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11.5.4

For structured warrants:

(a) The no-cancellation range will be the wider of the following:
(i) a lower limit of 20 minimum bid sizes less than the Reference Price, and an upper limit of 20 minimum bid sizes higher than the Reference Price; or
(ii) a lower limit of 75% of the Reference Price, and an upper limit of 125% of the Reference Price.
(b) The Reference Price of the no-cancellation range for structured warrants will be determined as follows:
(i) the average of the last quoted bid price and the last quoted offer price for the structured warrant immediately preceding the Error Trade; or
(ii) the average of the market prices as quoted by at least three Designated Market-Makers of structured warrants. The Designated Market-Makers will be selected randomly by SGX-ST, but will not include any Designated Market-Maker who is involved in the Error Trade that is under review.
(c) Where SGX-ST is of the view that no appropriate or reliable Reference Price is available, SGX-ST will not establish a no-cancellation range for that Error Trade.

Added on 3 June 20193 June 2019.