(a) Orders can be entered, modified or withdrawn in the ready and unit share markets.

(b) The bid (offer) can be higher (lower) than the offer (bid).

(c) No matching of orders.

(d) This phase will end randomly at any time from 08:58 to 08:59 hours.

(a) This phase will begin simultaneously with the end of the Pre-Open Phase, which may be at any time from 08:58 to 08:59 hours.

(aa) No input, amendment and withdrawal of orders.

(b) Orders that can be matched are matched at a single price computed based on an algorithm set by SGX-ST. The computed price will be the opening price for the day.

(c) Unmatched orders are carried forward into the morning trading session.

(a) Orders can be entered, modified or withdrawn in the ready and unit share markets.

(b) The bid (offer) can be higher (lower) than the offer (bid).

(c) No matching of orders.

(d) This phase will end randomly at any time from 12:58 to 12:59 hours.

(a) This phase will begin simultaneously with the end of the Pre-Open Phase, which may be at any time from 12:58 to 12:59 hours.

(b) No input, amendment and withdrawal of orders.

(c) Orders that can be matched are matched at a single price computed based on an algorithm set by SGX-ST. The computed price will be the opening price for the afternoon trading session.

(d) Unmatched orders are carried forward into the afternoon trading session.

(a) The Adjust Phase sets in for 15 minutes. A longer time can be specified.

(b) Orders can be entered, modified or withdrawn for the ready and unit share markets.

(c) The bid (offer) can be higher (lower) than the offer (bid).

(d) Orders that can be matched will be matched at the end of the Adjust Phase at a single price computed based on an algorithm set by SGX-ST before normal trading resumes. Unmatched orders at the end of the Adjust Phase are carried forward into the phase of the market applicable when the Adjust Phase ends.

(a) When the end of the Adjust Phase coincides with the Opening Routine, Mid- Day Break or Closing Routine. In these circumstances, orders entered are carried forward into and matched accordingly in the respective Opening Routine, Mid- Day Break or Closing Routine.

(b) When SGX-ST specifies that the Adjust Phase is to be followed immediately by the Non-Cancel Phase. In these circumstances, a Non-Cancel Phase will begin simultaneously with the end of the Adjust Phase, which may be at any time within a one minute window. Orders are carried forward into the Non-Cancel Phase. Orders that can be matched will be matched at a single price computed based on an algorithm set by SGX-ST before normal trading resumes. Unmatched orders at the end of the Non-Cancel Phase are carried forward into the phase of the market applicable when the Non-Cancel Phase ends.

For illustrative purposes only:



SGX-ST specifies the Adjust Phase is to be followed immediately by a Non-Cancel Phase and further specifies that the Non-Cancel Phase will begin from 10:15h to 10:16h. In this case, the Adjust Phase will end simultaneously with the beginning of the Non-Cancel Phase at any time from 10:15h to 10:16h. Normal trading will begin at 10:17h.

(c) When SGX-ST closes the market or suspends trading pursuant to Rule 8.10.1, at the end of the Adjust Phase.

(1) The Closing Routine is a 6-minute session after trading stops at 17:00 hours for normal day trading, or 12:00 hours for half-day trading. It comprises a Pre-Close Phase and a Non-Cancel Phase.

(2) All unmatched orders are carried forward to the Closing Routine at 17:00 hours (for normal day trading) or 12:00 hours (for half-day trading).

(3) Pre-Close Phase (17:00 to 17:04–05 hours/12:00 to 12:04–05 hours)

(4) Non-Cancel Phase (17:04–05 to 17:06 hours/12:04–05 to 12:06 hours)

(5) This routine is designed to reduce the risk of manipulating closing prices with a single transaction at an unusually high or low price, just before the trading session ends.

(1) The Equilibrium Price is the price that has the largest tradable volume and the lowest imbalance. “Imbalance” refers to the net difference between the cumulative bid volume and cumulative ask volume. See Example 1.

(2) If the highest tradable volume occurs at more than one price the Equilibrium Price is the price with the lowest imbalance. See Example 2.

(2A) If market orders are present and the market order volume on one side exceeds the cumulative order volume on the opposite side there would be a Market Order Surplus. This means that the lowest imbalance occurs at “Market Price”. In this situation, one tick will be added on the side with the Market Order Surplus and that would be the Equilibrium Price. See Example 2A.

(3) If the highest tradable volume and lowest imbalance occur at more than one price (“the price overlap”) the Equilibrium Price is determined by market pressure: Buy (sell) pressure occurs when the cumulative bid (offer) volume is greater than the cumulative offer (bid) volume at a particular price.

(4) If the highest tradable volume and lowest imbalance occur at more than one price and there is both buy and sell pressure or nil pressure within the price overlap, the Equilibrium Price is: See Example 4.