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Chapter 3 Conduct of Members, Approved Traders and Representatives
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Chapter 6 Dispute Resolution and Arbitration
Chapter 7 Adverse Events, Rule Violations and Disciplinary Action
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Regulatory Notice 4.1.11 — Negotiated Large Trades
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  • 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.