forward Freight Agreement Tubarao/Beilun and Baoshan. 150,000mt Capesize Route C4 Forward Freight Agreement Richards Bay-Rotterdam. 150,000mt Capesize Route C7 Forward Freight Agreement Bolivar-Rotterdam. 150,000mt
Final Settlement Price Arithmetic average of last 7 Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places


Product C5
Contract Capesize Route C5 Forward Freight Agreement W Australia — Qingdao. 160,000mt
Final Settlement Price Arithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

Freight Forward Contracts: Dry Timecharter Basket Routes

Product 4CTC 5CTC PTC STC HTC
Contract Capesize Time Charter Basket (4 routes) Capesize Time Charter Basket (5 routes) Panamax Time Charter Basket Supramax Time Charter Basket Handysize Time Charter Basket Average 6 Routes
Final Settlement Price Arithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place


Product Capesize Option (4 routes) Capesize Option (5 routes) Panamax Option Supramax Option Handysize Option
UnderlyingContract Capesize Time Charter Basket (4 routes) Capesize Time Charter Basket (5 routes) Panamax Time Charter Basket Supramax Time Charter Basket Handysize Time Charter Basket Average 6 Routes
Option Exercise and Settlement European Style: An option will be exercised automatically at expiry only if it is in-the-money.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying FFA minus the strike price, multiplied by the contract size.
Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying FFA, multiplied by the contract size.


Container Swap Contracts

Product Container Swap
Contract Shanghai-Europe Route Container Swap Shanghai-Mediterranean Container Swap Shanghai-US West Coast Container Swap Shanghai-US East Coast Container Swap
Final Settlement Price Cash settlement using the arithmetic average of all Shanghai Shipping Exchange's Shanghai Containerized Freight Index (SCFI) weekly spot assessments for the contract month, rounded to 2 decimal places

Coal Swap Contracts

Product Coal Swap
Contract IHS McCloskey Indonesian Sub-Bit FOB Swap API 8 CFR China Coal Swap SGX TSI CFR China Premium JM25 Coking Coal Swap SGX TSI FOB Australia Premium Coking Coal Swap SGX API 4 FOB Richards Bay Coal Swap SGX API 5 FOB Newcastle Coal Swap
Final Settlement Price Cash settlement using the arithmetic average of all publications of the IHS McCloskey Indonesian Sub-Bit FOB marker in the expiring contract month, rounded to 2 decimal places. Cash settlement using the arithmetic average of all publications of the API 8 index published in the Argus/McCloskey Coal Price Index Report in the expiring contract month, rounded to 2 decimal places. Cash settlement using the arithmetic average of all publication s of the relevant index published by TSI in the expiring contract month, rounded to 2 decimal places. Cash settlement using the arithmetic average of all publications of the relevant index published by TSI in the expiring contract month, rounded to 2 decimal places. Cash settlement using the arithmetic average of all publications of the API 4 index published in the Argus/McCloskey Coal Price Index Report in the expiring contract month, rounded to 2 decimal places. Cash settlement using the arithmetic average of all publications of the API 5 index published in the Argus/McCloskey Coal Price Index Report in the expiring contract month, rounded to 2 decimal places.

Steel Swap Contracts

Product Steel Swap Contracts
Contract SGX Hot-Rolled Coil Steel CFR ASEAN Swap
Final Settlement Price Cash settlement using the arithmetic average of all The Steel Index (TSI) Hot- Rolled Coil (HRC) — ASEAN Imports reference prices in the expiring month, rounded to two decimal places.

LNG Swap Contracts

Product Singapore Sling North Asia Sling
Contract SGX Singapore Sling LNG Swap SGX North Asia Sling LNG Swap
Final Settlement Price Cash settlement using the arithmetic average of all the Singapore Sling Index spot assessments for the expiring contract month, rounded to three decimal places. Cash settlement using the arithmetic average of all the North Asia Sling Index spot assessments for the expiring contract month, rounded to three decimal places.

Added on 27 March 2006 and amended on 1 September 2006, 1 March 2007,1 August 2007, 28 November 2007, 5 May 2008, 17 April 2009, 31 May 2010, 3 November 2010, 28 February 2011, 5 December 2011, 1 February 2012, 1 March 2012, 10 September 2012, 26 November 2012, 21 October 2013, 17 February 2014, 4 August 2014, 2 December 2014, 19 January 2015, 9 March 2015, 31 August 2015, 5 October 2015, 7 December 2015, 25 January 2016, 31 October 2016, 27 March 2017 and 22 May 2017.