For every Series of Options traded on SGX-ST, the exercise cut-off time; being the latest time prior to the expiration of such Series at which a Trading Member will accept exercise instructions from customers, shall be not later than 12.30 p.m. on the Expiration Date.

The holder of an unexpired outstanding Option may exercise the Option only through the Trading Member with whom he has the outstanding long position in the Option by submitting an Exercise Notice duly completed and signed by the exercising Option holder.

Subject to Rule 18.9.7, upon the allocation of an Exercise Notice of an Option, the exercise shall take effect as if it were a purchase and sale of the underlying security on SGX-ST and the Rules and Directives of SGX-ST shall thereafter apply to the exercise as if it were a contract for the purchase and sale of the underlying security.

Trading Members shall not accept the lodgement of any Exercise Notice by a customer unless and until the aggregate Premium payable in respect of the Option has been paid in full.

Unless otherwise provided by SGX-ST, the due date for the contract for the purchase and sale of the underlying security upon the exercise of an Option shall be the fourth Market Day after the Exercise Date.