Whole Section

  • Regulatory Notice 4.1.11 — Negotiated Large Trades

    Issue Date Cross Reference Enquiries
    Amended on
    1 August 20071 August 2007,
    26 September 200726 September 2007,
    23 January 200823 January 2008,
    31 March 200931 March 2009,
    6 April 20096 April 2009,
    24 June 200924 June 2009,
    7 December 20097 December 2009,
    11 January 201011 January 2010,
    17 June 201017 June 2010,
    14 November 201614 November 2016 and 27 August 201827 August 2018.
    Rule 4.1.11 Please contact:

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

    Please contact Clearing House for operational issues: 6236-5319
    Email address : dcc@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 = 5 lots
      Minimum volume threshold for NK Options = 5 lots

    (a) The following trade will be in accordance with the minimum volume threshold as one (1) of the legs (NK Options Feb 2020 Call 24000) meets the NK Options minimum volume threshold of 5 lots:
     
    Contract Qty Price
    NK Futures Mar 2020 1 lot 23,000
    NK Options Feb 2020 Call 24000 5 lots 240
    NK Options Feb 2020 Put 24000 2 lots 380

    (b) The following trade will also be in accordance with the minimum volume threshold as one (1) of the legs (NK Futures Mar 2020) meets the NK Futures minimum volume threshold of 5 lots:
     
    Contract Qty Price
    NK Futures Mar 2020 5 lots 23,000
    NK Options Feb 2020 Call 24000 3 lots 240
    NK Options Feb 2020 Put 24000 2 lots 380
     
    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]
    3.2.4 For Contracts with an Underlying based on a single security traded on SGX-ST, a Member shall ensure that there shall be no registration of NLTs that were executed during a trading halt or suspension of the Contract due to a trading halt or suspension of the Underlying. Except with SGX-DT’s approval, a Member must not execute any transactions by way of NLTs for a Contract that is subject to such a trading halt or suspension.
    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 20112 May 2011, 6 November 20126 November 2012, 25 February 201325 February 2013, 19 September 201619 September 2016, 14 November 201614 November 2016, 27 August 201827 August 2018, 15 June 202015 June 2020 and 3 August 2020.

    • Appendix A To Regulatory Notice 4.1.11

      MINIMUM VOLUME THRESHOLDS FOR NLTS

      Contract Minimum Volume Threshold (Lots)
      Mini JGB Futures and Options 100
      Mini Nikkei 225 Index Futures 5
      MSCI Singapore Index Futures 50
      MSCI Singapore Index Options 25
      Nikkei 225 Index Futures 5
      Nikkei 225 Index Options 5
      Nikkei Stock Average Dividend Point Index Futures 25
      SGX ARGUS LSFO 0.5%S Singapore Bunker Index Futures 2
      SGX AUD/JPY Futures 50
      SGX AUD/USD Futures 50
      SGX Baltic Panamax 82 Route P2A Futures 2
      SGX Baltic Panamax 82 Route P3A Futures 2
      SGX Baltic Panamax 82 Route P2E Futures 2
      SGX Baltic Panamax Voyage P8 Route Futures 2
      SGX Baltic Capesize Time Charter Average (4 routes) Futures 2
      SGX Baltic Capesize Time Charter Average (5 routes) Futures 2
      SGX Options on Baltic Capesize Time Charter Average (5 routes) Futures 2
      SGX Baltic Capesize Voyage C3 Route Futures 2
      SGX Baltic Capesize Voyage C5 Route Futures Contract 2
      SGX Baltic Capesize Voyage C7 Route Futures 2
      SGX Baltic Handysize Time Charter Average (7 Routes) Futures 2
      SGX Baltic LNG Freight Route BLNG1g (LNG Fuel) Futures 2
      SGX Baltic LNG Freight Route BLNG2g (LNG Fuel) Futures 2
      SGX Baltic LNG Freight Route BLNG3g (LNG Fuel) Futures 2
      SGX Baltic Panamax Time Charter Average (4 Routes) Futures 2
      SGX Options on Baltic Panamax Time Charter Average (4 Routes) Futures Contract 2
      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 2
      SGX Baltic Supramax Time Charter Average (10 routes) Futures 2
      SGX Options on Baltic Supramax Time Charter Average (10 routes) Futures Contract 2
      SGX CNY/SGD Futures 20
      SGX CNY/USD Futures 20
      SGX EUR/CNH Futures 20
      SGX FTSE Asia ex Japan ESG Index Futures 10
      SGX FTSE Asia ex Japan Net Total Return (USD) Index Futures 5
      SGX FTSE Asia ex Japan Index Futures 50
      SGX FTSE Australia Net Total Return (USD) Index Futures 5
      SGX FTSE Blossom Japan Index Futures 10
      SGX FTSE China A50 Index Futures 50
      SGX FTSE China H50 Index Options 20
      SGX FTSE China H50 Index Futures 20
      SGX FTSE Emerging Asia ESG Index Futures 10
      SGX FTSE Emerging ESG Index Futures 10
      SGX FTSE Emerging Market Asia Net Total Return (USD) Index Futures 5
      SGX FTSE Emerging Market Asia Index Futures 50
      SGX FTSE Emerging Market inc Korea Net Total Return (USD) Index Futures 5
      SGX FTSE Emerging Market Index Futures 50
      SGX FTSE Emerging Market Net Total Return (USD) Index Futures 5
      SGX FTSE EPRA Nareit Asia ex Japan Index Futures 10
      SGX FTSE Indonesia Index Futures 50
      SGX FTSE Indonesia Net Total Return (USD) Index Futures 5
      SGX FTSE Japan Net Total Return (USD) Index Futures 5
      SGX FTSE Malaysia Net Total Return (USD) Index Futures 5
      SGX FTSE Malaysia Index Futures 50
      SGX FTSE New Zealand Net Total Return (USD) Index Futures 5
      SGX FTSE Philippines Net Total Return (USD) Index Futures 5
      SGX FTSE Philippines Index Futures 50
      SGX FTSE Saudi Arabia Net Total Return (USD) Index Futures 5
      SGX FTSE Taiwan Net Total Return (USD) Index Futures 5
      SGX FTSE Taiwan Index Futures 5 (effective until January 2021)
      50 (effective from February 2021)
      SGX FTSE Thailand Net Total Return (USD) Index Futures 5
      SGX FTSE Thailand Index Futures 50
      SGX FTSE Vietnam 30 Index Futures 50
      SGX FTSE Vietnam Net Total Return (USD) Index Futures 5
      SGX Hot-Rolled Coil (HRC) Steel CFR ASEAN Index Futures 5
      SGX iEdge S-REIT Leaders Index Futures 10
      SGX ICIS MEG CFR China Futures 2
      SGX ICIS SM CFR China Futures 2
      SGX IHS McCloskey Indonesian 4200kc GAR FOB Thermal Coal Futures 100
      SGX IDR/USD Futures 10
      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 (Full-Sized) Futures 10
      SGX KRW/USD (Mini) 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 Options on MB Iron Ore CFR China (65% Fe Fines) Index Futures Contract 5
      SGX MSCI Singapore Free Net Total Return (USD) Index Futures 10
      SGX MSCI Singapore Net Total Return (USD) Index Futures 10
      SGX MYR/SGD Futures 20
      SGX MYR/USD Futures 10
      SGX Nifty 50 Index Futures 50
      SGX Nifty 50 Index Options 25
      SGX Nifty Bank Index Futures 50
      SGX Nikkei 225 Index Total Return Futures 5
      SGX Nikkei ESG-REIT Index Futures 10
      SGX-NZX Global Whole Milk Powder (WMP) Futures 100
      SGX-NZX Global Whole Milk Powder (WMP) Options 10
      SGX-NZX Global Skim Milk Powder (SMP) Futures 100
      SGX-NZX Global Skim Milk Powder (SMP) Options 10
      SGX-NZX Global Anhydrous Milk Fat (AMF) Futures 50
      SGX-NZX Global Butter (BTR) Futures 50
      SGX-NZX NZ Milk Price (MKP) Futures 15
      SGX-NZX NZ Milk Price (MKP) Options 5
      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 10
      SGX PLATTS Benzene FOB Korea Futures Contract 2
      SGX Platts Benzene-Naphtha Futures 2
      SGX Platts Gasoil FOB Singapore Index Futures 5
      SGX Platts Iron Ore CFR China (Lump Premium) 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 Futures 2
      SGX Platts Methanol CFR China Futures 2
      SGX PLATTS PX CFR China Index Futures 2
      SGX Platts Singapore Fuel Oil 180cst Index Futures 5
      SGX Platts Singapore Fuel Oil 380cst Index Futures 5
      SGX SGD/CNH Futures 20
      SGX SICOM TSR 20 Rubber Options 20
      SGX Singapore Visco Spread Futures 5
      SGX Singapore Single Stock Futures 50
      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 (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 (Full-Sized) Futures 10
      SGX TWD/USD (Mini) Futures 30
      SGX USD/CNH (Full-Sized) Futures 20
      SGX USD/CNH (Mini) Futures 80
      SGX Option on USD/CNH (Full-Sized) Futures 20
      SGX Option on USD/INR (USD) Futures 10
      SGX USD/INR (USD) Futures 10
      SGX USD/JPY Futures (Standard) 20
      SGX USD/JPY Futures (Titan) 20
      SGX USD/SGD (Full-Sized) Futures 10
      SGX USD/SGD (Mini) Futures 30
      SGX USEP Monthly Base Load Electricity Futures 2
      SGX USEP Quarterly Base Load Electricity Futures 2
      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 201016 December 201024 January 201115 February 201116 May 201111 June 201216 July 201225 February 20135 August 201330 September 201321 October 201311 November 201325 November 201316 December 201320 January 201417 February 20143 April 20144 August 201425 August 20141 September 201429 September 201420 October 20142 December 201419 January 20159 February 20159 March 201531 August 201531 August 20155 October 20157 December 201525 January 20161 February 201628 March 201628 March 201629 March 20163 May 20162 June 201611 July 201631 October 20167 November 20165 December 201627 February 201727 March 201722 May 201712 June 201717 July 201717 July 201721 August 201718 September 201718 September 201723 October 201713 November 20175 February 201826 March 20189 April 20189 April 201821 May 20184 June 201825 June 201825 June 201823 July 201823 July 201827 August 201824 September 20183 December 201818 March 201913 May 201927 May 201929 July 201916 September 201921 October 201918 November 20192 December 201913 January 202024 February 202016 March 202018 May 2020, 15 June 2020, 20 July 2020, 3 August 2020, 24 August 2020, 14 September 2020, 1 October 2020, 12 October 2020, 23 November 2020, 25 January 2021, 1 March 2021, 15 March 2021, 1 April 2021, 19 April 2021, 10 May 2021, 14 June 2021, 28 June 2021, 12 July 2021, 2 August 2021, 21 September 2021, 22 November 2021 and 6 December 2021.

    • Appendix B To Regulatory Notice 4.1.11

      MINIMUM TICK SCHEDULE FOR NEGOTIATED LARGE TRADES

       

      Contract Market Tick Size NLT Tick Size
      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 Singapore Index Futures and Options 0.05 index points (S$5) 0.01 index points (S$1)
      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 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 Panamax 82 Route P2A Futures US$1 per day US$1 per day
      SGX Baltic Panamax 82 Route P3A Futures US$1 per day US$1 per day
      SGX Baltic Panamax 82 Route P2E Futures US$1 per day US$1 per day
      SGX Baltic Panamax Voyage P8 Route Futures US$0.01 per metric tonne US$0.01 per metric tonne
      SGX Baltic Capesize Time Charter Average (4 routes) Futures US$1 per day US$1 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 C3 Route Futures US$0.01 per metric tonne US$0.01 per metric tonne
      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 (7 Routes) Futures US$1 per day US$1 per day
      SGX Baltic LNG Freight Route BLNG1g (LNG Fuel) Futures US$1 per day US$1 per day
      SGX Baltic LNG Freight Route BLNG2g (LNG Fuel) Futures US$1 per day US$1 per day
      SGX Baltic LNG Freight Route BLNG3g (LNG Fuel) Futures US$1 per day US$1 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 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)
      SGX EUR/CNH Futures CNH 0.0001 (CNH 10) CNH 0.0001 (CNH 10)
      SGX FTSE Asia ex Japan ESG Index Futures 0.2 index points (US$5) 0.0001 index points (US$0.0025)
      SGX FTSE Asia ex Japan Net Total Return (USD) Index Futures 0.1 index points (US$5) 0.0001 index points (US$0.005)
      SGX FTSE Asia ex Japan Index Futures 0.1 index points (US$5) 0.0001 index points (US$0.005)
      SGX FTSE Australia Net Total Return (USD) Index Futures 0.5 index points (US$5) 0.0001 index points (US$0.001)
      SGX FTSE Blossom Japan Index Futures 0.025 index points (¥1250) 0.0001 index points (¥5)
      SGX FTSE China A50 Index Futures 1 index point (US$1.00) 0.01 index points (US$0.01)
      SGX FTSE China H50 Index Futures 2.5 index points (US$5) 0.01 index points (US$0.02)
      SGX FTSE China H50 Index Options 2.5 index points (US$5) 0.01 index points (US$0.02)
      SGX FTSE Emerging Asia ESG Index Futures 0.2 index points (US$10) 0.0001 index points (US$0.005)
      SGX FTSE Emerging ESG Index Futures 0.2 index points (US$10) 0.0001 index points (US$0.005)
      SGX FTSE Emerging Market Asia Net Total Return (USD) Index Futures 0.1 index points (US$5) 0.0001 index points (US$0.005)
      SGX FTSE Emerging Market Asia Index Futures 0.1 index points (US$10) 0.0001 index points (US$0.01)
      SGX FTSE Emerging Market inc Korea Net Total Return (USD) Index Futures 0.5 index points (US$12.50) 0.0001 index points (US$0.0025)
      SGX FTSE Emerging Market Index Futures 0.1 index points (US$10) 0.01 index points (US$1)
      SGX FTSE Emerging Market Net Total Return (USD) Index Futures 0.05 index points (US$10) 0.0001 index points (US$0.02)
      SGX FTSE EPRA Nareit Asia ex Japan Index Futures 0.5 index points (US$5) 0.5 index points (US$5)
      SGX FTSE Indonesia Index Futures 1 index point (US$5) 0.01 index points (US$0.05)
      SGX FTSE Indonesia Net Total Return (USD) Index Futures 1 index point (US$2) 0.0001 index points (US$0.0002)
      SGX FTSE Japan Net Total Return (USD) Index Futures 0.5 index points (US$12.50) 0.0001 index points (US$0.0025)
      SGX FTSE Malaysia Net Total Return (USD) Index Futures 0.5 index points (US$5) 0.0001 index points (US$0.001)
      SGX FTSE Malaysia Index Futures 0.1 index points (US$5) 0.01 index points (US$0.50)
      SGX FTSE New Zealand Net Total Return (USD) Index Futures 0.5 index points (US$5) 0.0001 index points (US$0.001)
      SGX FTSE Philippines Net Total Return (USD) Index Futures 1 index point (US$2) 0.0001 index points (US$0.0002)
      SGX FTSE Philippines Index Futures 0.2 index points (US$5) 0.01 index points (US$0.25)
      SGX FTSE Saudi Arabia Net Total Return (USD) Index Futures 0.5 index points (US$5) 0.0001 index points (US$0.001)
      SGX FTSE Taiwan Net Total Return (USD) Index Futures 1 index point (US$10) 0.0001 index points (US$0.001)
      SGX FTSE Taiwan Index Futures 0.25 index points (US$10) 0.01 index points (US$0.40)
      SGX FTSE Thailand Net Total Return (USD) Index Futures 1 index point (US$2) 0.0001 index points (US$0.0002)
      SGX FTSE Thailand Index Futures 0.05 index points (US$5) 0.01 index points (US$1)
      SGX FTSE Vietnam 30 Index Futures 1 index point (US$5) 0.01 index points (US$0.05)
      SGX FTSE Vietnam Net Total Return (USD) Index Futures 0.5 index points (US$5) 0.0001 index points (US$0.001)
      SGX Hot-Rolled Coil (HRC) Steel CFR ASEAN Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
      SGX iEdge S-REIT Leaders Index Futures 0.3 index points (SG$7.50) 0.3 index points (SG$7.50)
      SGX ICIS MEG CFR China Futures US$0.01 per metric tonne US$0.01 per metric tonne
      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$15) US$0.0001 per 100,000 IDR (US$1.50)
      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 (Full-Sized) Futures US$0.00005 per 1,000 Korean won (US$6.25) US$0.00001 per 1,000 Korean won (US$1.25)
      SGX KRW/USD (Mini) 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 Options on MB Iron Ore CFR China (65% Fe Fines) Index Futures Contract US$0.01 per metric tonne US$0.01 per metric tonne
      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 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$5) US$0.0001 per 100 MYR (US$0.50)
      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 Nikkei 225 Index Total Return Futures 5 index points (¥2500) 0.01 index points (¥5)
      SGX Nikkei ESG-REIT Index Futures 0.2 index points (¥500) 0.01 index points (¥25)
      SGX-NZX Global Whole Milk Powder (WMP) Futures US$5 per metric tonne US$5 per metric tonne
      SGX-NZX Global Whole Milk Powder (WMP) Options US$0.50 per metric tonne US$0.50 per metric tonne
      SGX-NZX Global Skim Milk Powder (SMP) Futures US$5 per metric tonne US$5 per metric tonne
      SGX-NZX Global Skim Milk Powder (SMP) Options US$0.50 per metric tonne US$0.50 per metric tonne
      SGX-NZX Global Anhydrous Milk Fat (AMF) Futures US$5 per metric tonne US$5 per metric tonne
      SGX-NZX Global Butter (BTR) Futures US$5 per metric tonne US$5 per metric tonne
      SGX-NZX NZ Milk Price (MKP) Futures NZ$0.01 per kgMS(1) (NZ$60) NZ$0.01 per kgMS(1) (NZ$60)
      SGX-NZX NZ Milk Price (MKP) Options NZ$0.01 per kgMS(1) (NZ$60) NZ$0.01 per kgMS(1) (NZ$60)
      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$5) US$0.0001 per 1,000 PHP (US$0.50)
      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 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 Marine Fuel 0.5% FOB Singapore Index Futures US$0.01 per metric tonne US$0.01 per metric tonne
      SGX Platts Methanol CFR China 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 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 Visco Spread Futures US$0.01 per metric tonne US$0.01 per metric tonne
      SGX Singapore Single Stock Futures

      Group 1:
        • AREIT Futures
        • Comfortdelgro Futures
        • Genting Futures
        • Singtel Futures
        • Thai Beverage Futures
        • Wilmar Futures
        • Yangzijiang Shipbldg Futures

      Group 2:
        • DBS Futures
        • Keppel Futures
        • OCBC Futures
        • Top Glove Futures
        • UOB Futures
       


      Group 1: S$0.001







      Group 2: S$0.005


      S$0.0001
      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 (62% Fe Fines) Index Futures US$0.05 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 (Full-Sized) Futures US$0.0005 per 1,000 TW$ (US$1.50) US$0.0001 per 1,000 TW$ (US$0.30)
      SGX TWD/USD (Mini) Futures US$0.0001 per 10 TW$ (US$10) US$0.0001 per 10 TW$ (US$10)
      SGX USD/CNH (Full-Sized) Futures CNH 0.0001 (CNH 10) CNH 0.0001 (CNH 10)
      SGX USD/CNH (Mini) Futures CNH 0.0001 (CNH 2.50) CNH 0.0001 (CNH 2.50)
      SGX Option on USD/CNH (Full-Sized) Futures CNH 0.0001 (CNH 10) CNH 0.0001 (CNH 10)
      SGX USD/INR (USD) Futures US$0.0025 (US$2.50) US$0.0025 (US$2.50)
      SGX Option on USD/INR (USD) Futures 0.0025 (US$2.50) 0.0025 (US$2.50)
      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 (Full-Sized) Futures S$0.00005 (S$5.00) S$0.00005 (S$5.00)
      SGX USD/SGD (Mini) 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)

      Note (1): “kgMS” means “kilogram of milk solids”.

      Amended on 6 December 201016 December 201024 January 201115 February 201111 June 201216 July 201225 February 20135 August 201330 September 201321 October 201311 November 201325 November 201316 December 201320 January 201417 February 20143 April 20144 August 201425 August 20141 September 201429 September 201420 October 20142 December 20145 January 201519 January 20159 February 20159 March 201531 August 201531 August 20155 October 20152 November 20157 December 201525 January 20161 February 201628 March 201628 March 201629 March 20164 April 20163 May 20162 June 20164 July 201611 July 201631 October 201614 November 20165 December 201627 February 201727 March 201722 May 2017 and 12 June 201717 July 201717 July 201721 August 201718 September 201718 September 201723 October 201713 November 20175 February 201826 March 20189 April 20189 April 201821 May 2018,  04 June 2018,  25 June 201825 June 201823 July 201823 July 201824 September 20183 December 201818 March 201913 May 201927 May 201929 July 201916 September 201921 October 201918 November 20192 December 201913 January 202024 February 202016 March 202018 May 202015 June 202020 July 20203 August 202024 August 202014 September 20201 October 20205 October 202012 October 2020, 23 November 2020, 25 January 2021, 1 March 2021, 15 March 2021, 1 April 2021, 19 April 2021, 10 May 2021, 14 June 2021, 12 July 2021, 2 August 2021, 16 September 2021, 22 November 2021 and 6 December 2021.