SGX Rulebooks
Link copied to clipboard
SGX-DC Clearing Rules
Appendices
Past version: Effective from 18 May 2020 to 02 Aug 2020

Oil Swaps Contracts

ProductsDubaiBrent / Dubai Crude Oil Spread SwapGasoilKeroseneNaphtha
ContractDubai Crude Oil SwapBrent / Dubai Crude Oil Spread SwapGasoil Swap FOB SingaporeKerosene Swap FOB SingaporeNaphtha Swap FOB SingaporeNaphtha CFR JapanBalance-of-Month Naphtha CFR Japan
Final Settlement PriceArithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.Cash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places.Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.

 

ProductsFuel Oil 180Fuel Oil 380
ContractSingapore Fuel Oil 180cst Swap, 3.5% sulfurSingapore Fuel Oil 380cst Swap, 4% sulfur
Final Settlement PriceArithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

 

ProductsMini Fuel Oil 180 CSTMini Fuel Oil 380 CSTBOM Mini Fuel Oil 180 CSTBOM Mini Fuel Oil 380 CST
ContractMini Singapore Fuel Oil 180 CST Swap, 3.5% SulfurMini Singapore Fuel Oil 380 CST Swap, 4% SulfurBalance-of-Month Mini Singapore Fuel Oil 180cst Swap, 3.5% SulphurBalance-of-Month Mini Singapore Fuel Oil 380cst Swap, 4% Sulphur
Final Settlement PriceArithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.

 

ProductsViscoRegrade
ContractFuel Oil 180cst vs 380cst Swaps DifferentialKerosene vs Gasoil Swaps Differential
Final Settlement PriceFSP of Fuel Oil 180cst Swap minus FSP of Fuel Oil 380cst SwapFSP of Kerosene Swap FOB Singapore minus FSP of Gasoil Swap FOB Singapore

 

ProductPetrochemical Swaps
ContractSGX Platts Benzene-Naphtha SwapSGX Platts Paraxylene-Naphtha SwapSGX PLATTS PX CFR China SwapBenzene FOB Korea SwapsBalance-of-Month BenzeneSGX Platts Methanol CFR China Swap
Final Settlement PriceCash settlement using the arithmetic difference between the Final Settlement Prices of the SGX Platts BZ FOB Korea Swap and the SGX Platts Naphtha CFR Japan Swap, rounded to 3 decimal places.Cash settlement using the arithmetic difference between the Final Settlement Prices of the SGX Platts PX CFR Taiwan/China Swap and the SGX Platts Naphtha CFR Japan Swap, rounded to 3 decimal places.Cash settlement using the arithmetic average of all Platts PX daily spot price assessments in the contract month, rounded to 2 decimal placesCash settlement using the arithmetic average of Platts daily spot 'marker' physical cargo assessments in the contract month, rounded to 3 decimal places.Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot marker physical cargo assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.Cash settlement using the arithmetic average of all Platts Methanol CFR China daily spot price assessments in the expiring month, rounded to two decimal places.

 

ProductsBOM DubaiBOM GasoilBOM KeroseneBOM Fuel Oil 180BOM Fuel Oil 380
ContractBalance-of-month Dubai Crude Oil SwapBalance-of-month Gasoil Swap FOB SingaporeBalance-of-month Kerosene Swap FOB SingaporeBalance-of-month Singapore Fuel Oil 180 cst Swap, 3.5% sulfurBalance-of-month Singapore Fuel Oil 380 cst Swap, 4% sulfur
Final Settlement PriceArithmetic average of the remaining assessments of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

 

ProductGasoline 92Gasoline 95BOM Gasoline 92BOM Gasoline 95
ContractGasoline 92 RON FOB Singapore SwapGasoline 95 RON FOB Singapore SwapBalance-of-Month Gasoline 92 RON FOB Singapore SwapBalance-of-Month Gasoline 95 RON FOB Singapore Swap
Final Settlement PriceCash settlement using arithmetic average of Platts' daily spot assessments in the contract month, rounded to three decimal places.Cash settlement using the arithmetic average of the remaining assessments of Platts' daily spot assessments in the Contract Month (inclusive of the current Business Day), rounded to three decimal places.

 

ProductPetrochemical Swaps
ContractSGX ICIS LLDPE CFR China Swap[deleted]SGX ICIS PP Flat Yarn (Raffia) CFR China Index Swap[deleted]
Final Settlement PriceCash settlement using the arithmetic average of all ICIS spot price assessments in the contract month for the relevant underlying product, rounded to 2 decimal places.

 

ProductDated Brent
ContractDated Brent Swap
Final Settlement PriceCash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places.

 

Product0.5% Sulphur Fuel Oil Singapore
ContractSGX Platts Marine Fuel 0.5% FOB Singapore SwapSGX Argus LSFO 0.5%S Singapore Bunker Swap
Final Settlement PriceArithmetic average of Platts' spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.Arithmetic average of Argus' spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

 

Iron Ore Swap Contracts

ProductsIron Ore Swap
ContractSGX TSI Iron Ore CFR China (62% Fe Fines) SwapSGX MB Iron Ore CFR China (58% FE Fines) SwapSGX TSI Iron Ore CFR China (58% FE Fines) SwapSGX MB Iron Ore CFR China (65% Fe Fines) SwapSGX Platts Iron Ore CFR China (Lump Premium) Swap
Final Settlement PriceCash settlement using the arithmetic average of all The Steel Index (TSI) Iron Ore Fines 62% FE CFR China reference prices in the expiring month, rounded to 2 decimal places.Cash settlement using the arithmetic average of all the aggregate daily values of MBIOI — 58% FE Fines, CFR Qingdao Index and MBIOI — 58% Premium FE Fines, CFR Qingdao Index reference prices, as published by Metal Bulletin, in the expiring contract month, rounded to 2 decimal places.Cash settlement using the arithmetic average of all The Steel Index Iron Ore Fines 58% Fe (Low Alumina) — CFR Qingdao Port Index reference prices in the expiring contract month, rounded to 2 decimal places.Cash settlement using the arithmetic average of all the MBIOI 65% Fe Brazilian Fines, CFR Qingdao Index reference prices in the expiring contract month, rounded to 2 decimal places.Cash settlement using the arithmetic average of all Platts IO Spot Lump Premium 62.5% CFR China Index reference prices in the expiring contract month, rounded to 4 decimal places.

 

ProductIron Ore Option
UnderlyingContractIron Ore Swap
Option Exercise and SettlementEuropean Style: An option will be exercised automatically at expiry only if it is in-the-money.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying Iron Ore Swap minus the strike price, multiplied by the contract size.
Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying Iron Ore Swap, multiplied by the contract size.

 

Freight Forward Contracts: Tanker Voyage Routes

ProductTD3TC4TC 5
ContractTD3 Forward Freight Agreement- ME Gulf-Japan (Ras Tanura - Chiba), 260,000 mtTC4 Forward Freight Agreement- Singapore-Japan (Singapore - Chiba), 30,000 mtTC5 Forward Freight Agreement- Middle East-Japan (Ras Tanura - Yokohama), 50,000 mt
Final Settlement PriceArithmetic average of Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal placesArithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal placesArithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places.

Freight Forward Contracts: Dry Trip Timecharter Routes

ProductP2AP3A
ContractPanamax Route P2A Forward Freight Agreement Skaw/Gibraltar — Far East, re-delivery Taiwan/Japan range. 60/65 daysPanamax Route P3A Forward Freight Agreement Trans Pacific round either via Australia or Pacific, delivery and re-delivery Japan/South Korea range. 35/50 days
Final Settlement PriceArithmetic average of last 7 Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place

 

ProductP2E
ContractPanamax Route P2E Forward Freight Agreement Skaw/Gibraltar — Far East. Entire Month Average
Final Settlement PriceArithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

 

Freight Forward Contracts: Dry Voyage Routes

ProductC3C4[deleted]
ContractCapesize Route C3 Forward Freight Agreement Tubarao/Beilun and Baoshan. 150,000mtCapesize Route C4 Forward Freight Agreement Richards Bay-Rotterdam. 150,000mt[deleted]
Final Settlement PriceArithmetic average of last 7 Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

 

ProductC5C7
ContractCapesize Route C5 Forward Freight Agreement W Australia — Qingdao. 160,000mtCapesize Route C7 Forward Freight Agreement Bolivar-Rotterdam. 150,000mt
Final Settlement PriceArithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

 

Freight Forward Contracts: Dry Timecharter Basket Routes

ProductP8
ContractSGX Baltic Panamax Voyage P8 Route Freight Forward Agreement
Final Settlement PriceArithmetic average of all Baltic Exchange Panamax Route P8 daily spot assessments in the Contract Month rounded to 4 decimal places.

 

Product4CTC5CTC4PTC5PTC6STC10STCHTC
ContractCapesize Time Charter Basket (4 routes)Capesize Time Charter Basket (5 routes)Panamax Time Charter Basket (4 routes)Panamax Time Charter Basket (5 routes)Supramax Time Charter Basket (6 routes)Supramax Time Charter Basket (10 routes)Handysize Time Charter Basket Average 6 Routes
Final Settlement PriceArithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place

 

ProductCapesize Option (4 routes)Capesize Option (5 routes)Panamax Option (4 routes)Panamax Option (5 routes)Supramax Option (6 routes)Supramax Option (10 routes)Handysize Option
Underlying ContractCapesize Time Charter Basket (4 routes)Capesize Time Charter Basket (5 routes)Panamax Time Charter Basket (4 routes)Panamax Time Charter Basket (5 routes)Supramax Time Charter Basket (6 routes)Supramax Time Charter Basket (10 routes)Handysize Time Charter Basket Average 6 Routes
Option Exercise and SettlementEuropean Style: An option will be exercised automatically at expiry only if it is in-the-money.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying FFA minus the strike price, multiplied by the contract size.
Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying FFA, multiplied by the contract size.

 

Container Swap Contracts

 

ProductContainer Swap
ContractShanghai-Europe Route Container SwapShanghai-Mediterranean Container SwapShanghai-US West Coast Container SwapShanghai-US East Coast Container Swap
Final Settlement PriceCash settlement using the arithmetic average of all Shanghai Shipping Exchange's Shanghai Containerized Freight Index (SCFI) weekly spot assessments for the contract month, rounded to 2 decimal places

 

Coal Swap Contracts

ProductCoal Swap
Contract[deleted]SGX IHS McCloskey Indonesian 4200kc GAR FOB Thermal Coal Swaps[deleted]SGX TSI CFR China Premium JM25 Coking Coal SwapSGX TSI FOB Australia Premium Coking Coal Swap[deleted]SGX API 5 FOB Newcastle Coal Swap
Final Settlement Price[deleted]Cash settlement using the arithmetic average of all publications of the IHS McCloskey Indonesian (4200kc GAR) FOB Marker reference prices in the expiring contract month, rounded to 2 decimal places.[deleted]Cash settlement using the arithmetic average of all publications of the relevant index published by TSI in the expiring contract month, rounded to 2 decimal places.Cash settlement using the arithmetic average of all publications of the relevant index published by TSI in the expiring contract month, rounded to 2 decimal places.[deleted]Cash settlement using the arithmetic average of all publications of the API 5 index published in the Argus/McCloskey Coal Price Index Report in the expiring contract month, rounded to 2 decimal places.

 

ProductCoal Option
Underlying ContractCoal Swap
Option Exercise and SettlementEuropean Style: An option will be exercised automatically at expiry only if it is in-the-money.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying contract minus the strike price, multiplied by the contract size. Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying contract, multiplied by the contract size.

 

Steel Swap Contracts

ProductSteel Swap Contracts
ContractSGX Hot-Rolled Coil Steel CFR ASEAN Swap
Final Settlement PriceCash settlement using the arithmetic average of all The Steel Index (TSI) Hot- Rolled Coil (HRC) — ASEAN Imports reference prices in the expiring month, rounded to two decimal places.

[deleted]

[deleted][deleted][deleted][deleted]
[deleted][deleted][deleted][deleted]
[deleted][deleted][deleted][deleted]

Added on 27 March 200627 March 2006 and amended on 1 September 20061 September 2006, 1 March 20071 March 2007,1 August 20071 August 2007, 28 November 200728 November 2007, 5 May 20085 May 2008, 17 April 200917 April 2009, 31 May 201031 May 2010, 3 November 20103 November 2010, 28 February 201128 February 2011, 5 December 20115 December 2011, 1 February 20121 February 2012, 1 March 20121 March 2012, 10 September 201210 September 2012, 26 November 201226 November 2012, 21 October 201321 October 2013, 17 February 201417 February 2014, 4 August 20144 August 2014, 2 December 20142 December 2014, 19 January 201519 January 2015, 9 March 20159 March 2015, 31 August 201531 August 2015, 5 October 20155 October 2015, 7 December 20157 December 2015, 25 January 201625 January 2016, 31 October 201631 October 2016, 27 March 201727 March 2017, 22 May 201722 May 2017, 17 July 201717 July 2017, 18 September 201718 September 2017, 18 September 201718 September 2017, 2 January 20182 January 2018, 9 April 20189 April 2018, 21 May 201821 May 2018, 23 July 201823 July 2018, 3 December 20183 December 2018, 29 July 201929 July 2019, 21 October 201921 October 2019, 18 November 201918 November 2019, 24 February 202024 February 2020 and 18 May 2020.