Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
CDP Settlement Rules
DVP Rules [Entire Rulebook has been deleted]
CDP Depository Rules
Futures Trading Rules
Chapter 1 General Matters
Chapter 2 Access and Membership
Chapter 3 Conduct of Members, Approved Traders and Representatives
Chapter 4 Listing and Trading of Contracts
Chapter 5 Physical Delivery
Chapter 6 Dispute Resolution and Arbitration
Chapter 7 Adverse Events, Rule Violations and Disciplinary Action
Chapter 8 Definitions and Interpretation
Chapter 9 Transitional Provisions
Regulatory Notices
Regulatory Notice 3.3.14(g) — Inter-Exchange Cross-Margining
Practice Notes
Schedules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

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  • Regulatory Notices

    • Regulatory Notice 2.5.2(b1) [Regulatory Notice has been deleted]

      Deleted on 22 April 2019.

    • Regulatory Notice 2.6.2A — Adequacy of Systems

      1. Introduction

      1.1 In accordance with Rule 2.6.2A, a Member must ensure that its systems and connections to the Markets operate properly, and have adequate and scalable capacity to accommodate trading volume levels.

      2. Planning and Assessment Programs to Ensure Adequacy

      2.1 In ensuring the adequacy of systems and connections to the Markets, Members should establish comprehensive planning and assessment programs to test system operation, capacity and security. Members should also have in place arrangements for the employment of appropriate technical expertise to maintain and operate systems and connections to the Markets.
      2.2 The scope of such programs should cover:—
      (a) the establishment of capacity estimates for systems performing automated order routing, execution and market data functions. Such estimates should be based on a suitably long look-back period and historical activity;
      (b) assurance that the system and its functions, including risk controls and error-prevention alerts, have been tested in accordance with prudent business practices before use and following any material change;
      (c) periodically conducting capacity stress tests to determine the behaviour of automated systems under a variety of simulated conditions;
      (d) seeking on a periodic basis the assessment of independent reviewers with regard to whether Members' systems are performing adequately and whether these systems have adequate security. Such independent reviewers may be any persons not involved in the operation of Members' systems who have sufficient technical expertise; and
      (e) implementation of policies for the hiring and training of qualified technical personnel.
      2.3 The programs described in paragraph 2.2 may be established under outsourcing arrangements where appropriate. Members continue to be responsible for ensuring that the respective requirements are adequately met under the outsourcing arrangements.

      Added on 15 March 2013.

    • Regulatory Notice 2.6.3(d) — [Regulatory Notice has been deleted]

      Deleted on 15 March 2013.

    • Regulatory Notice 2.6.4 — Audit Trails and Records

      Issue Date Cross Reference Enquiries
      Added on
      22 September 2006 and amended on 15 March 2013 and 14 November 2016.
      Rule 2.6.4 Please contact Member Supervision:

      Facsimile No : 6538 8273
      E-Mail Address: membersup@sgx.com

      1. Introduction

      1.1 In accordance with Rule 2.6.4, a Member is required to maintain complete and accurate records and audit trails to evidence compliance with this Rules, and in accordance with the requirements in the Act and this Rules.

      2. Storage of Audit Trail Data

      2.1 The Member should keep data and records such that they are easily retrievable by authorised personnel and are stored securely such that no tampering occurs. Backups of records must be kept at a location separate from the original records.
      2.2 The Member must check data and records for quality and accuracy on an on-going basis and correct any quality or accuracy defects detected.
      2.3 The following are examples of proper procedures in maintaining records and audit trails:—
      (a) for electronic storage of audit trail data :
      (i) the Member is able to store or download the data in text delimited or ASCII format or such other format that is readable by the Exchange;
      (ii) the Member is able to print out the data in hard copies;
      (iii) the Member has proper back-up controls for its data and records; and
      (iv) the OMS has dated and clocked all data files placed on storage media to reflect the computer run time of the file;
      and
      (b) for non-electronic storage of audit trail data, the Member has paper records showing all the actions of an order (from the point the order is entered) and the respective times and dates, and there are paper records to reflect the print time and date.

      3. Audit Trail of Transactions

      3.1 A Member shall produce to the Exchange, if asked, a complete audit trail of transactions, from the receipt of an order to its settlement. Unless otherwise required by the Exchange, for trades and orders which occurred within the 6 month period immediately before the request, the records must be provided to the Exchange immediately, and for trades and orders which occurred more than 6 months prior to the request, the records must be provided to the Exchange no later than two business days from the date of request.
      3.2 For a complete audit trail of transactions, a Member must ensure that the following records are captured, where applicable:
      3.2.1 Record of all Fields Relating To Order Entry

      (details of an order)

      1. Trading System ID
      1A. Order date — date order is entered into the OMS
      2. Trade date — date order is executed in the Trading System
      3. Commodity
      4. Commodity month
      5. Commodity year
      6. Call/ put
      7. Strike price
      8. Traded premium
      9. Original quantity — original order size
      10. Transmitted quantity — actual size transmitted to the Trading System or an accessible foreign market
      11. Traded quantity — actual size of order filled
      12. Original order price — price at which order is to be executed
      13. Original trigger price (for stop orders)
      14. Traded price — actual price at which order is executed
      15. Trade type (e.g. outright order, spread order)
      16. Approved Trader/ User id — unique identifier for each user of the OMS. In the case of Direct Market Access, Member should be able to identify where the order is coming from
      17. Order number — unique number assigned to each order sequentially
      18. Clearing Member code
      19. Account number
      20. Status of order at all stages (e.g. original order, amended, filled, unfilled, withdrawn or cancelled, rejected, re-routed for review)
      21. Order type (e.g. Market Order, Limit Order, Stop Order)
      22. Combined order type (e.g. Market — If — Touched order, Market — On — Close order, One — Cancels — the — Other Order)
      23. Order qualifier (e.g. day order, fill or kill, good — till — cancelled, good — till — date, good — till — session)
      24. Buy/ Sell
      25. Time of entry through all processors in the OMS (e.g. time at which order entered into the OMS , time at which order reached the Member's network, time at which order reached the Trading System)
      26. Time of execution
      26A. Counterparty Member identity — for executed orders
      27. Origin
      28. Timestamp for changes made to audit trail records (e.g. to record the time at which the account number, price or quantity of a filled trade in the audit trail file/ record is changed)
      3.2.2 Record of amendment of orders
      1. Details of the change that is made (the newly amended order should be easily traced to the original order)
      2. Time of amendment
      3. User id of the person who enters the original order into the OMS
      4. User id of the person who amends the order (if the order is amended by another user)
      3.2.3 Record of Withdrawal of Orders
      1. Details of the order
      2. Time of withdrawal
      3. User id of the person who enters the original order into the OMS
      4. User id of the person who withdraws the order (if the order is withdrawn by another user)
      3.2.4 Record of Orders Rejected
      1. Details of the order
      2. Time at which order was rejected by the OMS
      3. Time at which order was rejected by the Trading System
      4. Reasons for the rejection of order
      3.2.5 Record of Orders Entered into the Local Order Pad of the OMS

      (where orders that are not released to the Trading System are stored)

      1. Details of the order (as described in paragraph 3.2.1, wherever applicable)
      2. Time at which order was entered into, amended and/or withdrawn from the local order pad
      3. Time at which order was released to the Trading System
      4. Time at which order in the queue was moved back to the local order pad
      3.2.6 Record of Customers' Orders Deferred/ Re-routed to the Member

      (if the OMS allows interception of Customers' orders before releasing the orders to the Trading System)

      1. Details of the order (as described in paragraph 3.2.1, wherever applicable)
      2. Time at which order was intercepted by the Member
      3. Time and details of any subsequent amendment/ withdrawal of the intercepted order
      4. Time at which order was released to the Trading System
      5. User id of the Member's employee who handled the intercepted order
      3.2.7 A "Relative" Key
      1. A unique identifier that will tie together all actions relating to a specific order. This identifier will remain unchanged throughout the lifespan of the order and should be able to link the order to the trade number assigned by the Trading System.
      3.3 For record of times required under this Rules, the Member must ensure that:

      1. the record of times should be to the highest level of precision achievable by the operating system and such record must be accurate at least to the second;
      2. the times captured must not use a clock that can be modified by the person entering the order; and
      3. the time in the OMS should be synchronized with the GPS time adopted by the Exchange. If it is not feasible to synchronize the times, the Member must maintain on record the time difference at the start of each Trading Day so as to facilitate the reconciliation of audit trail logs during audit investigation.

      Amended on 2 May 2011, 15 March 2013 and 14 November 2016.

    • Regulatory Notice 3.3.1 — Customer Account and Know-Your-Customer Requirements

      Issue Date Cross Reference Enquiries
      Added on
      22 September 2006.
      Rule 3.3.1 Please contact Member Supervision:

      Facsimile No : 6538 8273
      E-Mail Address: membersup@sgx.com

      1. Introduction

      1.1 This Regulatory Notice explains the circumstances, conditions and operational procedures that a Member shall observe with respect to the know-your-customer requirements set forth in Rule 3.3.1.

      2. Know-Your-Customer Requirements

      2.1 Individual Customer Account

      Before opening an individual Customer Account, a Member shall:
      (a) obtain particulars of the Customer (and any person authorised to trade for the Customer), including the full name, a copy of the identity card/passport, specimen signature, residential and mailing addresses, telephone numbers, occupation, and the name, address and telephone number of the Customer's employer, and investment objectives (if applicable); and
      (b) take suitable steps to verify the Customer's identity and intention if the Customer does not open the account in person.
      2.2 Corporate Customer Account

      Before opening a corporate Customer Account, a Member shall:
      (a) obtain particulars of the Customer, including the full name, registered and mailing addresses, names and signatures of persons authorised to trade, and investment objectives (if applicable);
      (b) obtain a certified true copy of the certificate of incorporation of the Customer; and
      (c) obtain either (i) or (ii) below, failing which it must note in writing the basis upon which it believes that the Customer may open the account and engage in transactions and that the persons acting for the Customer have been duly authorised to trade on the Customer's behalf:
      (i) a copy of the directors' resolution of the Customer approving the opening of a trading account with the Member and empowering specific directors and officers to:
      (A) trade in futures and options in the Customer Account; and
      (B) execute all documentation for trading and settlement in the account;
      or
      (ii) a power of attorney (in English) certified by a notary public, authorising identified persons to open a trading account and trade on behalf of the Customer.
      2.3 Joint Account
      (a) A Member may allow Customers to open a joint trading account if:—
      (i) each joint account holder is at least 21 years old; and
      (ii) no joint account holder is an undischarged bankrupt.
      (b) A joint account may be operated by not more than two (2) individuals. However, if it is an estate account, it may be operated by all the personal representatives.
      (c) A Member shall maintain the following information:
      (i) particulars of each joint account holder;
      (ii) the names of persons authorised to give trading orders and settlement instructions and receive monies and assets from the Member;
      (iii) the names of persons to whom payments by the Member are to be made; and
      (iv) details of any accounts held in an individual capacity by a joint account holder.
      (d) A Member shall require each joint account holder to specify whether the joint account holder is jointly or severally liable for all debts incurred in a joint account.

    • Regulatory Notice 3.3.8 — Recording of Orders

      Issue Date Cross Reference Enquiries
      Added on
      22 September 2006.
      Rule 3.3.8 Please contact Market Surveillance:

      Mr Kelvin Tan 6236 5907
      Mr Samuel Tan 6236 5909

      1. Introduction

      1.1 This Regulatory Notice sets out the details to be contained in an Order Form, as set forth in Rule 3.3.8(b)(i).

      2. Details on the Order Form

      2.1 In addition to the requirements prescribed in Regulation 39(3) of the Conduct of Business Regulations, the Order Form shall, where applicable, include the following details:
      (a) the Customer's designation, which shall readily identify the account for which the order was given;
      (b) the date and time that the Customer's order, amendment or cancellation was passed from the Registered Representative to the Approved Trader;
      (c) the contract for which the Customer's order was given;
      (d) the contract month of that futures contract;
      (e) the quantity of that futures contract;
      (f) the order type;
      (g) the price (if any) to buy or sell that futures contract;
      (h) in the case of an option contract, the class of options and the strike price; and
      (i) the date and time that the order or amended order was executed

      Amended on 1 April 2014.

    • Regulatory Notice 3.3.12 — Customer Margins

      Issue Date Cross Reference Enquiries
      Added on
      22 September 2006
      and amended on
      25 August 2009, 11 October 2013 and 25 January 2017.
      Rule 3.3.12
      Please contact Member Supervision:

      Facsimile No : 6538 8273
      E-Mail Address: membersup@sgx.com

      1. Introduction

      1.1 The Regulatory Notice sets out the requirements in relation to Rule 3.3.12 ("the Relevant Rule") on the computation and monitoring of Customer margins.

      2. Margin Rates and Acceptable Forms of Margins

      2.1 Margin System

      Standard Portfolio Analysis of Risk Margin System
      2.1.1 The Standard Portfolio Analysis of Risk Margin System ("SPAN") is the risk margin system adopted by the Exchange and the Clearing House. Margin requirements generated by SPAN shall constitute the Exchange's and the Clearing House's minimum margin requirements ("minimum margin requirements").
      2.1.2 SPAN is a risk-based, portfolio approach margining system used to compute minimum overall margin requirements for a portfolio of positions in Contracts. SPAN requirements are computed using risk parameter files which are distributed at least daily by the Clearing House.
      2.1.3 The margin requirements computed under SPAN have two components: the risk component, which accounts for potential changes in the market price and volatility of the Futures Contract, and the equity component, which is the value of the Option Contract marked to the current day's settlement price. If the net option value in a Customer Account is short, it is added to the risk margins to increase the margin requirements. If the net option value is long, it may be applied towards reducing the risk margin requirements.
      2.1.4 All corporate Members are advised to use SPAN for Contracts. Members may use margining systems other than SPAN to compute the minimum margin requirements provided the Members can demonstrate that their systems will always produce margin requirements equal to or greater than the SPAN margin requirements.
      2.2 Margin Rates and Requirements
      2.2.1 Margin rates and requirements on Contracts are prescribed by the Clearing House. Under Rule 3.3.12, Members are required to procure Initial Margins from their Customers and ensure that their Customers comply with Maintenance Margins for such amounts as required by the Clearing House.
      2.2.2 For contracts listed in other exchanges, Members shall ensure that they comply with Initial Margins and Maintenance Margins prescribed by the relevant exchanges or clearing houses.
      2.2.3 [Deleted].
      2.2.4 Members may, at their discretion, set higher margin rates/requirements than that required by the Relevant Rule. Members shall review their internal margin rates/requirements on a continual basis to ensure compliance with the required minimum Initial Margins and Maintenance Margins prescribed under the Relevant Rule.
      2.3 Acceptable Forms of Margins
      2.3.1 Pursuant to Rule 3.3.12, the Clearing House has prescribed a list of instruments which Members may accept from Customers for meeting their required Initial Margins and Maintenance Margins.
      2.3.2 The list of the acceptable instruments and their prescribed maximum valuations can be found on the Exchange's website (http://www.sgx.com).
      2.3.3 Where a Member does not have physical possession of Japanese Government Bonds or securities listed on the First Section of Tokyo Stock Exchange, the Member shall be deemed to have complied with the requirements of Rule 3.3.12 if the Member can obtain written confirmation from a financial institution in Singapore or in Japan, that the financial institution is holding such securities from the Customers, as custodian for the Member concerned.
      2.3.4 Bank certificates of deposits, including fixed deposits, may be accepted as good security under the following terms and conditions:
      (1) the Customer signs a memorandum of charge of its deposits in favour of the Member. The memorandum shall operate as an equitable assignment which entitles the Member to payment out of the monies in the accounts;
      (2) where a memorandum of charge is given by a corporate Customer, the Member shall ensure that the memorandum is registered with the Accounting and Corporate Regulatory Authority ("ACRA") (with the filing of the necessary forms). The Member shall also make a search at ACRA to ensure that there is no prior charge of the same account to other persons;
      (3) the Member shall also ensure that it receives a confirmation from the bank that the required amount is deposited with the bank and has not been subjected to any banker's lien or right of set-off or consideration, or any other lien or charge. The Member shall notify the bank of the memorandum of charge as soon as it is executed so that the bank withholds all further payments to its Customer unless such payments are made with the consent of the Member. The Member shall document proof of such notice; and
      (4) where a memorandum of charge is given by a Customer who is an individual, the Member shall cause the Customer to authorise the bank to disclose to the Member whether there have been notices of earlier charges and the details thereof, if any. This is to ensure that there is no prior charge of the same account to other Persons.
      2.3.5 The Clearing House has prescribed that where gold certificates issued by banks approved by MAS or gold bars are used to margin open short gold futures positions, the maximum valuation of these instruments shall be one hundred (100) percent of market value. If these instruments are used for margining positions other than open short gold futures positions, the maximum valuation of these instruments shall be seventy (70) percent of market value.
      2.3.6 Members are allowed to apply a more conservative valuation (that is, less than the maximum valuation prescribed) on the acceptable instruments.

      3. Margin Calls

      3.1 Issuance of Margin Calls
      3.1.1 Margin calls are issued to collect the required margins to ensure the performance of a contract. A margin call is a request from a Member to a Customer to deposit additional margins.
      3.1.2 Pursuant to Rule 3.3.12, whenever a Customer's Total Net Equity falls below the Maintenance Margins, the Customer Account shall be deemed to be under-margined. The under-margined amount is equal to the difference between the Customer's Initial Margins and the Customer's Total Net Equity. This is the minimum amount that the Member must call from the Customer in order to restore the Customer's Total Net Equity to the Initial Margins level.
      3.1.3 Margin calls shall be made within one Trading Day after the occurrence of the event giving rise to the margin calls.
      3.1.4 A Member may, at their discretion, call for additional margins or issue margin calls on a more frequent basis, including the issuance of intra-day margin calls.
      3.2 Computation of Margin Calls
      3.2.1 In determining margin calls, Customer Accounts shall be reviewed at the close of the Trading Day. All Customer Accounts opened by the same Customer, for the benefit of its own clients shall be combined in one group. All other Customer Accounts opened by the same Customer shall be combined in a separate group. Below is an example to illustrate the treatment of the accounts opened by Customer XYZ under the following scenarios:
      (1) XYZ — proprietary A/C 1
      XYZ — client omnibus A/C 2
      Treatment : A/C 1 and A/C 2 should be treated as separate accounts for the purpose of computing margin calls.
      (2) XYZ — proprietary A/C 1A
      XYZ — proprietary A/C 1B
      Treatment : A/C 1A and A/C 1B should be combined when computing margin calls.
      (3) XYZ — client speculative A/C 2A
      XYZ — client omnibus A/C 2B
      Treatment : A/C 2A and A/C 2B should be combined when computing margin calls.
      3.2.2 If Customer Accounts are not combined in accordance with paragraph 3.2.1 above, there is a risk that the Member may either fail to issue a margin call or understate the amount required under a margin call. This is illustrated below:

      Assume proprietary A/C A & proprietary A/C B are owned by the same Customer:

        A/C A
      $
      A/C B
      $
      Combined
      $
      Total Net Equity 8,000 42,000 50,000
      Initial Margins 26,000 50,000 76,000
      Maintenance Margins 21,000 40,000 61,000
      Under-margined 18,000 Nil 26,000
      Margin Call Required 18,000 Nil 26,000


      In the above example, if the two accounts are not combined, the Customer as a whole would be subjected to a lesser margin call of $18,000 instead of $26,000.
      3.3 Reduction and Deletion of Margin Calls
      3.3.1 A Member may:
      (1) reduce the amount required under a margin call through a receipt of cash and other acceptable forms of margins which are less than the amount required under the margin call. The Customer is still required to meet the remaining amount required under the margin call; and
      (2) consider the total margin call to be satisfied if the Customer's Total Net Equity is equal to or greater than the Customer's Initial Margins as of the close of the Trading Day.
      3.3.2 A Member shall reduce a Customer's oldest outstanding margin call first. Individual margin calls shall be aged separately throughout their existence. A Customer's total margin call is the sum of all individually aged margin calls. A Member's records shall clearly indicate the age of all margin calls issued and outstanding.
      3.3.3 In order to protect the age of outstanding margin calls for re-established positions, the liquidation and re-establishment of positions during the same Trading Day to circumvent the Relevant Rule is not allowed.
      3.4 Recording and Monitoring
      3.4.1 A Member is required to keep written records which should include the following in respect of each Customer:
      (1) all margin calls, whether made in writing or by telephone and the number of days such calls are outstanding; and
      (2) all reductions and deletions of margin calls and the dates they occurred.
      3.4.2 Any manual adjustments made to equity system reports to determine a Customer's margin status (e.g. adjustments to margin requirements, margin calls, etc.) shall be maintained on file.
      3.4.3 Members shall maintain a proper monitoring system to ensure that all Customers who are under-margined are subject to prompt margin calls and that such calls are being properly monitored and followed up in order to restore the relevant Customers' Total Net Equity to the Initial Margins levels.
      3.5 Ageing of Margin Calls
      3.5.1 In ageing margin calls, for the purpose of determining whether calls are met within the reasonable period:

      T = trade date/ date that the Customer's Total Net Equity falls below the Maintenance Margins

      1 = first Trading Day after the date that the Customer's Total Net Equity falls below the Maintenance Margins

      2 = second Trading Day after the date that the Customer's Total Net Equity falls below the Maintenance Margins

      3 = third Trading Day after the date that the Customer's Total Net Equity falls below the Maintenance Margins

      Reasonable period shall have the meaning ascribed to it in Rule 3.3.12.
      3.6 Examples

      The following examples illustrate how margin calls are aged, reduced and deleted.

      Assumptions:
      (1) Customer's Total Net Equity and margin requirements are as of the close of the respective Trading Days indicated.
      (2) The Customer was properly margined on the previous Trading Day (Friday).
      If an individual margin call is required to be issued, the margin call shall equal:
      Initial Margins — Total Net Equity
      Example 1 — Issuing of margin calls due to unfavourable market movements

      Margin calls must be issued no later than one Trading Day after the date that the Customer's Total Net Equity falls below the Maintenance Margins.

        Monday Tuesday Wednesday Thursday
      Total Net Equity 50,000 49,000 44,000 44,000
      Initial Margins 60,000 60,000 60,000 60,000
      Maintenance Margins 50,000 50,000 50,000 50,000
      UNDER-MARGINED Nil 11,000 16,000 16,000
      Unfavourable market movements [UMM] of $1,000 occurred on Tuesday and $5,000 on Wednesday. No margins were deposited.
      CALL RE'QD/(AGE) -0- 11,000 (T) 11,000 (1) 11,000 (2)
      5,000 (T) 5,000 (1)
      Customer Account is under-margined Member must issue margin call of $11,000 no later than today. Member must issue margin call of $5,000 no later than today.
        Additional margin call of $5,000 required due to UMM.  


      Example 2 — Impact on margin calls due to liquidation of positions

      Margin calls cannot be reduced/deleted if the liquidation does not restore the Customer's Total Net Equity to or above Initial Margins.

        Monday Tuesday Wednesday Thursday
      Total Net Equity 45,000 45,000 45,000 45,000
      Initial Margins 60,000 55,000 55,000 50,000
      Maintenance Margins 55,000 53,000 53,000 48,000
      UNDER-MARGINED 15,000 10,000 10,000 5,000
      Positions were liquidated on Tuesday reducing Initial Margins by $5,000 and Maintenance Margins by $2,000 and on Thursday reducing Initial Margins by $5,000 and Maintenance Margins by $5,000. No margins were deposited.
      CALL RE'QD/(AGE) 15,000 (T) 15,000 (1) 15,000 (2) 15,000 (3)
      Margin call cannot be reduced or deleted as the liquidation did not result in Total Net Equity equal to or exceed Initial Margins. Margin call cannot be reduced or deleted as the liquidation did not result in Total Net Equity equal to or exceed Initial Margins.


      Example 3 — Impact on margin calls due to receipt of margin deposits

      Margin calls can be reduced by the amount of margins actually received.

        Monday Tuesday Wednesday Thursday
      Total Net Equity 50,000 45,000 44,000 47,000
      Initial Margins 60,000 60,000 60,000 60,000
      Maintenance Margins 55,000 55,000 55,000 55,000
      UNDER-MARGINED 10,000 15,000 16,000 13,000
      Unfavourable market movements [UMM] of $5,000 occurred on Tuesday and $1,000 on Wednesday. Cash of $3,000 was deposited on Thursday.
      CALL RE'QD/(AGE) 10,000 (T) 10,000 (1) 10,000 (2) 7,000 (3)
      5,000 (T) 5,000 (1) 5,000 (2)
      1,000 (T) 1,000 (1)
      Additional margin call of $5,000 required due to UMM. Additional margin call of $1,000 required due to UMM. Margin call of $10,000 can be reduced by the cash receipt of $3,000.


      Example 4 — Impact on margin calls due to favourable market movements that are less than total margin call outstanding

      Margin calls cannot be reduced/deleted if favourable market movements do not restore the Customer's Total Net Equity to or above Initial Margins.

        Monday Tuesday Wednesday Thursday
      Total Net Equity 55,000 58,000 52,000 58,000
      Initial Margins 60,000 60,000 60,000 60,000
      Maintenance Margins 58,000 58,000 58,000 58,000
      UNDER-MARGINED 5,000 No (see below) 8,000 No (see below)
      Favourable market movements [FMM] of $3,000 occurred on Tuesday. Unfavourable market movements [UMM] of $6,000 occurred on Wednesday. FMM of $6,000 occurred on Thursday. No margins were deposited.
      CALL RE'QD/(AGE) 5,000 (T) 5,000 (1) 5,000 (2) 5,000 (3)
      3,000 (T) 3,000 (1)
      Margin call of $5,000 cannot be reduced or deleted as FMM did not result in Total Net Equity equal to or exceed Initial Margins. Additional margin call of $3,000 required due to UMM. Margin call of $5,000 and $3,000 cannot be reduced or deleted as FMM did not result in Total Net Equity equal to or exceed Initial Margins.


      Example 5 — Impact on margin calls due to favourable market movements that exceed total margin call

      Margin calls can be deleted if favourable market movements restore the Customer's Total Net Equity to or above Initial Margins.

        Monday Tuesday Wednesday Thursday
      Total Net Equity 54,000 51,000 58,000 60,000
      Initial Margins 60,000 60,000 60,000 60,000
      Maintenance Margins 55,000 55,000 55,000 55,000
      UNDER-MARGINED 6,000 9,000 No (see below) -0-
      Unfavourable market movements [UMM] of $3,000 occurred on Tuesday. Favourable market movements [FMM] of $7,000 occurred on Wednesday and $2,000 on Thursday. No margins were deposited.
      CALL RE'QD/(AGE) 6,000 (T) 6,000 (1) 6,000 (2) -0-
      3,000 (T) 3,000 (1)
      Additional margin call of $3,000 required due to UMM. Margin call of $6,000 was not reduced or deleted as FMM did not result in Total Net Equity equal to or exceed Initial Margins. Total margin call of $9,000 deleted as Total Net Equity equals Initial Margins.


      Example 6 — Impact on margin calls due to favourable market movements plus receipt of margins that exceed total margin call

      Margin calls can be deleted if favourable market movements and receipt of margins restore the Customer's Total Net Equity to or above Initial Margins.

        Monday Tuesday Wednesday Thursday
      Total Net Equity 50,000 52,000 52,000 61,000
      Initial Margins 60,000 60,000 60,000 60,000
      Maintenance Margins 58,000 58,000 58,000 58,000
      UNDER-MARGINED 10,000 8,000 8,000 -0-
      Favourable market movements [FMM] of $2,000 occurred on Tuesday. Cash of $9,000 was deposited on Thursday.
      CALL RE'QD/(AGE) 10,000 (T) 10,000 (1) 10,000 (2) -0-
      Margin call of $10,000 was not reduced or deleted as FMM did not result in Total Net Equity equal to or exceed Initial Margins. As both cash receipt and FMM caused Total Net Equity to exceed Initial Margins, the margin call of $10,000 was deleted.

      4. Under-Margined Accounts

      4.1 Acceptance of Orders
      4.1.1 Pursuant to the Relevant Rule, a Member shall only allow a Customer to incur a new trade when the required margins are on deposit or forthcoming within a reasonable period.
      4.1.2 In a situation where a Customer has failed to place margins within the reasonable period, such that the Customer's Total Net Equity is not restored to the Initial Margins level, the Member concerned:
      (1) is required to promptly take all necessary actions including but not limited to closing all or such part of the Customer's positions to restore the Customer's Total Net Equity to the Initial Margins level; and
      (2) shall not accept orders for new trades, including day trades, for such Customers. However, orders which would result in reducing the Customer's Maintenance Margins requirements may be accepted by the Member.
      4.1.3 Where a Customer is meeting a margin call by remitting cash funds, Members shall take into consideration only those funds that they have actually received when determining whether the Customer's Total Net Equity has been restored to the Initial Margins level. Members shall not treat cash funds as received even though the Customer's remittance indicates that the funds would be forthcoming on a future value date. Members are not allowed to use the Customer's confirmation that the funds are forthcoming within the reasonable period to reduce or delete a margin call as the funds have yet to be received.
      4.1.4 For example, if a Member has received indication from the Customer's banker on T + 1, that the Customer has remitted cash of US$1 million for value date T + 4, the Member shall not treat the US$1 million as part of the Customer's ledger balance on T + 1, as the funds would actually be received by the Member only on the value date of T + 4. The amount shall be accounted as part of Customer's ledger balance only on close of business T + 4. In the above example, since the Customer's funds are not forthcoming within the reasonable period (i.e. by the close of business T + 2), the Customer is not allowed to incur any new trade during this period (T + 1 and T + 2) except for trades which reduce the Customer's Maintenance Margins requirements.
      4.1.5 In a situation where a Customer has liquidated all its positions resulting in a negative Total Net Equity, the Member shall not accept orders for the Customer until sufficient funds or acceptable instruments are deposited such that Total Net Equity is no longer negative.
      4.1.6 The following indicates what is the allowable trading activity for a Customer whose Total Net Equity is not restored to the Initial Margins level after a margin call:
      (A) During the reasonable period,
      (i) if the Member receives indication from the Customer that margins are forthcoming within the reasonable period

      Allowable Trading Activity Within The Reasonable Period

      Trading Activity Risk Increasing Risk Neutral Day Trading Risk Reducing
      Allowed for Customer Yes Yes Yes Yes
      (ii) if the Member receives indication from the Customer that margins are forthcoming after the reasonable period or that no funds are forthcoming

      Allowable Trading Activity Within The Reasonable Period

      Trading Activity Risk Increasing Risk Neutral Day Trading Risk Reducing
      Allowed for Customer No No No Yes
      (B) Beyond the reasonable period,

      Allowable Trading Activity Beyond The Reasonable Period

      Trading Activity Risk Increasing Risk Neutral Day Trading Risk Reducing
      Allowed for Customer No No No Yes


      In the above examples:

      A risk increasing trade is the establishment or closure of a position in a contract which increases a Customer's Maintenance Margins requirement (e.g. closing one leg of a spread position).

      A risk neutral trade is the establishment of a position in a contract which does not impact a Customer's Maintenance Margins requirement (e.g. spread trades that do not impact Maintenance Margins requirements).

      A risk reducing trade is the establishment or closure of a position in a contract which reduces the Customer's Maintenance Margins requirement (e.g. liquidation of a naked open position).
      4.2 Prohibition of Financing of Trading Margins
      4.2.1 Under no circumstances shall a Member enter into any financing arrangement with any Customer to allow the Customer to trade without placing the required minimum margins. This shall not apply to a Bank Trading Member.
      4.3 Monitoring Procedures
      4.3.1 A Member is required to maintain proper monitoring and internal control procedures to ensure that the requirements under the Relevant Rule are complied with at all times.
      4.4 Examples
      Assumptions:
      (1) All accounts are Customer Accounts.
      (2) All margin calls are properly issued and aged for the full amount.
      (3) The Customer's Initial Margins and Maintenance Margins remain unchanged.
      (4) The Customer was properly margined on the previous Trading Day (Friday).
      (5) The Customer has indicated that margins are forthcoming within the reasonable period.
      Example 1 — Under-margined beyond reasonable period — Deletion of margin calls

      Trading is allowed within reasonable period but no trading is allowed beyond reasonable period except for risk reducing trades until the Customer's Total Net Equity is restored to the Initial Margins level.

      Week 1

        Monday Tuesday Wednesday Thursday Friday
      AMT U/M 5,000 5,000 5,000 5,000 -0-
      CALL/AGE 5,000 (T) 5,000 (1) 5,000 (2) 5,000 (3)  
      TRADING All* All All RR** All


      * All trading activity
      ** Only risk reducing trades

      Assuming the margin call is in US Dollars, the reasonable period is T + 2, which is as of the close of business on Wednesday. As of Thursday, the Customer cannot be allowed to incur any risk increasing, risk neutral or day trades. The Customer can only be allowed to incur risk reducing trades.

      On Friday, a cash deposit of $5,000 was received to delete the margin call. Once the Customer's Total Net Equity is restored to the Initial Margins level, all trading activities would be allowed.

      Example 2 — Under-margined beyond reasonable period – Deletion and reduction of margin calls

      Trading is allowed within reasonable period but no trading is allowed beyond reasonable period except for risk reducing trades until the Customer's Total Net Equity is restored to the Initial Margins level.

      Week 1

        Monday Tuesday Wednesday Thursday Friday
      AMT U/M 10,000 10,000 10,000 10,000 15,000
      CALL/AGE 10,000 (T) 10,000 (1) 10,000 (2) 10,000 (3) 10,000 (4)
      5,000 (T)
      TRADING All* All All All RR**
      Unfavourable market movements of JPY 5,000 occurred on Friday.


      Assuming the margin call is in Japanese Yen, the reasonable period is T + 3, which is as of the close of business on Thursday. As of the close of business on Thursday, the Customer's Total Net Equity was not restored to the Initial Margins level. Thus on Friday, the Customer can only be allowed to incur risk reducing trades.

      Week 2

        Monday Tuesday Wednesday Thursday Friday
      AMT U/M 15,000 5,000 4,000 1,000 1,000
      CALL/AGE 10,000 (5)
      5,000 (1)
      5,000 (2) 5,000 (3) 2,000 (4) 2,000 (5)
      TRADING RR** All* All RR RR
      Favourable market movements of JPY 1,000 occurred on Wednesday.


      * All trading activity
      ** Only risk reducing trades

      On Tuesday of Week 2, cash deposit of JPY 10,000 was received which deleted the outstanding margin call of JPY10,000. After this, the only margin call of JPY 5,000 is still within the reasonable period of T + 3. Thus during this period, Tuesday and Wednesday, all trading is allowed. On the close of business on Wednesday, the Customer's Total Net Equity was not restored to the Initial Margins level. On Thursday, cash of JPY3,000 was received which reduced the margin call to JPY2,000. As the Customer Account is still under-margined with a margin call of JPY2,000 outstanding beyond the reasonable period, the Customer on Thursday and Friday can only be allowed to incur risk reducing trades.

      5. Omnibus Accounts and Other Margin Policies

      5.1 Omnibus Accounts
      5.1.1 Omnibus Accounts generally contain concurrent long and short positions. Members shall ensure that positions in an Omnibus Account are carried and margined on a gross basis.
      5.1.2 A Member shall obtain and maintain written instructions from undisclosed Omnibus Account holders for positions which are entitled to be margined as spread positions.
      5.1.3 For purchase and sale offsets, a Member shall obtain and maintain written instructions from undisclosed Omnibus Account holders on a daily basis. If no such instructions are received, the Member must assume that the positions belong to separate owners. These positions must be margined on a gross basis.
      5.2 Grouping of Accounts
      5.2.1 For the purpose of margin computation, positions in accounts belonging to the same beneficial owner who may be the Customer or a client of the Customer, may be combined. Concurrent speculative long and short positions may also be netted in such accounts.
      5.2.2 Accounts which are owned by different legal entities e.g. Related Corporations must be treated separately for margin computation purposes.
      5.3 Excess Margins Payments
      5.3.1 Pursuant to Rule 3.3.12, a Member may allow its Customers to withdraw Excess Margins. The withdrawal of Excess Margins must be supported by proper documentation.
      5.3.2 If the net option value is long, it may be applied towards reducing the risk margin requirements. However, option value in excess of Initial Margins cannot be treated as Excess Margins available for disbursement. The computation of Excess Margins available for disbursement treats option value differently from all other margins. This is because option value is not a cash asset and does not form part of Customer's Total Net Equity.
      5.3.3 For example, Customer deposits $1,000 in its account. It then purchases an option contract where the option premium is $1,000. At the time of purchase, the full premium of $1,000 is deducted from its account resulting in zero Total Net Equity. Thus, there are no funds available for withdrawal. The option value of the long option position, which at the time of purchase is $1,000 (option value would vary with passage of time), cannot be available for withdrawal as it does not form part of the Customer's Total Net Equity. Furthermore, the Member would be deemed to be financing the Customer's trades, which is prohibited under these guidelines, in the purchase of the option contract if the option value is allowed to be withdrawn.
      5.3.4 If Total Net Equity is zero or negative, a disbursement cannot be made as there are no funds available. The Member shall use the Customer's latest available Total Net Equity and latest required Initial Margins to determine the amount of Excess Margins available for disbursement, notwithstanding that the Customer (e.g. a Customer in different time zone) has yet to receive the latest Customer statement sent out by the Member. In determining the Excess Margins available for disbursement, the Member shall take into consideration the Customer's incoming remittance and the Member's disbursement based on value dates. If an incoming remittance is accounted for in determining the amount of Excess Margins to be released, the Member shall effect the disbursement only after the receipt of the funds. This means that the value date for the disbursement shall be subsequent to the value date of the Customer's incoming remittance.
      5.3.5 For the purpose of determining the amount of Excess Margins available for disbursement, all Customer Accounts opened by the same Customer, for the benefit of its own clients shall be combined in one group ("Group A"). All other Customer Accounts opened by the same Customer shall be combined in a separate group ("Group B"). If the Member does not combine such accounts, it runs the risk of allowing a Customer to withdraw more funds than what the Customer actually has available with the Member [see Example 4 below for illustration]. Available Excess Margins from Group A cannot be used for disbursement for Group B and vice versa.
      5.4 Payment of Premiums
      5.4.1 A Member shall not accept orders for the purchase of option contracts unless the full amount of premium is on deposit or forthcoming within a reasonable period. For settlement currency denominated in Japanese Yen, 'reasonable period' means a period which shall not exceed three (3) Trading Days from the trade date (T+3). For all other settlement currencies, it means a period which shall not exceed two (2) Trading Days from the trade date (T+2).
      5.5 Examples

      Note: In the computation, if the net option value is greater than the Initial Margin risk component, the maximum amount of Excess Margins available for disbursement shall be equal to the Total Net Equity.

      Example 1 — Excess Margins Payments

      Customer Account Balance
      Total Net Equity $5,000
      Net option value $1,200
      Initial Margins risk component $3,000


      * An Excess Margins payment can be made from the Customer Account for $3,200
      {$5,000 − [($3,000 − $1,200) which = $1,800]}

      Example 2 — Excess Margins Payments

      Customer Account Balance
      Total Net Equity $-0-
      Net option value $9,000
      Initial Margins risk component $7,000


      * As Total Net Equity is zero, no payment can be made.
      {$-0- – [($7,000 - $9,000) which = 0]}. The only margin asset in the Customer Account is long option value which cannot be used to make an Excess Margins payment.

      Example 3 — Excess Margins Payments

      Customer Account Balance
      Total Net Equity $32,800
      Net option value $<12,000>
      Initial Margins risk component $14,000


      * An Excess Margins payment can be made from the Customer Account for $6,800
      {$32,800 − [($14,000 − <$12,000>) which = $26,000]}

      Example 4 − Accounts owned by the same Customer

      Assume client A/C A & client A/C B are owned by the same Customer.

        A/C A
      $
      A/C B
      $
      COMBINED
      $
      Total Net Equity 8,000 80,000 88,000
      Initial Margins 25,000 50,000 75,000
      Maintenance Margins 20,000 40,000 60,000
      Excess Margins for withdrawal (17,000) 30,000 13,000


      If client A/C A and client A/C B are not combined, then the amount of Excess Margins that is available for withdrawal, ie $30,000, is greater than what is actually available for the Customer as a whole.
      5.6 Concurrent Long and Short Positions
      5.6.1 Concurrent long and short positions are long and short positions traded on the same market in the same futures or option contract for the same delivery month or expiration date and, if applicable, having the same strike price.
      5.6.2 A Member may carry concurrent long and short positions as follows:
      (1) all positions held by Omnibus Account holders shall be margined on a gross basis, unless otherwise exempted by the Exchange; and
      (2) in a hedge account in which both the long and short positions are bona fide hedge positions, such positions shall be margined on a net basis, unless otherwise required by other regulatory bodies.
      5.6.3 A Member may carry concurrent long and short hold-open positions for speculative and hedge accounts. Hold-open positions are positions offset at the Exchange but have been held open on the Member's internal bookkeeping records for the convenience of the Customer. As hold-open positions only remain open on the Member's internal records and have been offset at the Exchange, no margin is required. The Member's internal bookkeeping records shall clearly indicate all hold-open positions.

    • Regulatory Notice 3.3.14(g) — Inter-Exchange Cross-Margining

      Issue Date Cross Reference Enquiries
      Added on
      22 September 2006.
      Rule 3.3.14(g) Please contact Member Supervision:

      Facsimile No : 6538 8273
      E-Mail Address: membersup@sgx.com

      1. Introduction

      This Regulatory Notice sets out the internal controls and risk management procedures as required under Rule 3.3.14(g).

      2. Requisite Internal Controls and Procedures

      2.1 A Member shall have proper internal controls and risk management procedures to ensure that:
      (a) the limit on the amount of margin credit granted to a Customer shall be set, approved and regularly reviewed by an authorised staff independent of trading, dealing and marketing functions;
      (b) in setting the limit on the amount of margin credit granted to a Customer, the Member shall take into account possible Maintenance Margin calls and settlement variation losses to be paid to the Clearing House and any other relevant clearing house;
      (c) it strictly observes the limit on the amount of margin credit granted to each Customer; and
      (d) it has proper systems and control procedures to monitor, on a daily basis, the usage of margin credits and the adequacy of its liquidity facilities (bank lines and cash balances) to meet obligations arising from positions held with the Clearing House and any other relevant clearing house, including:
      (i) daily monitoring of each Customer's intra-day and end-of-day use of margin credits to ensure that the limit on the amount of margin credit used is not breached;
      (ii) daily monitoring of all Customers' aggregated intra-day and end-of-day use of margin credits to ensure that the Member's liquidity facilities (bank lines and cash balances), after setting off the Customers' aggregate use of margin credits, are adequate to meet the potential mark-to-market loss for positions carried at any relevant clearing house (excluding the Clearing House), as well as potential mark-to-market loss equivalent to at least two (2) times the Maintenance Margin for positions carried with the Clearing House;
      (iii) generation of reports used for intra-day and end-of-day monitoring in a timely manner and with the following information:
      (A) limit on amount of margin credit granted to each Customer;
      (B) amount of margin credit used by each Customer;
      (C) aggregate limit on amount of margin credit granted for all Customers;
      (D) aggregate amount of margin credit used by all Customers;
      (E) available liquidity facilities (bank lines and cash balances); and
      (F) excess liquid facilities, after setting off the Customers' aggregate use of margin credits;
      and
      (e) remedial procedures are in place should there be any breach of controls, limits and thresholds.

    • Regulatory Notice 4.1.6 — Trade Matching Algorithms Applicable to the SGX-DT Market

      Issue Date Cross Reference Enquiries
      Added on
      22 September 2006 and amended on 14 November 2016.
      Rule 4.1.6 Please contact Product Management:
      Telephone No. : 6236 5308

      1. Introduction

      1.1 This Regulatory Notice deals with trade matching algorithms applied to Contracts traded on the SGX-DT Market.

      2 Trade Matching Algorithms for the SGX-DT Market

      2.1 The Exchange may adopt any one (1) or more of the four (4) algorithms described below to match and allocate orders for Contracts traded on the SGX-DT Market.
      (a) Price/Time Priority Allocation. Orders at the best price (i.e. highest bid/lowest offer) would receive priority over other orders in the same Contract Month/spreads. Orders entered at the same price will then be matched based on time priority.
      (b) Price Point Maker Allocation ("PPM"). Orders which are the first to improve the prevailing bid/offer prices (known as orders with price point maker status) would receive priority over other orders at the same price.
      (c) Market Maker Allocation ("MM"). Orders of designated market makers would receive priority over other orders at the same price.
      (d) Pro-Rata Order and Matching Allocation ("Pro-Rata Order"). Orders entered at the same price would be matched based on the orders' volume contribution to the aggregate volume of all resting orders at that price.
      2.2 All orders entered into the Trading System will be matched in a manner that gives priority to price; i.e. orders at the best price (highest bid/lowest offer) receive priority over other orders in the same Contract Month/spreads.
      2.3 For orders at the same price point, the time priority would apply; i.e. orders entered into the Trading System at the same price will be matched based on time priority, unless any one (1) or more of the trade matching algorithms (PPM, MM and Pro-Rata Order) is applicable.
      2.4 If any one (1) or more of the PPM, MM and/or Pro-Rata Order algorithms is applicable, orders at the same price point would be matched and allocated such that orders with price point maker status, or orders of a designated market maker, or Pro-Rata Orders (as the case may be), would receive priority over other orders entered earlier in time. The priority between the PPM, MM and/or Pro-Rata Order (if more than one (1) trade matching algorithm is applicable) will be notified via a Regulatory Notice.

      Amended on 14 November 2016.

    • Regulatory Notice 4.1.8 — SGX-DT Market Error Trade Policy

      Issue Date Cross Reference Enquiries
      Amended on
      2 July 2007, 16 July 2012, 28 October 2013, 19 January 2015, 14 November 2016, 21 August 2017.
      Rule 4.1.8 Please contact:

      Derivatives for policy issues:
      Telephone No. : 6236 8888

      Derivatives Market Control ("DMC") for operational issues:
      Telephone No. : 6236 8433
      Facsimile No.: 6536 6480
      Email address : derivatives.mc@sgx.com

      1 Introduction

      1.1 This Regulatory Notice explains the error trade policy applied to Contracts traded on the SGX-DT Market.

      2 Error Trade Policy Applicable to Contracts Traded on the SGX-DT Market

      2.1 General Principles

      2.1.1 An error trade occurs when a transaction is effected on the Trading System as a result of an error in the entry of a bid or offer that was subsequently matched.
      2.1.2 Subject to sub-paragraph 2.1.4, the Exchange will only exercise its discretion to:
      (a) cancel an error trade partially or fully; or
      (b) adjust the trade price of the error trade partially or fully to the nearest limit of the error trade price range,
      if a party to the trade makes a request as specified in sub-paragraph 2.6.1 below, and the trade price falls outside the error trade price range for the Contract for that day. If an error trade is done within the error trade price range, then the trade will stand, and no further action will be taken. The upper and lower limit of the error trade price range is determined in relation to a reference price calculated by the Exchange in accordance with paragraph 2.2.
      2.1.3 However, there will be no trade price adjustments for:
      (a) transactions in strategies listed for trading by the Exchange;
      (b) trades involving implied orders as a result of strategy matching;
      (c) option trades, except those involving designated Option Contracts when the underlying cash market is open for trading; and
      (d) transactions where the trade price is determined relative to a predefined reference point.
      In relation to error trades in the transactions specified in sub-paragraphs (a)-(d) above, the Exchange may at its discretion, cancel such error trades partially or fully, if a party to the trade makes a request as specified in sub-paragraph 2.6.1 below, and the relevant counterparties to the error trade agree to the cancellation within the time specified by the Exchange.
      2.1.4 Notwithstanding sub-paragraph 2.1.2 and 2.1.3 above, the Exchange retains the power to cancel an error trade partially or fully or adjust the trade price of an error trade if, in the Exchange's opinion, it is desirable to do so, to protect the financial integrity, reputation or interests of the Markets established or operated by the Exchange. The Exchange's discretion to adjust the trade price or cancel a trade, either partially or fully, may be exercised even where the trade is within the error trade price range.
      2.1.5 For the avoidance of doubt, error trades will not be cancelled except as provided for under sub-paragraphs 2.1.3 and 2.1.4.
      2.1.6 A Member shall take all necessary steps and exercise due diligence in monitoring trades done for any errors.
      2.1.7 A Member requesting an error trade cancellation or price adjustment shall promptly take all necessary mitigating actions to minimize the losses suffered.
      2.2 Error Trade Price Range

      Futures Contracts
      2.2.1 The Exchange will approve a list of designated Futures Contracts as set out in Appendix A. For designated Futures Contracts traded when the underlying cash market is open for trading, the dynamic futures reference price shall be the average of the high and low traded prices in the minute before the error trade. If there are no trades in the minute before the error trade, the dynamic futures reference price will be determined by theoretical pricing models using, among other variables, the latest cash index value before the error trade.

      Refer to Appendix A of Regulatory Notice 4.1.8.
      2.2.2 If an error trade occurs in connection with a Futures Contract which is not a designated Futures Contract, or when the error trade occurs in connection with a designated Futures Contract when the underlying cash market is not open for trading, the opening price shall be assigned as the static futures reference price. If the opening price is not available, the Exchange may use other prices that it thinks in its discretion are reasonable. For instance, the Exchange may use the previous day's closing price.
      2.2.3 The Exchange computes the error trade price range for a Futures Contract by taking into account the trading and closing prices of the Contract or any other relevant information (for example, relevant market information in a recent three (3) month period). The upper and lower limits of the error trade price range are determined in relation to the relevant futures reference price.
      2.2.4 The following is an example for the calculation of the dynamic futures reference price in relation to a designated Futures Contract.

      For designated Futures Contracts, it is possible to establish a fairly accurate dynamic reference price when the underlying cash market is open. Therefore, the Exchange will apply a smaller error trade price range, with reference to the dynamic futures reference price. A dynamic futures reference price may be calculated as follows:
      (a) If there are trades in the minute before the error trade, calculate the average of the high & low prices in the last minute as the dynamic futures reference price.
      (b) If the error trade occurs for a contract month other than the spot month, use the theoretical model with the latest cash index value to derive the theoretical spread between the spot month and the error trade contract month. This spread is then added to the spot month reference price calculated using (a) above to derive the dynamic futures reference price.
      (c) If (a) and (b) above are not applicable, calculate the theoretical price of the error trade contract month as the dynamic futures reference price.
      2.2.5 The following is an example for the calculation of the error trade price range in relation to a designated Futures Contract.

      This example uses the Yen-denominated SGX Nikkei Stock Average Futures Contract. Based on an evaluation of historical data the Exchange could set the following:

      Error Trade Price Range of +/- 50 points for the spot quarter month

      Error Trade Price Range of +/- 100 points for other contract months

      The spot quarter month has a narrower error trade price range because its dynamic futures reference price, calculated using market traded prices, will be relatively accurate. The other contract months have a wider error trade price range because the dynamic futures reference price would likely have a theoretical component. A wider range is needed to ensure that bona-fide trades do not fall within the error trade price range. The Exchange may periodically adjust the error trade price range to reflect prevailing market conditions. DMC will broadcast the necessary information to Members in accordance with sub-paragraph 2.2.10.

      Based on the dynamic futures reference price, an erring party's losses from error trades should be limited to fifty (50) points (¥25,000) per lot in the spot quarter month or one hundred (100) points (¥50,000) per lot in other contract months.
      Options Contracts
      2.2.6 The Exchange will approve a list of designated Option Contracts as set out in Appendix A. The option reference price for designated Option Contracts when the underlying cash market is open for trading shall be determined by theoretical pricing models using:
      (a) in the case of an Option Contract that grants an option on a Futures Contract, among other variables, the futures reference price of the underlying Futures Contract and the volatility of the Option Contract implied from the previous settlement price of the option contract.
      (b) in the case of an Option Contract that grants an option on an Underlying, among other variables, the reference price of the underlying index and the volatility of interest rates, dividend, time to maturity and the option strike price.
      2.2.7 The Exchange computes the error trade price range for designated Option Contracts when the underlying cash market is open, by taking into account the trading and closing volatility of the Option Contract or any other relevant information (for example, relevant market information in a recent three (3) month period) to determine a volatility range. The Exchange may, in its discretion, determine different volatility ranges for the purpose of calculating the error trade price range. The option error trade price range shall be determined by theoretical pricing models using, among other variables, the dynamic futures reference price of the underlying Futures Contract and the volatility range. The Exchange may adjust the trade price of an error trade involving designated Option Contracts when the underlying cash market is open for trading in accordance with sub-paragraph 2.1.2(b).
      2.2.7A If an error trade occurs in connection with an Option Contract which is not a designated Option Contract, or when the error trade occurs in connection with a designated Option Contract when the underlying cash market is not open for trading, the opening price shall be assigned as the static option reference price. If the opening price is not available, the Exchange may use other prices that it thinks in its discretion are reasonable. For instance, the Exchange may use the previous day's closing price. The Exchange computes the error trade price range for such Option Contracts by applying a percentage to the option reference price referred to in this sub-paragraph. The Exchange may cancel an error trade involving Option Contracts referred to in this paragraph in accordance with sub-paragraph 2.1.2(a).
      2.2.8 The following is an example for the calculation of the error trade price range in relation to a designated Option Contract.

      For designated Option Contracts, it is possible to establish a fairly accurate dynamic futures reference price when the underlying cash market is open. The option error trade price range is calculated using a theoretical option pricing model with variables including the dynamic reference price of the underlying Futures Contract and a volatility range.

      This example uses the SGX Option Contract on Nikkei Stock Average Futures. The Exchange could set the following volatility range (with reference to the previous day settlement implied volatility):

        Within 1,000 points from at-the-money Other Strikes
      Spot Month +/- 4% +/- 6%
      Other Months +/- 5% +/- 8%


      The option reference price will be calculated using the option pricing model with variables including the dynamic futures reference price of the underlying Futures Contract and the previous day settlement implied volatility.

      In addition, the option error trade price range is subject to a minimum level (to prevent frivolous price adjustments) and a maximum level (to cater to special circumstances for Option Contracts).

      This example uses the SGX Option Contract on Nikkei Stock Average Futures. Based on evaluation of its historical data, the Exchange could set:

      Maximum price range of +/- 100 points for contracts with 6 months or less to expiry
        +/- 200 points for other contract months
      Minimum price range of +/- 30 points


      The Exchange may apply the maximum price range to all Option Contracts that are more than 1,500 points in-the-money and all expiring options on the Monday of the week of expiration to the Last Trading Day. Deep in-the-money Option Contracts have high delta and thus the price change largely mirrors the price change of the underlying. It is thus appropriate to use a fixed error trade price range. In addition, as the Option Contract approaches expiry, small changes in traded option prices cause relatively large changes in traded implied volatility. The result is that the volatility range may not be sufficient to encompass the volatility changes near the expiry of the contract. Based on historical data, the traded implied volatility of the Option Contract would start to change rapidly during the week of expiration. Hence, the maximum price range will generally be imposed during this period. The Exchange may adjust, with prior notice, the maximum price range and applicable circumstances as market conditions change.
      Exchange's discretion
      2.2.9 Notwithstanding sub-paragraphs 2.2.1 to 2.2.8 above, the Exchange retains the discretion to take into account other relevant market information to determine the error trade price range or the reference price, and determine error trade price ranges using any other methodology, if, in the Exchange's opinion, it is desirable to do so to protect the financial integrity, reputation or interests of the Markets established or operated by the Exchange.
      Notification of changes in error trade price range or volatility range
      2.2.10 The Exchange will notify all Members of the error trade price range in terms of absolute prices or percentages, as the case may be, on a daily basis. The Exchange will notify all Members of the volatility range on a quarterly basis. In addition, the Exchange will inform all Members, via circular, of any changes in the size of the error trade price range or volatility range at least one (1) week before effecting such change.
      2.3 Factors That the Exchange may Consider in its Exercise of Discretion
      2.3.1 The Exchange may consider the following factors when deciding whether to adjust the trade price or cancel any trades:
      (a) the difference between the price at which the error trade was done and the preceding traded prices of the Contract;
      (b) market conditions, including market liquidity in the Contract at the time the error trade occurred;
      (c) the monetary loss involved and the financial impact on the parties if the error trade is or is not adjusted or cancelled;
      (d) the reason(s) given by the erring party for the error;
      (e) whether the error trade was caused partially or fully by problems with the Exchange's systems; and
      (f) any other relevant factors.
      2.4 Compensation and Dispute Resolution
      2.4.1 Under sub-paragraph 2.1.3, certain error trades may be cancelled if the counterparties consent to the cancellation. The terms of the cancellation of the error trade (including any compensation payable) are for the relevant parties to agree on. The Exchange will not be involved in this process or in any disputes arising from this process.
      2.5 Administration Fee For Trade Cancellation / Price Adjustment Requests
      2.5.1 A trade review administration fee ("Administrative Fee") of SGD$500 will be imposed on every request received to adjust the price of or cancel an error trade.

      If the Exchange deems the error trade to be serious, it may charge a higher amount than the Administrative Fee.
      2.5.2 The Member shall pay the Administrative Fee to the Exchange within such time specified by the Exchange following its determination of the fee.
      2.6 Procedure For Error Trade(s)
      2.6.1 The Member's authorised co-ordinator1 intending to report an error trade shall:
      (a) contact the DMC within ten (10) minutes from the time the trade is done, and request for the trade to have its price adjusted or cancelled. The Exchange may, in its discretion extend this period depending on the situation; and
      (b) immediately complete the prescribed form and send it by fax or email to DMC.
      2.6.2 Once an error trade has been brought to the attention of the DMC in accordance with this Regulatory Notice, the following procedures will apply:—
      (a) DMC will send an alert to all Trading System terminals indicating that a specified trade may be in error.
      (b) For cancellation of trades, the Exchange will, at its discretion, cancel a trade, either partially or fully, only if all counterparties to the error trade agree to the trade cancellation within fifteen (15) minutes of the alert sent by DMC in sub-paragraph 2.6.2(a) above. The Exchange may extend this period at its sole discretion in situations where it deems appropriate. There will be no trade cancellation beyond 15 minutes after the close of T or T+1 session, as the case may be.
      (c) DMC will send a message to all Trading System terminals of the Exchange's decision in respect of any request to cancel a trade or adjust the trade price.
      2.6.3 The Exchange will not consider any requests to review its decision following an announcement under 2.6.2(c).

      Amended on 16 July 2012, 28 October 2013, 19 January 2015, 14 November 2016 and 21 August 2017.


      1 A Trading Member intending to report an error trade shall do so via its Clearing Member's authorised co-ordinator.

      • Appendix A To Regulatory Notice 4.1.8

        Designated Futures Contracts

        S/no. Futures Contract
        1 Australian Dollar (AUD) / Japanese Yen (JPY) Futures
        2 Australian Dollar (AUD) / US Dollar (USD) Futures
        3 Chinese Yuan (CNY) / Singapore Dollar (SGD) Futures
        4 Chinese Yuan (CNY) / US Dollar (USD) Futures
        5 Euro (EUR) / Chinese Offshore Yuan (CNH) Futures
        6 Indian Rupee (INR) / US Dollar (USD) Futures
        7 Korean Won (KRW) / Japanese Yen (JPY) Futures
        8 Korean Won (KRW) / US Dollar (USD) Futures
        9 SGD Dollar (SGD) / Chinese Offshore Yuan (CNH) Futures
        10 Taiwan Dollar (TWD) / US Dollar (USD) Futures
        11 Thai Baht (THB) / US Dollar (USD) Futures
        12 US Dollar (USD) / Chinese Offshore Yuan (CNH) Futures
        13 US Dollar (USD) / Japanese Yen (JPY) Futures [Standard size]
        14 US Dollar (USD) / Japanese Yen (JPY) Futures [Titan size]
        15 US Dollar (USD) / Singapore Dollar (SGD) Futures
        16 Yen-denominated Nikkei Stock Average Futures
        17 Indonesian Rupiah (IDR) / US Dollar (USD) Futures
        18 Malaysian Ringgit (MYR) / US Dollar (USD) Futures
        19 Malaysian Ringgit (MYR) / Singapore Dollar (SGD) Futures
        20 Philippine Pesos (PHP) / US Dollar (USD) Futures

        Designated Option Contracts

        S/no. Option Contract
        1 Option on SGX Indian Rupee (INR) / US Dollar (USD) Futures
        2 Option on SGX US Dollar (USD) / Chinese Offshore Yuan (CNH) Futures
        3 Option on Yen-denominated Nikkei Stock Average Futures

        Amended on 11 November 2013, 20 October 2014, 31 August 2015, 11 July 2016, 5 December 2016 and 17 July 2017.

    • Regulatory Notice 4.1.11 — Negotiated Large Trades

      Issue Date Cross Reference Enquiries
      Amended on
      1 August 2007,
      26 September 2007,
      23 January 2008,
      31 March 2009,
      6 April 2009,
      24 June 2009,
      7 December 2009,
      11 January 2010,
      17 June 2010,
      14 November 2016 and 27 August 2018.
      Rule 4.1.11 Please contact:

      Product Management for policy issues:
      Telephone No. : 6236-8450

      Please contact Clearing House for operational issues: 6538-5319
      Facsimile No: 6533-6163
      Email address : sgxdc_clear@sgx.com

      1. Introduction

      1.1 This Regulatory Notice sets out the minimum volume thresholds, notification requirements and procedures that Persons effecting Negotiated Large Trades or "NLTs" are required to observe.

      2. Minimum Volume Thresholds

      2.1 The minimum volume thresholds for NLTs are set out in Appendix A.

      Refer to Appendix A of Regulatory Notice 4.1.11.
      2.2 A trade consisting of multiple legs within the same Underlying is deemed to be in accordance with the minimum volume threshold if at least one (1) of the legs meets the minimum volume threshold applicable to that leg (see examples below). However, in the case of a FX futures contract that may have a "Varied Last Trading Day"/"Varied LTD" and "Standard Last Trading Day"/"Standard LTD" (as defined in the contract specifications of that contract): (i) At least one leg in a contract with a Standard LTD (either Futures or Options contract) and at least one leg in contract with a Varied LTD have to individually meet the minimum volume thresholds; (ii) a contract with a Varied LTD will not be counted together with a contract with a Standard LTD for the purposes of meeting the minimum volume threshold; and (iii) contracts with a Varied LTD of a certain day will only be counted together with contracts with a Varied LTD of that day, and not of any other day. Please refer to the examples below.
      2.3 Trades which are not in accordance with the minimum volume threshold will not be accepted for registration as NLTs and will be rejected.

      Example: Minimum volume threshold for NK Futures = 100 lots
        Minimum volume threshold for NK Options = 25 lots

      (a) The following trade will be in accordance with the minimum volume threshold as one (1) of the legs (NK Options Jan 06 Call 14000) meets the NK Options minimum volume threshold of 25 lots:

      Contract Qty Price
      NK Futures Mar 06 19 lots @ 14200
      NK Options Jan 06 Call 14000 13 lots @ 300
      NK Options Jan 06 Call 14000 12 lots @ 301
      NK Options Feb 06 Put 13750 2 lots @ 610

      (b) The following trade will also be in accordance with the minimum volume threshold as one (1) of the legs (NK Futures Mar 06) meets the NK Futures minimum volume threshold of 100 lots:

      Contract Qty Price
      NK Futures Mar 06 100 lots @ 14200
      NK Options Jan 06 Call 14000 11 lots @ 300
      NK Options Jan 06 Call 14000 12 lots @ 301
      NK Options Feb 06 Put 13750 2 lots @ 610


      Example 2: Minimum volume threshold for INR/USD Futures with Standard LTD = 30 lots
        Minimum volume threshold for INR/USD Futures with Varied LTD = 30 lots
        Minimum volume threshold for INR/USD Options (standard options)= 30 lots

      (a) The following trade will be in accordance with the minimum volume threshold as the total quantity of the INR/USD Futures with the same Standard LTD meets the minimum volume threshold, and the total quantity of the INR/USD Futures with the same Varied LTD also meets the minimum volume threshold:

      Contract Qty Price
      INR/USD Futures Nov 2017 7 lots 154.831
      INR/USD Futures Nov 2017 23 lots 154.833
      INR/USD Futures 20 Nov 2017 6 lots 154.920
      INR/USD Futures 20 Nov 2017 24 lots 154.900

      (b) The following trade will not be in accordance with the minimum volume threshold as none of the INR/USD Futures with Standard LTD meets the minimum volume threshold, notwithstanding that the INR/USD Futures with Varied LTD meets the minimum volume threshold:

      Contract Qty Price
      INR/USD Futures Nov 2017 9 lots 154.831
      INR/USD Futures Dec 2017 21 lots 154.372
      INR/USD Futures 4 Dec 2017 30 lots 154.525

      (c) The following trade will not be in accordance with the minimum volume threshold as none of the INR/USD Futures with Varied LTD meets the minimum volume threshold, notwithstanding that the INR/USD Futures with Standard LTD meets the minimum volume threshold

      Contract Qty Price
      INR/USD Futures Nov 2017 30 lots 154.831
      INR/USD Futures 20 Nov 2017 2 lots 154.920
      INR/USD Futures 21 Nov 2017 28 lots 154.900

      (d) The following trade will be in accordance with the minimum volume threshold as one (1) leg of the INR/USD Futures with Standard LTD and one (1) leg of INR/USD Futures with Varied Leg meet the minimum volume threshold:

      Contract Qty Price
      INR/USD Futures Nov 2017 30 lots 154.831
      INR/USD Futures Jan 2017 2 lots 153.857
      INR/USD Options Dec 2017 Call 156.5 5 lots 0.810
      INR/USD Futures 21 Nov 2017 30 lots 154.900
      INR/USD Futures 22 Nov 2017 5 lots 154.880

      (e) The following trade will be in accordance with the minimum volume threshold as the total quantity for the INR/USD Options for the same contract month of Dec 2017 and strike price of 156.5 (Call), and one (1) leg of INR/USD Futures with Varied LTD meet the minimum volume threshold:

      Contract Qty Price
      INR/USD Futures Nov 2017 5 lots 154.831
      INR/USD Options Dec 2017 Call 156.5 3 lots 0.790
      INR/USD Options Dec 2017 Call 156.5 27 lots 0.810
      INR/USD Futures 21 Nov 2017 30 lots 154.900
      INR/USD Futures 22 Nov 2017 2 lots 154.880

      (f) The following trade will not be in accordance with the minimum volume threshold as neither the INR/USD Futures with Standard LTD nor any of the INR/USD Option meets their respective minimum volume threshold, notwithstanding that the INR/USD Futures with Varied LTD meets the minimum volume threshold:

      Contract Qty Price
      INR/USD Futures Nov 2017 5 lots 154.830
      INR/USD Options Dec 2017 Call 154.5 3 lots 1.570
      INR/USD Options Dec 2017 Call 156.5 27 lots 0.790
      INR/USD Futures 21 Nov 2017 30 lots 154.900

      3. General Policy

      3.1 Trading Hours
      3.1.1 All NLTs executed during or before the Contract "T" trading hours shall be "T Trades" while NLTs executed after the Contract "T" trading hours shall be "T+1 Trades".
      3.2 Registration of NLTs
      3.2.1 All NLTs shall be registered in accordance with the Clearing Rules.
      3.2.2 [Deleted]
      3.2.3 [Deleted]
      3.3 NLT Execution
      3.3.1 For the purpose of Rule 3.4.9, Members may submit NLT orders from two (2) separate Customers under the same Omnibus Account, provided that the Members' record keeping and audit trails are able to demonstrate the separate beneficial ownership.
      3.3.2 A Member shall ensure that its Customers are aware of and have given their approval for the execution of the Customers' orders via the NLT facility. Where a Member receives a Customer's order that is not a NLT order but meets the requirements of the NLT facility, such Member may execute the Customer's order via the NLT facility provided that such Member has obtained the prior approval from the Customer, either specifically for the transaction or as a general blanket approval (and such blanket approval has not been terminated by the Customer). If a Customer's approval is obtained verbally, the Member shall ensure that a tape recording of the conversation where the Customer's approval was obtained is retained for record keeping purposes. A Member shall also inform its Customers if the Member may be or is a counterparty to the Customer's NLT and obtain the Customer's prior written approval.
      3.3.3 Members may obtain a general blanket approval from their Customers provided the conditions below are met. Members shall disclose to their Customers all NLTs executed pursuant to the general blanket approval. The conditions for obtaining a general blanket approval from the Customer are as follows:
      (a) Members shall inform the Customer that the general blanket approval is subject to compliance with the rules, laws and regulations in the Customer's country of domicile;
      (b) the general blanket approval shall be in writing and shall provide details on the nature and scope of the general blanket approval given;
      (c) Members shall highlight to the Customer the risks and liabilities that the Customer may be exposed to in giving such general blanket approval. In particular, the Member shall highlight that in some instances, NLT orders may not be executed at the best possible price and that the timeliness of order execution may be compromised. The Customer must also be informed that the Customer is obligated to accept all NLTs executed pursuant to the general blanket approval; and
      (d) the Customer shall acknowledge that it has read, understood, and received a copy of the signed general blanket approval.
      3.3.4 In order to ensure that Customers' interests are not compromised, the Members shall, unless their Customers specifically request for a trade to be done through the NLT facility, place all Customers orders on the Trading System for execution. After the Customers' orders have been placed on the Trading System for execution, Members' employees may then seek their Customers' approval to accept the order as an NLT. However, Members may only withdraw an order from the Trading System for subsequent execution as a NLT if the price for the NLT is at least equal to or better than the prevailing bid/offer quoted in the Trading System at the time the order is withdrawn, unless otherwise instructed by Customers.
      3.3.5 Members shall not combine individual Customers' orders in order to meet the NLT minimum volume threshold requirements. Members shall not combine separate Customers' orders of different Contracts to create an inter-commodity spread or strategy transaction. However, individual orders greater than or equal to the minimum volume threshold may be combined by Members to match a larger NLT counter bid/offer, subject to the condition that the NLTs should, upon execution, be individually reported.
      3.3.6 Various price combinations within the same NLT, or within the same leg of an NLT in the case of spreads or combinations, may be used to set an 'average' price, provided that the trade is for the same entity and that each respective price must meet the minimum tick for NLTs as set out in Appendix B.

      Refer to Appendix B of Regulatory Notice 4.1.11.
      3.3.7 [Deleted]
      3.3.8 The Exchange shall have the sole and absolute discretion to cancel or adjust the price of any NLT, even after the registration of the NLT.
      3.4 Publicising of NLT

      The Exchange shall publish information relating to the details of NLTs.
      3.5 NLT Fees

      The standard clearing fees applicable to the relevant Contracts shall be imposed on all NLTs. In addition, a special facility fee charge shall also be imposed on all NLTs.
      3.6 [Deleted]
      3.6.1 [Deleted]
      3.6.2 [Deleted]
      3.7 [Deleted]
      3.7.1 [Deleted]
      3.7.2 [Deleted]
      3.7.3 [Deleted]
      3.7.4 [Deleted]
      3.7.5 [Deleted]

      Amended on 2 May 2011, 6 November 2012, 25 February 2013, 19 September 2016, 14 November 2016 and 27 August 2018.

      • Appendix A To Regulatory Notice 4.1.11

        MINIMUM VOLUME THRESHOLDS FOR NLTS

        Contract Minimum Volume Threshold (Lots)
        Eurodollar Futures and Options 500
        Euroyen Libor Futures Contract maturity up to 2 years: 500
        Contract maturity beyond 2 years: 100
        Spread/Strategy: 100
        Euroyen Libor Options Outrights: 200
        Spread/Strategy: 100
        Euroyen Tibor Futures Contract maturity up to 2 years: 500
        Contract maturity beyond 2 years: 100
        Spread/Strategy: 100
        Euroyen Tibor Options Outrights: 200
        Spread/Strategy: 100
        JADE CPO Futures 20
        Mini JGB Futures and Options 100
        Mini Nikkei 225 Index Futures 5
        MSCI Asia APEX 50 Index Futures 50
        MSCI India Index Futures 50
        MSCI Indonesia Index Futures 50
        MSCI Malaysia Index Futures 50
        MSCI Philippines Index Futures 50
        MSCI Singapore Index Futures 50
        MSCI Singapore Index Options 25
        MSCI Taiwan Index Futures 50
        MSCI Taiwan Index Options 25
        MSCI Thailand Index Futures 50
        Nikkei 225 Index Futures 5
        Nikkei 225 Index Options 5
        Nikkei Stock Average Dividend Point Index Futures 25
        SGX API 5 FOB Newcastle Coal Futures 10
        SGX ARGUS LSFO 0.5%S Singapore Bunker Index Futures 2
        SGX AUD/JPY Futures 50
        SGX AUD/USD Futures 50
        SGX Baltic Capesize Time Charter Average (4 routes) Futures 5
        SGX Options on Baltic Capesize Time Charter Average (4 routes) Futures Contract 5
        SGX Baltic Capesize Time Charter Average (5 routes) Futures 5
        SGX Options on Baltic Capesize Time Charter Average (5 routes) Futures 5
        SGX Baltic Capesize Voyage C5 Route Futures Contract 2
        SGX Baltic Capesize Voyage C7 Route Futures 2
        SGX Baltic Handysize Time Charter Average Futures 5
        SGX Options on Baltic Handysize Time Charter Average Futures Contract 5
        SGX Baltic Panamax Time Charter Average (4 Routes) Futures 5
        SGX Options on Baltic Panamax Time Charter Average (4 Routes) Futures Contract 5
        SGX Baltic Panamax Time Charter Average (5 Routes) Futures 2
        SGX Options on Baltic Panamax Time Charter Average (5 Routes) Futures Contract 2
        SGX Baltic Supramax Time Charter Average (6 routes) Futures 5
        SGX Options on Baltic Supramax Time Charter Average (6 routes) Futures Contract 5
        SGX Baltic Supramax Time Charter Average (10 routes) Futures 5
        SGX Options on Baltic Supramax Time Charter Average (10 routes) Futures Contract 5
        SGX CNY/SGD Futures 20
        SGX CNY/USD Futures 20
        [deleted] [deleted]
        SGX EUR/CNH Futures 20
        SGX FTSE China A50 Index Futures 50
        SGX Fuel Oil futures 30
        SGX Hot-Rolled Coil (HRC) Steel CFR ASEAN Index Futures 5
        SGX ICIS LLDPE CFR China Index Futures 5
        [deleted] [deleted]
        SGX ICIS MEG CFR China Futures 5
        SGX ICIS PP Flat Yarn (Raffia) CFR China Index Futures 5
        [deleted] [deleted]
        SGX ICIS SM CFR China Futures 5
        [deleted] [deleted]
        SGX IHS McCloskey Indonesian 4200kc GAR FOB Thermal Coal Futures 100
        SGX IDR/USD Futures 20
        SGX India Single Stock Futures 10
        SGX INR/USD Futures 30
        SGX Option on INR/USD Futures 30
        SGX KRW/JPY Futures 50
        SGX KRW/USD Futures 30
        SGX MB Iron Ore CFR China (58% FE Fines) Index Futures 5
        SGX MB Iron Ore CFR China (65% Fe Fines) Index Futures 5
        SGX MSCI Australia Net Total Return (USD) Index Futures 10
        SGX MSCI China Free Price Return (USD) Index Futures 50
        SGX MSCI China Free Price Return (USD) Index Options 25
        SGX MSCI China Free Net Total Return (USD) Index Futures 10
        SGX MSCI EM EMEA NTR (USD) Index Futures 10
        SGX MSCI EM Latin America NTR (USD) Index Futures 10
        SGX MSCI Emerging Markets Asia ex China Net Total Return (USD) Index Futures 10
        SGX MSCI Emerging Markets Asia ex Korea Net Total Return (USD) Index Futures 10
        SGX MSCI Emerging Markets Asia Net Total Return (USD) Index Futures 10
        SGX MSCI Emerging Markets ex China Net Total Return (USD) Index Futures 10
        SGX MSCI Emerging Markets ex Korea Net Total Return (USD) Index Futures 10
        SGX MSCI Emerging Markets Net Total Return (USD) Index Futures 10
        SGX MSCI Emerging Markets (USD) Index Futures 10
        SGX MSCI Hong Kong Net Total Return (USD) Index Futures 10
        SGX MSCI India Net Total Return (USD) Index Futures 10
        SGX MSCI Indonesia Net Total Return (USD) Index Futures 10
        SGX MSCI Japan Index Futures 5
        SGX MSCI Japan Net Total Return (JPY) Index Futures 10
        SGX MSCI Japan Net Total Return (USD) Index Futures 10
        SGX MSCI Malaysia Net Total Return (USD) Index Futures 10
        SGX MSCI New Zealand Net Total Return (USD) Index Futures 10
        SGX MSCI Pacific ex Japan Net Total Return (USD) Index Futures 10
        SGX MSCI Pacific Net Total Return (USD) Index Futures 10
        SGX MSCI Philippines Net Total Return (USD) Index Futures 10
        SGX MSCI Singapore Free Net Total Return (USD) Index Futures 10
        SGX MSCI Singapore Net Total Return (USD) Index Futures 10
        SGX MSCI Taiwan Net Total Return (USD) Index Futures 10
        SGX MSCI Thailand Free Net Total Return (USD) Index Futures 10
        SGX MSCI Vietnam Index Futures 50
        SGX MSCI Vietnam Net Total Return (USD) Index Futures 10
        SGX MYR/SGD Futures 20
        SGX MYR/USD Futures 20
        SGX Nifty 50 Index Futures 50
        SGX Nifty 50 Index Options 25
        SGX Nifty Bank Index Futures 50
        SGX Nifty CPSE Index Futures 50
        SGX Nifty IT Index Futures 50
        SGX Nifty Midcap 50 Index Futures 50
        SGX Nikkei 225 Index Total Return Futures 5
        [deleted] [deleted]
        SGX Panamax Route P2A Timecharter Futures Contract 2
        SGX Panamax Route P3A Timecharter Futures Contract 2
        SGX Panamax Route P2E Timecharter Futures 2
        SGX PHP/USD Futures 20
        SGX PLATTS Benzene FOB Korea Futures Contract 5
        SGX Platts Benzene-Naphtha Index Futures 5
        SGX Platts Dated Brent Index Futures 5
        SGX Platts Gasoil FOB Singapore Index Futures 5
        SGX Platts Iron Ore CFR China (Lump Premium) Index Futures 5
        SGX Platts Kerosene FOB Singapore Index Futures 5
        SGX PLATTS Marine Fuel 0.5% FOB Singapore Index Futures 2
        SGX Platts Naphtha CFR Japan Index Futures 5
        SGX Platts Paraxylene-Naphtha Index Futures 5
        SGX PLATTS PX CFR China Index Futures 5
        SGX Platts Singapore Fuel Oil 180cst Index Futures 5
        SGX Platts Singapore Fuel Oil 380cst Index Futures 5
        SGX Robusta Coffee Futures 40
        SGX SGD/CNH Futures 20
        SGX SICOM TSR 20 Rubber Options 20
        SGX Singapore Regrade Spread Futures 5
        [deleted] [deleted]
        SGX Singapore Visco Spread Futures 5
        SGX THB/USD Futures 50
        SGX TSI CFR China Premium JM25 Coking Coal Futures 5
        SGX TSI FOB Australia Premium Coking Coal Futures 5
        SGX Options On TSI FOB Australia Premium Coking Coal Futures 5
        SGX TSI Iron Ore CFR China (58% FE Fines) Index Futures 5
        SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures 5
        SGX Options on TSI Iron Ore CFR China (62% FE Fines) Index Futures Option Contract 5
        SGX TWD/USD Futures 30
        SGX USD/CNH Futures 20
        SGX Option on USD/CNH Futures 20
        SGX USD/JPY Futures (Standard) 20
        SGX USD/JPY Futures (Titan) 20
        SGX USD/SGD Futures 30
        SGX USEP Monthly Base Load Electricity Futures 10
        SGX USEP Quarterly Base Load Electricity Futures 10
        SICOM RSS 3 Rubber Contract 60
        SICOM TSR 20 Rubber Contract 60
        Straits Times Index Futures 50
        USD Nikkei Index Futures 5

        Amended on 6 December 2010, 16 December 2010, 24 January 2011, 15 February 2011, 16 May 2011, 11 June 2012, 16 July 2012, 25 February 2013, 5 August 2013, 30 September 2013, 21 October 2013, 11 November 2013, 25 November 2013, 16 December 2013, 20 January 2014, 17 February 2014, 3 April 2014, 4 August 2014, 25 August 2014, 1 September 2014, 29 September 2014, 20 October 2014, 2 December 2014, 19 January 2015, 9 February 2015, 9 March 2015, 31 August 2015, 31 August 2015, 5 October 2015, 7 December 2015, 25 January 2016, 1 February 2016, 28 March 2016, 28 March 2016, 29 March 2016, 3 May 2016, 2 June 2016, 11 July 2016, 31 October 2016, 7 November 2016, 5 December 2016, 27 February 2017, 27 March 2017, 22 May 2017, 12 June 2017, 17 July 2017, 17 July 2017, 21 August 2017, 18 September 2017, 18 September 2017, 23 October 2017, 13 November 2017, 5 February 2018, 26 March 2018, 9 April 2018, 9 April 2018, 21 May 2018, 25 June 2018, 25 June 2018, 23 July 2018, 23 July 2018, 27 August 2018, 24 September 2018, 3 December 2018, 18 March 2019, 13 May 2019, 27 May 2019, 29 July 2019, 16 September 2019, 21 October 2019, 18 November 2019 and 2 December 2019.

      • Appendix B To Regulatory Notice 4.1.11

        MINIMUM TICK SCHEDULE FOR NEGOTIATED LARGE TRADES


        Contract Market Tick Size NLT Tick Size
        Eurodollar Futures and Options Spot
        0.0025 points (US$6.25)
        Subsequent contract months
        0.0050 points (US$12.50)
        All
        0.0001 points (US$0.25)
        Euroyen Libor Futures Spot and subsequent 3 contract months
        0.0025 points (¥625)
        5th contract month onwards
        0.005 points (¥1,250)
        All
        0.001 points (¥250)
        Euroyen Libor Options 0.005 points (¥1,250) 0.001 points (¥250)
        Euroyen Tibor Futures Spot and subsequent 3 contract months
        0.0025 points (¥625)
        5th contract month onwards
        0.005 points (¥1,250)
        All
        0.001 points (¥250)
        Euroyen Tibor Options 0.005 points (¥1,250) 0.001 points (¥250)
        Mini JGB Futures and Options ¥0.01 per ¥100 face value (¥1,000) ¥0.01 per ¥100 face value (¥1,000)
        Mini Nikkei 225 Index Futures 1 index point (¥100) 0.01 index points (¥1)
        MSCI Asia APEX 50 Index Futures 0.5 index points (US$25) 0.01 index points (US$0.50)
        MSCI India Index Futures 0.2 index points (US$10) 0.01 index points (US$0.50)
        MSCI Indonesia Index Futures 5 index points (US$10) 0.01 index points (US$0.02)
        MSCI Malaysia Index Futures 0.25 index points (USD$5) 0.01 index points (US$0.20)
        MSCI Philippines Index Futures 1 index point (US$10) 0.01 index points (US$0.10)
        MSCI Singapore Index Futures and Options 0.05 index points (S$5) 0.01 index points (S$1)
        MSCI Taiwan Index Futures 0.1 index points (US$10) 0.01 index points (US$1)
        MSCI Taiwan Index Options 0.01 index points (US$1) 0.01 index points (US$1)
        MSCI Thailand Index Futures 0.25 index points (US$5) 0.01 index points (US$0.20)
        Nikkei 225 Index Futures 5 index points (¥2,500) 0.01 index points (¥5)
        Nikkei 225 Index Options 1 index point (¥500) 0.01 index points (¥5)
        Nikkei Stock Average Dividend Point Index Futures 0.1 index points (¥1,000) 0.01 index points (¥100)
        SGX API 5 FOB NewCastle Coal Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX ARGUS LSFO 0.5%S Singapore Bunker Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX AUD/JPY Futures ¥ 0.01 (¥ 250) ¥ 0.01 (¥ 250)
        SGX AUD/USD Futures US$0.0001 (US$2.50) US$0.0001 (US$2.50)
        SGX Baltic Capesize Time Charter Average (4 routes) Futures US$1 per day US$1 per day
        SGX Options on Baltic Capesize Time Charter Average (4 routes) Futures Contract US$0.01 per day US$0.01 per day
        SGX Baltic Capesize Time Charter Average (5 routes) Futures US$1 per day US$1 per day
        SGX Options on Baltic Capesize Time Charter Average (5 routes) Futures US$0.01 per day US$0.01 per day
        SGX Baltic Capesize Voyage C5 Route Futures Contract US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Baltic Capesize Voyage C7 Route Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Baltic Handysize Time Charter Average Futures US$1 per day US$1 per day
        SGX Options on Baltic Handysize Time Charter Average Futures Contract US$0.01 per day US$0.01 per day
        SGX Baltic Panamax Time Charter Average (4 Routes) Futures US$1 per day US$1 per day
        SGX Options on Baltic Panamax Time Charter Average (4 Routes) Futures Contract US$0.01 per day US$0.01 per day
        SGX Baltic Panamax Time Charter Average (5 Routes) Futures US$1 per day US$1 per day
        SGX Options on Baltic Panamax Time Charter Average (5 Routes) Futures Contract US$0.01 per day US$0.01 per day
        SGX Baltic Supramax Time Charter Average (6 routes) Futures US$1 per day US$1 per day
        SGX Options on Baltic Supramax Time Charter Average (6 routes) Futures Contract US$0.01 per day US$0.01 per day
        SGX Baltic Supramax Time Charter Average (10 routes) Futures US$1 per day US$1 per day
        SGX Options on Baltic Supramax Time Charter Average (10 routes) Futures Contract US$0.01 per day US$0.01 per day
        SGX CNY/SGD Futures S$0.0001 per 10 Chinese yuan (S$5) S$0.0001 per 10 Chinese yuan (S$5)
        SGX CNY/USD Futures US$0.0001 per 10 Chinese yuan (US$5) US$0.0001 per 10 Chinese yuan (US$5)
        [deleted] [deleted] [deleted]
        SGX EUR/CNH Futures CNH 0.0001 (CNH 10) CNH 0.0001 (CNH 10)
        SGX FTSE China A50 Index Futures 2.5 index points (US$2.50) 0.01 index points (US$0.01)
        SGX Fuel Oil futures US$0.10 per tonne US$0.10 per tonne
        SGX Hot-Rolled Coil (HRC) Steel CFR ASEAN Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX ICIS LLDPE CFR China Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        [deleted] [deleted] [deleted]
        SGX ICIS MEG CFR China Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX ICIS PP Flat Yarn (Raffia) CFR China Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        [deleted] [deleted] [deleted]
        SGX ICIS SM CFR China Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX IHS McCloskey Indonesian 4200kc GAR FOB Thermal Coal Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX IDR/USD Futures US$0.001 per 100,000 IDR (US$5) US$0.0001 per 100,000 IDR (US$0.50)
        SGX India Single Stock Futures US$0.05 US$0.01
        SGX INR/USD Futures 0.01 US cents per 100 rupees (US$2) 0.001 US cents per 100 rupees (US$0.20)
        SGX Option on INR/USD Futures 0.01 US cents per 100 rupees (US$2) 0.001 US cents per 100 rupees (US$0.20)
        SGX KRW/JPY Futures ¥ 0.01 per 1,000 Korean won (¥ 250) ¥ 0.01 per 1,000 Korean won (¥ 250)
        SGX KRW/USD Futures US$0.0001 per 1,000 Korean won (US$2.50) US$0.0001 per 1,000 Korean won (US$2.50)
        SGX MB Iron Ore CFR China (58% FE Fines) Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX MB Iron Ore CFR China (65% Fe Fines) Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX MSCI Australia Net Total Return (USD) Index Futures 1 index point (US$10) 0.0001 index points (US$0.001)
        SGX MSCI China Free Price Return (USD) Index Futures 2 index points (US$10) 0.01 index points
        SGX MSCI China Free Price Return (USD) Index Options For premium < 100 index points: minimum tick of 0.5 index points (US$2.5).
        For premium >= 100 points: minimum tick of 2 index points (US$10)
        0.01 index points
        SGX MSCI China Free Net Total Return (USD) Index Futures 0.1 index points (US$5) 0.0001 index points (US$0.005)
        SGX MSCI EM EMEA NTR (USD) Index Futures 0.1 index point (US$10) 0.0001 index point (US$0.01)
        SGX MSCI EM Latin America NTR (USD) Index Futures 0.1 index point (US$10) 0.0001 index point (US$0.01)
        SGX MSCI Emerging Markets Asia ex China Net Total Return (USD) Index Futures 0.5 index points (US$10) 0.0001 index points (US$0.002)
        SGX MSCI Emerging Markets Asia ex Korea Net Total Return (USD) Index Futures 0.5 index points (US$10) 0.0001 index points (US$0.002)
        SGX MSCI Emerging Markets Asia Net Total Return (USD) Index Futures 0.1 index points (US$10) 0.0001 index points (US$0.01)
        SGX MSCI Emerging Markets ex China Net Total Return (USD) Index Futures 1 index point (US$10) 0.0001 index points (US$0.001)
        SGX MSCI Emerging Markets ex Korea Net Total Return (USD) Index Futures 1 index point (US$10) 0.0001 index points (US$0.001)
        SGX MSCI Emerging Markets Net Total Return (USD) Index Futures 0.1 index points (US$10) 0.0001 index points (US$0.01)
        SGX MSCI Emerging Markets (USD) Index Futures 0.1 index points (US$5) 0.0001 index points (US$0.005)
        SGX MSCI Hong Kong Net Total Return (USD) Index Futures 10 index points (US$10) 0.001 index points (US$0.001)
        SGX MSCI India Net Total Return (USD) Index Futures 0.1 index points (US$10) 0.0001 index points (US$0.01)
        SGX MSCI Indonesia Net Total Return (USD) Index Futures 0.5 index points (US$5) 0.0001 index points (US$0.001)
        SGX MSCI Japan Index Futures 0.2 index points (¥500) 0.001 index points (¥2.5)
        SGX MSCI Japan Net Total Return (JPY) Index Futures 0.5 index points (¥500) 0.0001 index points (¥0.1)
        SGX MSCI Japan Net Total Return (USD) Index Futures 1 index point (US$10) 0.0001 index points (US$0.001)
        SGX MSCI Malaysia Net Total Return (USD) Index Futures 0.1 index points (US$10) 0.0001 index points (US$0.01)
        SGX MSCI New Zealand Net Total Return (USD) Index Futures 0.1 index points (US$10) 0.0001 index points (US$0.01)
        SGX MSCI Pacific ex Japan Net Total Return (USD) Index Futures 1 index point (US$10) 0.0001 index points (US$0.001)
        SGX MSCI Pacific Net Total Return (USD) Index Futures 1 index point (US$10) 0.0001 index points (US$0.001)
        SGX MSCI Philippines Net Total Return (USD) Index Futures 0.1 index points (US$5) 0.0001 index points (US$0.005)
        SGX MSCI Singapore Free Net Total Return (USD) Index Futures 0.1 index points (US$5) 0.0001 index points (US$0.005)
        SGX MSCI Singapore Net Total Return (USD) Index Futures 1 index point (US$5) 0.0001 index points (US$0.0005)
        SGX MSCI Taiwan Net Total Return (USD) Index Futures 0.1 index points (US$10) 0.0001 index points (US$0.01)
        SGX MSCI Thailand Free Net Total Return (USD) Index Futures 0.5 index points (US$5) 0.0001 index points (US$0.001)
        SGX MSCI Vietnam Index Futures 0.1 index point (US$2) 0.001 index point (US$0.02)
        SGX MSCI Vietnam Net Total Return (USD) Index Futures 0.1 index point (US$5) 0.0001 index point (US$0.005)
        SGX MYR/SGD Futures S$0.001 per 100 MYR (S$2) S$0.0001 per 100 MYR (S$0.20)
        SGX MYR/USD Futures US$0.001 per 100 MYR (US$2) US$0.0001 per 100 MYR (US$0.20)
        SGX Nifty 50 Index Futures 0.5 index points (US$1) 0.01 index points (US$0.02)
        SGX Nifty 50 Index Options 0.5 index points (US$1) 0.01 index points (US$0.02)
        SGX Nifty Bank Index Futures 2 index points (US$2) 0.01 index points (US$0.01)
        SGX Nifty CPSE Index Futures 1 index point (US$5) 0.01 index point (US$0.05)
        SGX Nifty IT Index Futures 5 index points (US$5) 0.01 index point (US$0.01)
        SGX Nifty Midcap 50 Index Futures 1 index point (US$5) 0.01 index points (US$0.05)
        SGX Nikkei 225 Index Total Return Futures 5 index points (¥2500) 0.01 index points (¥5)
        [deleted] [deleted] [deleted]
        SGX Panamax Route P2A Timecharter Futures Contract US$1 per day US$1 per day
        SGX Panamax Route P3A Timecharter Futures Contract US$1 per day US$1 per day
        SGX Panamax Route P2E Timecharter Futures US$1.00 per day US$1.00 per day
        SGX PHP/USD Futures US$0.001 per 1,000 PHP (US$2) US$0.0001 per 1,000 PHP (US$0.20)
        SGX PLATTS Benzene FOB Korea Futures Contract US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Platts Benzene-Naphtha Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Platts Dated Brent Index Futures US$0.01 per barrel US$0.01 per barrel
        SGX Platts Gasoil FOB Singapore Index Futures US$0.01 per barrel US$0.01 per barrel
        SGX Platts Iron Ore CFR China (Lump Premium) Index Futures US$0.0001 per dry metric tonne unit US$0.0001 per dry metric tonne unit
        SGX Platts Kerosene FOB Singapore Index Futures US$0.01 per barrel US$0.01 per barrel
        SGX PLATTS Marine Fuel 0.5% FOB Singapore Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Platts Naphtha CFR Japan Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Platts Paraxylene-Naphtha Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX PLATTS PX CFR China Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Platts Singapore Fuel Oil 180cst Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Platts Singapore Fuel Oil 380cst Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Robusta Coffee Futures US$1 per tonne US$1 per tonne
        SGX SGD/CNH Futures CNH 0.0001 (CNH 10) CNH 0.0001 (CNH 10)
        SGX SICOM RSS3 Futures US$0.001 per kg US$0.001 per kg
        SGX SICOM TSR 20 Rubber Options US$0.001 per kg US$0.001 per kg
        SGX SICOM TSR20 Futures US$0.001 per kg US$0.001 per kg
        SGX Singapore Regrade Spread Futures US$0.01 per barrel US$0.01 per barrel
        [deleted] [deleted] [deleted]
        SGX Singapore Visco Spread Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX THB/USD Futures US$0.005 per 1,000 Thai baht (US$5) US$0.005 per 1,000 Thai baht (US$5)
        SGX TSI CFR China Premium JM25 Coking Coal Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX TSI FOB Australia Premium Coking Coal Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Options On TSI FOB Australia Premium Coking Coal Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX TSI Iron Ore CFR China (58% FE Fines) Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
        SGX Options on TSI Iron Ore CFR China (62% FE Fines) Index Futures Option Contract US$0.01 per metric tonne US$0.01 per metric tonne
        SGX TWD/USD Futures US$0.0001 per 10 TW$ (US$10) US$0.0001 per 10 TW$ (US$10)
        SGX USD/CNH Futures CNH 0.0001 (CNH 10) CNH 0.0001 (CNH 10)
        SGX Option on USD/CNH Futures CNH 0.0001 (CNH 10) CNH 0.0001 (CNH 10)
        SGX USD/JPY Futures (Standard) ¥ 0.005 (¥ 500) ¥ 0.005 (¥ 500)
        SGX USD/JPY Futures (Titan) ¥ 0.005 (¥ 2,500) ¥ 0.005 (¥ 2,500)
        SGX USD/SGD Futures S$0.0001 (S$2.50) S$0.0001 (S$2.50)
        SGX USEP Monthly Base Load Electricity Futures S$0.01 per MWh S$0.01 per MWh
        SGX USEP Quarterly Base Load Electricity Futures S$0.01 per MWh S$0.01 per MWh
        Straits Times Index Futures 1 index point (S$10) 0.01 index points (S$0.10)
        USD Nikkei 225 Index Futures 5 index points (US$25) 0.01 index points (US$0.05)

        Amended on 6 December 2010, 16 December 2010, 24 January 2011, 15 February 2011, 11 June 2012, 16 July 2012, 25 February 2013, 5 August 2013, 30 September 2013, 21 October 2013, 11 November 2013, 25 November 2013, 16 December 2013, 20 January 2014, 17 February 2014, 3 April 2014, 4 August 2014, 25 August 2014, 1 September 2014, 29 September 2014, 20 October 2014, 2 December 2014, 5 January 2015, 19 January 2015, 9 February 2015, 9 March 2015, 31 August 2015, 31 August 2015, 5 October 2015, 2 November 2015, 7 December 2015, 25 January 2016, 1 February 2016, 28 March 2016, 28 March 2016, 29 March 2016, 4 April 2016, 3 May 2016, 2 June 2016, 4 July 2016, 11 July 2016, 31 October 2016, 14 November 2016, 5 December 2016, 27 February 2017, 27 March 2017, 22 May 2017 and 12 June 2017, 17 July 2017, 17 July 2017, 21 August 2017, 18 September 2017, 18 September 2017, 23 October 2017, 13 November 2017, 5 February 2018, 26 March 2018, 9 April 2018, 9 April 2018, 21 May 2018, 25 June 2018, 25 June 2018, 23 July 2018, 23 July 2018, 24 September 2018, 3 December 2018, 18 March 2019, 13 May 2019, 27 May 2019, 29 July 2019, 16 September 2019, 21 October 2019, 18 November 2019 and 2 December 2019.

    • Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 — Reporting of Account Identity; Reporting of Open Positions; Computations of Financial and Capital Requirements; Submission of Financial Statements and Other Information to the Exchange

      Issue Date Cross Reference Enquiries
      Amended on
      26 December 2007,
      25 August 2009,
      7 December 2009,
      1 April 2014,
      29 December 2014,
      14 November 2016 and
      22 April 2019.
      Rule 3.3.17
      Rule 3.3.18
      Rule 3.3.26
      Rule 3.3.27
      Please contact :

      Risk Management, for Rules 3.3.17 and 3.3.18
      Ms Elaine Tang 6236-8142

      Member Supervision, for Rule 3.3.26 and 3.3.27
      Facsimile No : 6538 8273
      E-Mail Address: membersup@sgx.com

      1. Introduction

      1.1 This Regulatory Notice sets out the conditions and operational procedures pursuant to Rules 3.3.17, 3.3.18, 3.3.26, and 3.3.27.

      2. Electronic Reporting and Submission of Information

      2.1 A Member is required to submit the following information, except that in the case of a Bank Trading Member, the following requirements apply only in respect of the Bank Trading Member's business that is governed by this Rules:
      (a) Rule 3.3.17 : Reporting of Account Identity (BC4A)
      (i) Except for Trading Members that engage solely in House Trades and Proprietary Trades of its Affiliates, a Member is required to submit to the Exchange, using Form BC4A, details of any new account which is used for trading and/or carrying of trades done on Exchange, other exchanges and over-the-counter.
      (ii) If the account is a disclosed omnibus account, Form BC4A must be submitted for each sub-account. However, if the account is an undisclosed omnibus account and the sub-accounts are not used for position reporting, Form BC4A is not required for the sub-account(s). Members need not submit Form BC4A to the Exchange for trading accounts which are to be linked to a position account using the Clearing System.
      (iii) If there are any changes to information stated in a BC4A account that has been submitted previously, the Exchange must be notified as soon as is practicable, within the next business day.
      (iv) Members should notify the Exchange, when an account is closed in their system, as soon as is practicable, to prevent unauthorised trading in the account.
      (v) Form BC4A serves as identification for the holder of the account and no single account number should be assigned to more than one customer, even after the account has been closed.
      (vi) The operational procedures and timelines in relation to the submission and procedure for the completion of Form BC4A are set out in Appendix 2.

      Refer to Appendix 2 of Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.
      (vii) Members are required to put in place internal controls to ensure that the Form BC4A has been properly approved by the Chief Executive Officer ("CEO"), or such senior executive (e.g. Deputy CEO, General Manager or Operations Manager) as is authorised by the CEO, before submission. Approved staff performing the submission of Form BC4A, including the authorised senior executives, should not be directly involved in trading activities. Members are reminded that the primary responsibility for ensuring the accuracy of the Form BC4A submitted falls on the CEOs of the respective Member firms.
      (viii) Any account number used in position reporting must correspond exactly to the account number reported in Form BC4A. Members are required to ensure all information reported under Form BC4A is complete and accurate as the Exchange relies on these records for its risk management and market surveillance programmes. Due care should be exercised in completing the Form.
      (b) Rule 3.3.18 : Reporting of Open Positions (BC3A)

      A Member shall record, using Form BC3A, a daily report of Open Positions in all accounts at the end of each Trading Day. The Form BC3A shall be submitted to the Exchange in accordance with the operational procedures and timelines set out in Appendix 2. For disclosed Omnibus Accounts, a Member shall report the Open Positions in each sub-account.

      Refer to Appendix 2 of Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.
      (c) Rule 3.3.26 : Computations of Financial and Capital Requirements; and Rule 3.3.27 : Submission of Financial Statements and Other Information to the Exchange

      General Trading Members and Bank Trading Members shall submit financial returns in the format that the Exchange prescribes. The financial returns shall be submitted by the 14th calendar day of each month, or such longer period as the Exchange may allow. Requests for extensions of time shall be submitted to the Exchange at least three (3) Business Days prior to the due date for submission of the monthly financial returns.

      Members shall submit audited financial returns in the forms prescribed herein on an annual basis, pursuant to Rule 3.3.28.
      2.2 Appendices 2 and 2A set out the details of information which a Member shall submit to the Exchange periodically and the manner in which the information is to be submitted.

      Refer to Appendix 2 and Appendix 2A of Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.
      2.3 The Exchange will inform Members by way of Circular, at least five (5) days before implementation, if there are any changes to the timelines stipulated in Appendix 2 and Appendix 2A.

      Refer to Appendix 2 and Appendix 2A of Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.
      2.4 User IDs

      A User ID is issued to a Member to facilitate electronic submission and downloading via the SGX Data Submission System. The User ID is issued only to a director of the Member. The Member shall use the form in Appendix 3 to inform the Exchange of the name of the director. The form shall be signed by two (2) directors. The director who has been issued with the User ID may authorise other employees of the Member to submit files, provided such authorisation is documented and proper procedures are in place.

      Refer to Appendix 3 of Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.

      A Member shall appoint at least two (2) employees as User ID coordinators who shall liaise with the Exchange on matters relating to User ID and IT security.

      A Member shall use the form in Appendix 3A to inform the Exchange of the names of the User ID coordinators and its authorised signatories for submission of forms in Appendices 2 and 3. The detailed responsibilities of the authorised signatories and coordinators are set out below:

      Refer to Appendix 3A of Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.
      (a) AUTHORISED SIGNATORY
      (i) Review and approve requests for access to SGX Data Submission System.
      (ii) Ensure the timely submission of appropriate requests to the Exchange in the event that the director who is issued with the User ID resigns, transfers or changes his duties/functions.
      (iii) Inform the Exchange to revoke the access (e.g. if staff abuses the access granted to him).
      (b) USER ID COORDINATOR
      (i) Submit requests for the application or deletion of User IDs on behalf of the Member using Appendix 3.
      (ii) Act as the liaison to the Exchange for any IT security incidents or activities, such as:
      (A) User ID compromised;
      (B) User ID account lock-out;
      (C) IT security violations; and
      (D) unauthorised changes to critical systems.
      (iii) Assist the Exchange in its Annual IT Security Verification exercise.
      (iv) Update the Exchange on changes pertaining to the following:
      (A) list of User ID coordinators;
      (B) list of authorised signatories; and
      (C) company name or other information.
      (v) Check that all requests in accordance with Appendix 3 are duly completed and properly authorised before submitting to the Exchange.

      3. Late Fees

      3.1 Where a Member fails to submit any information, returns or reports required under the above Rules, within the prescribed time, there shall be imposed upon the Member a late fee of an amount to be prescribed by the Exchange from time to time, unless an extension of time has been granted.
      3.2 Where a Member fails to submit the requisite financial returns within the prescribed time, there shall be imposed upon the Member a late fee for each day that the returns are not submitted and for which an extension of time has not been granted. The late fee shall be set at an amount which the Exchange may prescribe from time to time.
      3.3 A Member shall be required to resubmit any information, returns or reports required under the above Rules and take such other steps as the Exchange may require upon the Exchange's notification that the information, returns or reports are inaccurate or incomplete.

      • Appendix 1 [Appendix has been deleted.]

        Deleted on 14 November 2016.

      • Appendix 2 to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 Financial Statements and Other Information to be Submitted by Members Via SGX Data Submission System

        Please click here to view Appendix 2 to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 Financial Statements and Other Information to be Submitted by Members Via SGX Data Submission System.

        Amended on 1 April 2014, 29 December 2014, 14 November 2016 and 22 April 2019.

      • Appendix 2A to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 List of Email Addresses for Receiving Feedback on Submissions (For SGX Data Submission System)

        Please click here to view Appendix 2A to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 List of Email Addresses for Receiving Feedback on Submissions (For SGX Data Submission System).

        Amended on 1 April 2014, 29 December 2014 and 22 April 2019.

      • Appendix 3 to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 Creation/Deletion of User ID and Reset of Password (For SGX Data Submission System)

        Please click here to view Appendix 3 to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 Creation/Deletion of User ID and Reset of Password (For SGX Data Submission System).

      • Appendix 3A to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 List of Authorised Signatories and User ID Coordinators (For SGX Data Submission System)

        Please click here to view Appendix 3A to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 List of Authorised Signatories and User ID Coordinators (For SGX Data Submission System).