The Markets comprise the SGX-DT Market and such other markets as provided under this Rules from time to time.

Amended on 26 November 200726 November 2007.

This Rules governs the operation of the Markets as contemplated under the Act.

The Contracts listed and traded on the Markets comprise Futures Contracts and Option Contracts as more fully described in Chapter 4.

The Exchange is obligated under the Act to ensure, as far as reasonably practicable, that each Market it operates is fair, orderly and transparent. In connection with this statutory obligation, the Exchange undertakes surveillance, supervision and enforcement actions to ensure compliance with this Rules. In discharging its obligations under the Act, the Exchange cannot act contrary to the interests of the investing public and is required to have particular regard to the interests of the investing public.

The Exchange may take any action or enter into any agreement or arrangement it considers necessary or desirable in furtherance of its regulatory responsibilities under any applicable law or regulation with any Person including, without limitation, MAS, any other exchange, market, clearing house or Partner Market, or any Person which, in the opinion of the Exchange, exercises a legal or regulatory function under any law or regulation.

The Exchange shall not use, distribute, supply, provide, make available, sell or otherwise deal with Confidential Information to or for the benefit of any third party, including any third party who or which by himself or itself or by any director, officer, employee or representative that has, or at any time has had, any trading interests upon the Exchange. "Confidential Information" relates to information which is not in the public domain and includes information pertaining to a Member's Open Positions, Financial Resources, Members' Affairs and User Information.

All confidential information concerning a Member's affairs obtained or received by officials of the Exchange:

(collectively, "Members' Affairs") shall be confidential to such officials of the Exchange. For the avoidance of doubt, nothing in this Rule prohibits the disclosure by the Exchange of the outcome of any disciplinary proceedings or the grounds for a decision of the Disciplinary Committee or Appeals Committee.

Where the Exchange considers it necessary or desirable to use or disseminate any Confidential Information, the Exchange shall seek the prior consent of that Member to such use or dissemination, and shall provide to such Member:

Any Member approached by the Exchange under this Rule may give or withhold its consent to any use or dissemination of its information in its absolute discretion.

Notwithstanding anything to the contrary as set forth above, the Exchange may disclose any information, including Confidential Information concerning or associated with a Member, Approved Trader or Registered Representative (including, without limitation, information concerning any aspect of transactions made on the Markets) in connection with the discharge of its regulatory obligations under the Act or when compelled under applicable laws to do so or pursuant to any cross-border regulatory sharing arrangement subject to its obligation to maintain confidentiality under the Act. To the extent practicable, the Exchange shall use its best endeavors to notify the affected party of such disclosure(s) prior to disclosing the same.

Amended on 25 August 200925 August 2009.

Persons claiming compensation from the fidelity fund under Rule 1.5.1(1)(a) shall do so in accordance with the procedures set forth on the Exchange's website.

Amended on 25 August 200925 August 2009.

Deleted on 24 November 200724 November 2007.

Unless otherwise expressly provided in this Rules or in any other agreements to which the Exchange is a party, none of the Exchange, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.7.4, or their respective directors, officers, employees, representatives or agents shall be liable to any Person for any loss (consequential or otherwise, including, without limitation, loss of profit), damage, injury, or delay, whether direct or indirect, arising from or in connection with the following, or anything done or not done as a direct or indirect consequence of the following:

"Exchange Systems" refers to any pre-trade, trade or post-trade systems, including the Trading System, operated by the Exchange in connection with the Markets. "Partner Market Facilities" refers to any relevant facilities and systems operated by the Exchange or otherwise in connection with the Partner Market.

Amended on 14 November 201614 November 2016, 15 September 201715 September 2017, 3 June 20193 June 2019 and 29 July 2022.

Added on 26 April 201326 April 2013 and amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

As provided under the Act, the Exchange or any Person or entity acting on its behalf, including any person or entity referred to under Rule 1.7.4 and their respective directors, officers, employees, representatives, and agents, shall be immune from any criminal or civil liability for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of, or in connection with, the discharge or purported discharge of its obligations under the Act or this Rules.

Amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

All warranties and conditions, both express and implied as to condition, description, quality, performance, durability, or fitness for the purpose or otherwise of any of the Exchange Systems or Partner Market Facilities, or any component thereof are excluded except as required by law. The Exchange does not warrant or forecast that the Exchange Systems or Partner Market Facilities, any component thereof or any services performed in respect thereof will meet the requirements of any user, or that operation of the Exchange Systems or Partner Market Facilities will be uninterrupted or error-free, or that any services performed in respect of the Exchange Systems or Partner Market Facilities will be uninterrupted or error-free.

Amended on 29 July 2022.

The Exchange, Index Provider and any other party involved in, or related to, making or compiling any index do not guarantee the originality, accuracy or completeness of such indices or any data included therein. Contracts on any index ("Index Contracts") are not sponsored, guaranteed or endorsed by the Index Provider or any other party involved in, or related to, making or compiling such indices. Neither the Index Provider nor any other party involved in, or related to, making or compiling any index makes any representations regarding the advisability of investing in such Index Contracts. Neither the Index Provider nor any other party involved in, or related to, making or compiling any index makes any warranty, express or implied, as to the results to be obtained by any person or any entity from the use of such index or any data included therein. Neither the Index Provider nor any other party involved in, or related to, making or compiling any MSCI Index makes any express or implied warranty, and expressly disclaims all warranties of merchantability and fitness for a particular purpose or use with respect to such index or any data included therein. Without limiting any of the foregoing, in no event shall an Index Provider or any other party involved in, or related to, making or compiling any index have any liability for any direct, special punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. In addition, neither the Exchange, an Index Provider nor any other party involved in, or related to, making or compiling any index shall have any liability for damages, claims, losses or expenses relating to any futures or options contracts that may be caused by any errors or delays in calculating or disseminating such index. "Index Provider" as used herein refers to MSCI, FTSE, IISL, NKS or such other index provider and their respective affiliates with whom the Exchange has or shall enter into agreements with for the creation and exploitation of indices and index-linked products.

Members shall notify Customers of the above exclusion of liability and disclaimer of warranty by the Exchange either by way of inclusion in the contracts granting access to the Markets or Partner Markets, or such other manner as approved by the Exchange.

Amended on 29 July 2022.

This Rules shall operate as a binding contract as contemplated under the Act, between:

Each Member shall be deemed to have agreed to observe and perform the provisions of this Rules in force for the time being, so far as these provisions are applicable to the Exchange or the Member, as the case may be.

A Person who is not a Member has no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any provisions under this Rules.

Amended on 18 January 2022

The Exchange may delegate, assign or grant authority to exercise any of its rights, powers, authorities and discretions under these Rules, including any right to enforce these Rules, to such person or entity as it may determine in its sole discretion, without consent from any Trading Member.

Where these Rules provide that any power, authority or discretion is to be exercised by the Board, the Board may delegate, assign or grant authority to exercise such power, authority or discretion to any person or entity. The Board may authorise a delegate to sub-delegate.

Added on 15 September 201715 September 2017.

SGX RegCo shall have the authority to exercise any rights, powers, authorities and discretions under these Rules, including the right to enforce these Rules. In the exercise of any such rights, powers, authorities and discretions under these Rules, SGX RegCo shall be bound to the same extent as the Exchange in respect of any obligations arising from the exercise of such rights, powers, authorities and discretions.

Added on 15 September 201715 September 2017.

Unless otherwise indicated, the Exchange may waive compliance with this Rules or portion thereof or grant waivers subject to such terms and conditions as it deems fit. All waivers shall be notified to Members via Regulatory Notices or Circulars as the Exchange deems fit.

The Exchange is prohibited from making any amendments to this Rules unless it complies with such requirements as contemplated under the Act. In addition to these requirements, Board approval is required to effect any Rule amendments. These safeguards are designed to promote regulatory transparency and accountability on the part of the Exchange with respect to its rulemaking process and thereby promote investor confidence in the Markets.

Any amendment to this Rules shall not come into force unless the prescribed time periods as contemplated under the Act are met and a Circular announcing the effective date of the revised Rules is issued by the Exchange.

Notwithstanding anything to the contrary as set forth above, the Exchange may effect Rule amendments in such manner as directed by MAS or pursuant to the Act or other applicable laws.

The Exchange may, from time to time, issue Directives, Regulatory Notices or Practice Notes to supplement this Rules or to provide guidance on the interpretation or application of this Rules.

Directives, Regulatory Notices and Practice Notes may only be used in the manner and for such purposes as expressly contemplated under this Rules. "Directives" are binding notices directing Members to take corrective or other actions in the interests of a fair, orderly and transparent market or to address investor protection concerns. "Regulatory Notices" are binding notices issued by the Exchange regarding regulatory matters pertaining to the Markets and Partner Markets. "Practice Notes" are guidelines that seek to explain the application and interpretation of a Rule. Practice Notes do not bind the Exchange in the application of a Rule.

Amended on 29 July 2022.

The order of precedence in the construction and interpretation of the various legislative and quasi-legislative instruments governing the Markets and their participants shall be, in descending order of precedence, as follows:

In the event of a conflict between any provision in the aforesaid instruments the provisions contained in the instrument at a higher precedence level shall prevail.

This Rules is governed by the laws of Singapore. Save as provided in Chapter 6 of this Rules, the courts of Singapore shall have exclusive jurisdiction to determine any dispute arising from or in connection with this Rules.

This Rules shall take effect on the Effective Date.

The Exchange may, from time to time, publish transitional arrangements in relation to this Rules.

The floor trading rules in the Old Rules shall continue to apply to the extent that floor trading is still available for discrete Contracts on the Effective Date. With respect to generic, non-floor specific rules, in the event of a conflict between this Rules and the Old Rules, this Rules shall prevail. "Old Rules" refers to the collection of rules applicable to the Markets and commonly referred to as the "DT Rules" that were in force before this Rules came into effect.

The rescission of the Old Rules shall not impair, modify or discontinue the status, operation or effect of any act or omission under the Old Rules.

A Member or Customer may access the Trading System via:

"OMS" refers to an order management system through which orders are routed to the Trading System. "Exchange-approved OMS" refers to an OMS that has passed conformance testing and meets appropriate technical specifications as required by the Exchange.

Amended on 15 March 201315 March 2013 and 14 November 201614 November 2016.

Amended on 15 March 201315 March 2013 and 14 November 201614 November 2016.

For the purpose of this Rule 2.1.2A, "recognised regulatory authority" refers to a signatory to the International Organization of Securities Commissions' Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information, and "regulated activity" shall have the same meaning as in the Act.

Added on 15 March 201315 March 2013 and Amended on 18 January 2022.

Added on 15 March 201315 March 2013.

The Exchange or its related corporations may provide access facilities to enable Persons to execute trades on contracts listed on a Partner Market. Such Persons accessing the Partner Market are required to comply with this Rules as well as applicable rules, laws and regulations governing trading in the Partner Market.

Amended on 14 November 201614 November 2016 and 29 July 2022.

Refer to Regulatory Notice 2.1.3A(4); 4.1.11.

Added on 29 July 2022.

Amended on 1 April 20141 April 2014.

Membership shall:

There are 2 classes of Trading Members:

A Trading Member shall observe this Rules and any requirements as prescribed by the Exchange from time to time.

Amended on 25 August 200925 August 2009.

To the extent that a Clearing Member has trading privileges, it is required to observe this Rules, the Clearing Rules and any requirements as prescribed by the Exchange or the Clearing House from time to time.

A Dual Membership entitles a Member to certain Membership privileges and subjects it to certain additional Membership obligations as set out in the applicable rules, including this Rules, the Clearing Rules, the CDP Clearing Rules and the Securities Rules. A "Dual Member" refers to a Member of more than one (1) Approved Exchange or more than one (1) Designated Clearing House owned by the Singapore Exchange Limited, as the case may be.

The Exchange reserves the right to confer the distinction of Honorary Member to any person who has made a significant contribution to the promotion and development of a Market or Markets.

To be eligible for admission as a Member, an applicant shall satisfy the Exchange of its ability to satisfy the following requirements, where relevant, both at the time of admission as well as on a continuous basis until the termination of the Membership:

Amended on 25 August 200925 August 2009.

The following requirements apply in relation to membership in other exchanges:

Amended on 24 January 201124 January 2011.

A General Trading Member and its employees and agents are required to procure and maintain the requisite licence(s) and registration(s) with the Relevant Regulatory Authority to conduct regulated activities. The General Trading Member and its employees and agents shall independently satisfy such licensing and registration requirements as follows:

Amended on 25 August 200925 August 2009, 29 November 201029 November 2010, 1 April 20141 April 2014 and 18 January 2022.

A Bank Trading Member is required to satisfy the Exchange that it, or its parent bank, has obtained a credit rating that indicates, at least, adequate intrinsic safety and soundness, excluding external credit support, and a limited ability to withstand adverse business or economic conditions from any rating agency registered with an appropriate authority.

Added on 25 August 200925 August 2009 and amended on 26 April 201326 April 2013.

Upon admission as a Bank Trading Member, if there is any downgrade in the rating of the Bank Trading Member or its parent bank such that it falls below the minimum prescribed rating, the Exchange may, at its discretion, impose additional conditions as it deems fit, for permitting the Bank Trading Member to continue its trading activities as a Bank Trading Member.

Added on 25 August 200925 August 2009.

A Member is required to comply with the financial requirements set forth in Rule 2.5, including, where applicable, requirements for Base Capital, Net Head Office Funds, Adjusted Net Head Office Funds, Financial Resources and Aggregate Resources. "Financial Resources", "Base Capital", "Net Head Office Funds", "Adjusted Net Head Office Funds", "Total Risk Requirement", "Aggregate Indebtedness", and "Aggregate Resources" shall have the meanings ascribed to them under Chapter 8 of this Rules.

Amended on 25 August 200925 August 2009, 1 April 20141 April 2014 and 22 April 201922 April 2019.

The following requirements apply in relation to Trading Members:

Amended on 25 August 200925 August 2009, 1 April 20141 April 2014 and 22 April 201922 April 2019.

Deleted on 25 August 200925 August 2009.

The Exchange or the Clearing House may from time to time prescribe additional financial and capital requirements for any Member or category or group of Members. Without limiting the foregoing, the Exchange may prescribe with respect to particular Members, capital, financial and other requirements in excess of the requirements prescribed under the Act, relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities, or this Rules with respect to volume, risk exposure of positions carried, risk concentration, margin policies, nature of business conducted or to be conducted, their memberships in any exchange or market, and such other matters as deemed fit by the Exchange.

Amended on 1 April 20141 April 2014.

In the calculation of Financial Resources, a corporate Member may include Qualifying Subordinated Loan(s), subject to such conditions and restrictions as prescribed under the Financial and Margin Regulations and in such form as prescribed by the Exchange or the Clearing House.*

* Refer to Annex A — Deed of Subordination (Term Loan)Annex A — Deed of Subordination (Term Loan) and Annex B — Deed of Subordination (Revolving Credit Facility)Annex B — Deed of Subordination (Revolving Credit Facility).

Amended on 25 August 200925 August 2009, 7 February 20147 February 2014 and 29 December 201429 December 2014.

The following requirements apply in relation to material changes to Financial Resources or Adjusted Net Head Office Funds:

Amended on 25 August 200925 August 2009 and 22 April 201922 April 2019.

The following requirements apply in relation to material changes to the Base Capital requirements specified in Rule 2.5.2(b1):

Added on 1 April 20141 April 2014 and amended on 22 April 201922 April 2019.

The following requirements apply in relation to material changes to the capital and financial requirements specified in Rule 2.5.2(c):

Added on 22 April 201922 April 2019.

The following additional financial requirements apply to General Trading Members:

Amended on 25 August 200925 August 2009, 1 April 20141 April 2014 and 29 December 201429 December 2014.

A Member shall comply with such technical, operational, information technology, security, risk management and other requirements or restrictions as specified in this Rule 2.6 or as prescribed by the Exchange from time to time.

A Member shall have security arrangements in place to ensure that unauthorised persons are denied access to the Markets.

Amended on 15 March 201315 March 2013.

A Member must ensure that its systems and connections to the Markets operate properly, and have adequate and scalable capacity to accommodate trading volume levels.

Refer to Regulatory Notice 2.6.2A.

Added on 15 March 201315 March 2013.

Amended on 15 March 201315 March 2013, 14 November 201614 November 2016 and 29 July 2022.

A Member is required to:—

Refer to Regulatory Notice 2.6.4.

Amended on 15 March 201315 March 2013 and 1 April 20141 April 2014.

A corporate Member shall comply with such accounting, reporting and book-keeping requirements as prescribed by the Exchange from time to time.

The following requirements apply:

Added on 22 January 200922 January 2009 and amended on 1 April 20141 April 2014.

A corporate Member shall demonstrate to the reasonable satisfaction of the Exchange that it employs and appoints fit and proper persons* as:

* The Exchange shall evaluate "Fit and proper" criteria in this Rule 2.7.1 in a manner similar to the MAS Guidelines on Fit and Proper Criteria.

A corporate General Trading Member shall procure the prior approval of the Exchange with respect to the appointment of its chief executive officer and deputy chief executive officer.

Amended on 25 August 200925 August 2009.

A Bank Trading Member shall notify the Exchange at least seven (7) days prior to the appointment of its chief executive officer or deputy chief executive officer.

Added on 25 August 200925 August 2009.

Deleted on 15 March 201315 March 2013.

Deleted on 15 March 201315 March 2013.

Deleted on 15 March 201315 March 2013.

Deleted on 15 March 201315 March 2013.

Deleted on 15 March 201315 March 2013.

Deleted on 15 March 201315 March 2013.

Deleted on 15 March 201315 March 2013.

Deleted on 15 March 201315 March 2013.

Deleted on 15 March 201315 March 2013.

The Exchange shall maintain a register of all Members (the "Register"). The names of Members on the Register which are undertaking Agency Trades or clearing activities shall be available for public inspection. Members on the Register may refer to themselves as "Members of SGX-DT Limited".

Amended on 25 August 200925 August 2009.

Deleted on 25 August 200925 August 2009.

All trades executed on the Markets shall be cleared exclusively by the Clearing House through a Clearing Member pursuant to the Clearing Rules. A Trading Member shall be required to have the requisite clearing arrangement with a Clearing Member.

If a Clearing Member notifies the Exchange that it has suspended or revoked its clearing arrangement with a Trading Member, such Trading Member shall be denied trading access to the Trading System until its clearing arrangement is reinstated with a Clearing Member.

Amended on 14 November 201614 November 2016.

An application for Membership shall be made to the Exchange in writing and the applicant shall pay the requisite fees prior to admission as a Member. The Exchange may require from the applicant such information, and may institute such investigation to verify information submitted by the applicant, as it deems fit. The Exchange may require the applicant, or one (1) or more representatives of the applicant, to attend an interview by the Exchange.

Save for individual Trading Members, the Exchange shall publish from time to time the names of successful applicants for Membership by means of a Circular or such other means as the Exchange may determine.

If the Exchange is of the view that the requirements for admission are not met or that the applicant is otherwise not fit for Membership, the Exchange is entitled to reject the application for Membership.

A Member shall be deemed to have elected domicile at the address stated by it in its application or at the last address subsequently specifically notified by it in writing to the Exchange, as the case may be.

The Exchange may, from time to time, impose fees, levies and charges to be paid by Members on such terms as the Exchange may prescribe. The Exchange shall give notice of any changes to fees, levies and charges by means of a Circular or by posting a schedule of fees, levies and charges on the Exchange's website.

A Member which fails to pay any fees, levies or charges within thirty (30) days of such fees, levies or charges becoming payable shall be notified in writing by the Exchange of such arrears ("Arrears Notice"). Late interest charges at the prevailing interest rate may be imposed by the Exchange on late payments by Members.

If the arrears are not paid by the Member within ten (10) days of the date of dispatch of an Arrears Notice, the Exchange may suspend Membership rights until all monies for the time being owed by it to the Exchange, together with any other sums that shall accrue due and payable by it and remain unpaid during the period of suspension, have been paid.

A Member shall register with the Exchange any person acting on its behalf as an Approved Trader or a Registered Representative. To qualify for registration with the Exchange as an Approved Trader or Registered Representative, each applicant:

* The Exchange shall evaluate "fit and proper" criteria in this Rule 2.13.1 in a manner similar to the MAS Guidelines on Fit and Proper Criteria.

Amended on 8 August 20088 August 2008, 25 August 200925 August 2009, 29 November 201029 November 2010 and 1 April 20141 April 2014.

In approving an application to be an Approved Trader or a Registered Representative, the Exchange may consult the Relevant Regulatory Authority.

Added on 1 April 20141 April 2014.

Every Approved Trader shall be required to register with the Exchange before he acts or holds himself out as having the authority to execute trades on the Markets for:

For the avoidance of doubt, an Approved Trader shall not hold himself out as a sales representative of the respective Member or undertake any activities of a Registered Representative unless he is so registered with the Exchange as contemplated under this Rules.

Every Registered Representative shall be required to register with the Exchange before he acts or holds himself out as a sales representative of the respective Member. A Registered Representative shall not act or hold himself out as having the authority to execute trades on the Markets, unless he is registered as an Approved Trader with the Exchange as contemplated under this Rules. Upon being registered as a Registered Representative with the Exchange, a Registered Representative may, in the name of such Member:

Amended on 29 November 201029 November 2010 and 1 April 20141 April 2014.

The Exchange shall maintain a register of Approved Traders and Registered Representatives.

Approved Traders and Registered Representatives are required to comply with the relevant provisions and other safeguards as prescribed under the Act, this Rules and applicable laws.

A Member shall immediately notify the Exchange if:

The Exchange may terminate the registration of an Approved Trader or a Registered Representation upon notification under Rule 2.13.6(ab) The registration of an Approved Trader or a Registered Representative shall automatically lapse upon such other notification under Rule 2.13.6, or the cessation of his sponsoring Member's Membership.

Amended on 25 August 200925 August 2009, 29 November 201029 November 2010 and 1 April 20141 April 2014.

Notwithstanding and without prejudice to the powers of the Appeals Committee or the Disciplinary Committee, the Exchange may suspend in whole or in part the privileges of any Approved Trader or a Registered Representative for a period of up to one (1) year upon the occurrence of any of the following events:

Amended on 25 August 200925 August 2009, 29 November 201029 November 2010 and 1 April 20141 April 2014.

A Member shall immediately notify the Exchange upon the occurrence of any of the events in Rule 2.13.7(c), (d), (e), (f) and (fa).

Added on 25 August 200925 August 2009 and amended on 29 November 201029 November 2010.

A Member is responsible for all trades done through it. A corporate Member is responsible for the conduct and execution of trades by its Approved Traders and Registered Representatives and shall monitor and ensure that its Approved Traders and Registered Representatives comply with this Rules. For the avoidance of doubt, the Exchange retains disciplinary and supervisory authority over Approved Traders and Registered Representatives as contemplated in this Rules and applicable laws.

A Member shall submit an application to register a person as an Approved Trader or a Registered Representative in such form as the Exchange may prescribe from time to time. The Exchange may require from the Member or the prospective Approved Trader or Registered Representative such information, and may institute such investigation to verify information submitted by the Member or the prospective Approved Trader or Registered Representative, as it deems necessary. Registration as an Approved Trader or a Registered Representative of the Member takes effect upon the grant of approval by the Exchange.

Unless otherwise provided in this Rules, a corporate Member shall notify, or, where practicable, pre-notify, the Exchange in writing of any Change of Control. "Change of Control" refers to:

Amended on 25 August 200925 August 2009 and 18 January 2022.

Upon receipt by the Exchange of any notice of Change of Control from a corporate Member the Exchange shall review the suitability of that Member for Membership in the Exchange. The Exchange may require that Member to furnish such additional information as the Exchange may from time to time consider material in the course of such review.

If, upon completion of the review referred to in Rule 2.14.2, the Exchange is not satisfied that the corporate Member continues to satisfy the applicable criteria for Membership set forth in Rule 2.3, it may suspend the rights of the corporate Member for up to a period of one (1) year.

Refer to Exchange's obligation to refer a suspended Member, Approved Trader or Registered Representative to the Disciplinary Committee within 14 days under Rule 7.2.5.

The following requirements apply in relation to a Member's suspension or resignation:

Notwithstanding and without prejudice to the powers of the Appeals Committee and the Disciplinary Committee, the Exchange may suspend in whole or in part a Member's trading privileges for up to a period of one (1) year upon the occurrence of any of the following events:

The Exchange shall have the power to terminate any Membership upon the occurrence of any of the following events:

Amended on 25 August 200925 August 2009, 16 July 201216 July 2012, 1 April 20141 April 2014 and 18 January 2022.

In the event of suspension or termination of trading privileges, the Exchange may direct the affected Member to Close Out any Open Positions or take such other steps that the Exchange deems fit for the protection of Customers or the maintenance of a fair, orderly and transparent market. The affected Member shall cooperate fully with the Exchange with respect to such directions. A suspension or termination of trading privileges does not in any way affect the liabilities of the Member to the Exchange and other Members and all such liabilities shall subsist until satisfied or discharged.

A Member which ceases to be a Member shall remain subject to this Rules and to the jurisdiction of the Exchange in respect of acts and omissions while it was a Member and in respect of any investigation or disciplinary proceedings relating thereto (including the application of any Sanction imposed) as if it was a Member.

The Exchange shall promptly inform the Clearing House of the resignation, termination or suspension, as well as of the lifting of such suspension, of the Membership of any Member.

This Chapter is targeted at the ongoing obligations of Members, Approved Traders and Registered Representatives upon admission to or registration with the Exchange. This Chapter is divided into three (3) main parts: (a) duties applicable to all Members, Approved Traders and Registered Representatives; (b) duties applicable to Members engaging in Agency Trades and their Approved Traders and Registered Representatives; and (c) trading practices. The obligations of Members, Approved Traders and Registered Representatives are more onerous when a Member undertakes Agency Trades and handles Customer monies as opposed to when it engages solely in House Trades.

When trading on the Markets, Members, Approved Traders and Registered Representatives are required to:

A corporate Member shall ensure that its memorandum and articles of association or its constitutive documents conform to this Rules so as to enable that Member to perform the obligations, terms and covenants contemplated in this Rules. A corporate Member shall amend its memorandum and articles of association or its constitutive documents to the extent necessary to ensure consistency with this Rule 3.2.2.

Without prejudice to Rule 2.14.1, a Member shall immediately inform the Exchange in writing of:

Each Member shall comply with such reporting and/or other requirements pertaining to specific Contracts as may be prescribed by the Exchange from time to time.

Refer to Regulatory Notice 3.2.3A.

Added on 22 November 2021.

A Member shall inform the Exchange in writing immediately if the Member, or any of its Approved Traders, Registered Representatives, directors, officers or employees, as the case may be:

The reporting obligations under this Rule 3.2.4 apply whenever any of the abovementioned events occurs, or threatens to occur.

Amended on 1 April 20141 April 2014.

A Member may carry on its business on any market, unless the carrying-on of such business on such market has been prohibited by the Exchange. The Member shall fully comply with the prevailing constitution, rules, by-laws, regulations, customs and practices of such other markets.

A Trading Member shall promptly settle all margin liabilities owed to its sponsoring Clearing Member.

A Member shall not be permitted to carry a speculative long position and a speculative short position for the same legal and beneficial owner in the same Contract, as well as in the same Connect Contract, for the same Contract Month.

Amended on 29 July 2022.

A Member, Approved Trader and Registered Representative shall ensure that any advertising, market letters or similar information that they issue, in the form and context in which such advertisements, market letters or similar information appear or are used:

If the Exchange finds any advertising, market letters or similar information issued by a Member, Approved Trader or Registered Representative to be in contravention of this Rule 3.2.8, it may require all such prospective advertising, market letters or similar information issued by that Member, Approved Trader or Registered Representative to be submitted to the Exchange for approval prior to release.

A General Trading Member that holds a licence specified in Rule 2.4.1(b) shall not direct any advertising, market letters or similar information to deal in securities or Futures Contracts on the Exchange to customers domiciled in Singapore or to the extent that it may be acted upon by persons in Singapore.

Amended on 29 November 201029 November 2010 and 1 April 20141 April 2014.

A Member which undertakes Agency Trades shall comply with the following additional obligations.

A Customer Account shall be identified and designated by the full name of the Customer and an account code. Prior to opening a Customer Account, a Member shall satisfy itself that it has:

in a manner consistent with industry best practices on know-your-customer requirements.

Refer to Regulatory Notice 3.3.1.

At least one (1) management staff, or a management staff of a Related Corporation of that Member charged with the account approval function, is required to approve the opening of a Customer Account. Such management staff shall be independent of the Member's sales and dealing functions. The management staff's approval shall be in writing, maintained as a permanent record and obtained prior to the execution of the first trade of the Customer in that account.

Amended on 25 August 200925 August 2009, 16 July 201216 July 2012, 1 April 20141 April 2014, 22 November 2021 and 18 January 2022.

A Member shall execute orders only upon receipt of instructions from a Customer which has opened accounts with the Member. Unless otherwise authorised by a Customer, the Member shall communicate solely with that Customer in respect of statements, contract notes, or any other information relating to the activities of that Customer. The Member shall obtain a power of attorney or proper written authorisation from its Customer before:

Save for Accredited Investors, a Member shall provide its Internet Trading Customers with adequate information, guidance and training with respect to the following matters:

With respect to Accredited Investors, a Member's obligation relates solely to the provision of adequate information, guidance and training in relation to prohibited trading practices.

Refer to Practice Note 3.3.5.

Amended on 15 March 201315 March 2013.

Other than orders made via Internet Trading by Customers, a Member may only accept orders on behalf of Customers through its Registered Representatives.

Amended on 15 March 201315 March 2013.

A Member or a Registered Representative shall not accept orders from a Customer for contracts without causing such orders to be executed on the relevant markets and in accordance with the rules applicable to such markets. An Approved Trader shall execute such orders in accordance with the rules applicable to such markets.

Refer to Regulatory Notice 3.3.8.

Amended on 1 April 20141 April 2014.

A Member must have in place controls to prevent unauthorised changes to order information entered into the Trading System.

Added on 15 March 201315 March 2013 and 14 November 201614 November 2016.

Amended on 1 April 20141 April 2014.

Subject to Rule 3.3.10(b)(ii), the following requirements apply in relation to a Member's fiduciary obligations to its Customers:

"Customer" as used in this Rule 3.3.10 in relation to a General Trading Member that holds a licence to engage in a Regulated Activity and a Bank Trading Member does not include: (a) a director, officer, employee, Approved Trader or Registered Representative of the Member; or (b) an Affiliate of the Member.

Amended on 1 April 20141 April 2014 and 2 May 20162 May 2016.

Unless otherwise approved by the Exchange, a Member shall not trade, accept any Customer's monies or assets, or solicit any new orders after the Member's insolvency.

Margins payable by a Clearing Member to the Clearing House shall be governed by the Clearing Rules. For margins applicable to Customers, margin calls and related matters, the following requirements apply:

Refer to Regulatory Notice 3.3.12

Amended on 1 April 20141 April 2014, 25 January 201725 January 2017, 18 January 2022 and 29 July 2022.

Deleted on 25 January 201725 January 2017.

Notwithstanding Rule 3.3.12, a Member may grant margin credit at a rate not exceeding that which is prescribed by the Clearing House, to a Customer which holds long and short positions on futures contracts (on the same underlying) which are traded on the Exchange and another exchange, to the extent that the risk on the position in one (1) exchange is set-off against another ("Inter-exchange Cross Margining") if the following conditions are satisfied:

For the avoidance of doubt, Inter-exchange Cross Margining is not allowed for positions carried in Customer Accounts opened with different Members.

Amended on 1 April 20141 April 2014 and 22 April 201922 April 2019.

The following requirements apply in relation to the transfer of error trades:

Amended on 2 May 20162 May 2016.

A Member may enter into a give-up arrangement with a Customer and an accepting Clearing Member, provided that such arrangement is supported by a duly executed give-up agreement. If an executed trade is not successfully given up to and accepted by the accepting Clearing Member by the end of the Trading Day following the trade date (T+1), the Member shall transfer the give-up trade to a designated account meant for unsuccessful give-up trades. This designated account shall be a House Account, or such other account as the Exchange may permit. The Member shall conduct regular reviews and take action to clear the designated account.

Refer to Regulatory Notice 3.3.16.

Amended on 2 May 20162 May 2016.

A Member must maintain separate accounts for each Person whose account is carried on the books of the Member.

Added on 26 April 201326 April 2013.

A Member shall submit to the Clearing House, in the manner as prescribed from time to time, the identities of the owners or controlling parties of any House Account or Customer Account which:

Refer to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.

"Customer Account" as used in this Rule 3.3.17 does not include an account owned by: (a) a director, officer, employee, Approved Trader or Registered Representative of the Member; or (b) an Affiliate of the Member. "House Account" as used in this Rule 3.3.17, is an account which is not a Customer Account as defined in this Rule 3.3.17.

Amended on 2 May 20162 May 2016.

The following requirements apply in relation to the reporting of Open Positions:

A Member may carry Omnibus Accounts subject to such requirements and procedures as the Exchange may prescribe from time to time.

The Exchange may place limitations on a Member carrying Omnibus Accounts depending on:

1. the number of Omnibus Accounts carried and volume of business of the Member; and
2. the financial condition of the Member and the Omnibus Account holders in light of requirements or standards determined by the Exchange. A Member that carries Omnibus Accounts shall ensure that the Omnibus Accounts are operated at all times in accordance with this Rules including the relevant rules on position limits and position accountability, and shall, without prejudice to any other liability it may incur, indemnify the Exchange in relation to any claim referable to such violation.

Amended on 3 August 2020.

An Omnibus Account holder shall at all times disclose to the Member carrying that account the gross long and short positions held in that Omnibus Account in each contract. Such Member shall immediately notify the Exchange and shall promptly comply with all orders of the Exchange if the Omnibus Account holder fails to make such disclosure. A Member that carries Omnibus Accounts shall ensure that its Omnibus Account holders are aware of this Rule.

A Member shall be required to produce a complete audit trail of transactions, from the receipt of an order to its settlement, when so requested by the Exchange.

Refer to Regulatory Notice 2.6.4.

A Member shall ensure that data and records are:

Amended on 1 April 20141 April 2014 and 18 January 2022.

The following requirements apply in relation to the maintenance of a register of securities for Members, Registered Representatives and Approved Traders executing Agency Trades, except for General Trading Members that holds a licence specified in Rule 2.4.1(b) and their Registered Representatives and Approved Traders, that deal in Contracts that are classified as securities under the Act:

Added on 16 July 201216 July 2012 and amended on 1 April 20141 April 2014 and 18 January 2022.

A Member shall comply with all information technology and data security requirements the Exchange may prescribe from time to time including installing measures to prevent tampering of data and records.

A Member shall issue unique identification tags and passwords to Customers and Approved Traders which have access to the Trading System through that Member.

Amended on 14 November 201614 November 2016.

A Member shall make and keep as a record, formal computations of its financial and capital requirements. The computations shall be in such form as the Exchange may prescribe and be submitted to the Exchange within such time as stipulated by the Exchange.

Refer to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.

The Exchange may at any time require a Member to submit to the Exchange financial statements or other information in such form and pertaining to such matters and within such time as stipulated by the Exchange. The Member shall thereafter comply with such directions as the Exchange may in its sole discretion issue.

Refer to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27.

The following requirements apply in relation to auditor certification of a Member's accounts:

Amended on 25 August 200925 August 2009, 1 April 20141 April 2014 and 22 April 201922 April 2019.

A Member shall cause the external auditor referred to in Rule 3.3.28 to immediately report to the Exchange if:

Amended on 1 April 20141 April 2014.

Amended on 25 August 200925 August 2009 and 1 April 20141 April 2014.

Unless approved by the Exchange, a General Trading Member that holds a licence to engage in a Regulated Activity and its Foreign Branches shall not act as guarantors or furnish a guarantee for the benefit of any Person, including a Related Corporation of such Member. For the avoidance of doubt, this prohibition does not apply to a Clearing Member's obligation to guarantee all trades to the Clearing House.

A General Trading Member that holds a licence specified in Rule 2.4.1(b) shall notify the Exchange immediately if it acts as guarantors or furnish a guarantee for the benefit of any Person, including a Related Corporation of such Member and such activity has or may have a financial or capital impact on the Trading Member and required to be reported to the Relevant Regulatory Authority.

Amended on 25 August 200925 August 2009 and 1 April 20141 April 2014.

A General Trading Member licensed under the Act shall satisfy the following requirements prior to opening an overseas branch (the "Foreign Branch") and on a continuous basis:

Amended on 25 August 200925 August 2009 and 29 December 201429 December 2014.

The following Rules shall not apply to a Trading Member that holds a licence specified in Rule 2.4.1(b).

A Trading Member that holds a licence specified in Rule 2.4.1(b) shall comply with such requirements established by the Relevant Regulatory Authority, if any, and principles of good business practice in relation to the areas set out in Rule 3.3.33.

Added on 1 April 20141 April 2014.

Market manipulation, market rigging and other forms of trading misconduct set forth in the Act distort the operation of a fair, orderly and transparent market and are serious offences. A Member, Approved Trader or Registered Representative shall at all times observe the trading practices and conduct rules set forth in the Act and this Rules.

A Member, Approved Trader or Registered Representative shall not manipulate or attempt to manipulate the price of a contract or of any underlying, or corner, or attempt to corner, any underlying.

A Member, Approved Trader or Registered Representative is prohibited from churning or generating commissions through creating excessive transactions in a Customer's Account.

A Member, Approved Trader or Registered Representative shall not:

A Member must have in place processes to review orders and trades for the purpose of detecting suspicious trading behaviour.

Refer to Practice Note 3.4.3A.

Added on 15 March 201315 March 2013.

A Member, Approved Trader or Registered Representative shall immediately inform the Exchange if it reasonably suspects, or knows of, any commission or attempted commission of the acts prohibited under Rules 3.4.1, 3.4.2 and 3.4.3.

A Member, Approved Trader or Registered Representative shall not disseminate false or misleading reports concerning market information or conditions that may affect the price of any contract, if the Member, Approved Trader or Registered Representative:

This prohibition includes circulation or aiding in the circulation in any manner of rumours which cast doubt on the integrity of any contract or underlying.

A Member, Approved Trader or Registered Representative shall not:

A Member, Approved Trader or Registered Representative shall not disclose an order to any Person, except to the following for official purposes:

A Member or an Approved Trader shall not knowingly enter, or cause to be entered, bids or offers into the Trading System other than in good faith for the purpose of executing bona fide transactions.

Refer to Practice Note 3.4.8.

Amended on 14 November 201614 November 2016.

The creation of fictitious transactions or the placing of orders which do not involve any change in ownership, or the execution of such an order with knowledge of its character by a Member, Approved Trader or Registered Representative is prohibited. A Member, Approved Trader or Registered Representative shall not accept buying and selling orders at the same time and price from a Customer for the same contract month of the same futures contract or in the case of option contracts, a put or call option contract with the same class of options, the same strike price and expiration month. This Rule does not apply if orders are entered in the following circumstances:

Refer to Practice Note 3.4.9.

The following provisions apply in relation to overtrading:

Amended on 15 March 201315 March 2013.

A Member, Approved Trader or Registered Representative shall not knowingly take advantage of a situation arising from:

Amended on 14 November 201614 November 2016.

A Member, Approved Trader or Registered Representative shall be deemed to be in violation of this Rules if it is convicted of any offence relating to fraud, any act of bad faith, dishonest conduct, dishonorable conduct or uncommercial conduct before any court of law.

A Member, Approved Trader or Registered Representative shall not trade in contracts for its own accounts or for an account associated with or connected to that Member, Approved Trader or Registered Representative, if that Member, Approved Trader or Registered Representative also has in hand Customers' orders (including discretion orders) to do the same at the prevailing market price or at the same price. This Rule does not apply if:

"Customer" as used in this Rule 3.4.13 does not include the Member's Approved Traders, Registered Representatives or Persons associated with or connected to the Member, Approved Trader or Registered Representative.

A Member, Approved Trader or Registered Representative shall not knowingly effect a transaction to buy from or sell to a Customer any contract for:

This Rule does not apply if the Member, Approved Trader or Registered Representative has first entered the Customer's order into the Trading System and waited at least 10 seconds before entering an opposite order, or if the Member, Approved Trader or Registered Representative has obtained the Customer's prior written consent. "Customer" as used in this Rule 3.4.14 does not include the Member's Approved Traders, Registered Representatives or Persons associated with or connected to the Member, Approved Trader or Registered Representative.

Amended on 14 November 201614 November 2016.

A Member, a Registered Representative or an Approved Trader shall not participate in any prohibited market conduct or in any insider trading, or knowingly assist a person in such conduct.

Added on 16 July 201216 July 2012.

The Exchange, in its discretion, may inspect, audit and take copies of the accounts, books, contracts and other records and documents of that Member to the extent that is necessary or desirable in connection with the discharge of the Exchange's regulatory obligations. The Exchange may also appoint or cause the Member to appoint independent Persons to do the same. Such Person shall report to the Exchange on all or any of the following:

A Member shall cooperate with the Exchange and procure for the Exchange or the duly appointed Person:

Amended on 2 May 20162 May 2016.

The Exchange may rely on the information obtained and reports prepared pursuant to Rule 3.5.1 and act on the recommendations set forth therein. The Exchange may also refer a report prepared pursuant to Rule 3.5.1 to the Clearing House or Disciplinary Committee for further action if appropriate. The Exchange may charge a fee for any inspection under Rule 3.5.1. The fee is payable immediately by the Member concerned.

Subject to the Act and compliance with the necessary conditions in the Act, the Exchange may list or permit the trading of any Contract on the Markets.

Amended on 8 October 20188 October 2018.

Subject to the Act, the Exchange may, from time to time and in its absolute discretion, de-list any Contract. If there are no Open Positions in the relevant Contract which the Exchange wishes to de-list, any de-listing shall become effective at such time as the Exchange shall determine. If there are Open Positions in the relevant Contract which the Exchange wishes to de-list, the Exchange may require that such Open Positions be cash settled immediately or restrict trading only to enable the Closing Out of those Open Positions, except to the extent that the Exchange deems such trading to be necessary for the maintenance of a fair, orderly and transparent market.

The Exchange may designate certain Contracts as dormant Contracts for various reasons including extended periods of illiquidity. Such Contracts are currently not available for trading on the Markets but may become available for trading at a future date.

Each Contract shall be governed by this Rules and the relevant Contract Specifications.* In the event of a conflict between this Rules and the Contract Specifications, this Rules shall prevail.

*Contract Specifications will be posted on the Exchange's website .

Trades may only be executed during the hours in which the Markets are open for trading. The Markets' normal trading hours for each Contract are set forth in the relevant Contract Specifications. The Exchange may determine for a Contract:

Trade matching algorithms may be specific to the Market and the Contract. The applicable trade matching algorithms are set out more fully in the Regulatory Notice. The Exchange may determine the applicable trade matching algorithms for a Contract. If the Exchange wishes to apply a new or different trade matching algorithm to a new or an existing Contract, the Exchange shall notify all Members of its intention to do so via a Regulatory Notice, at least three (3) weeks prior to the application of such algorithm to a Contract.

Refer to Regulatory Notice 4.1.6.

Amended on 26 November 200726 November 2007.

Unless otherwise specified by the Exchange, strategy transactions do not set off stops in any Futures Contract except for strategy stop orders. Members shall not combine outright orders received from different principals and execute the orders as strategy transactions.

An error trade occurs when a transaction is effected on the Trading System as a result of an error in the entry of a bid or offer that is subsequently matched. The following procedures apply in relation to error trades:

For the avoidance of doubt, the Exchange is not liable for any loss or damage (including consequential loss or damage) which may be suffered as a result of the cancellation or price adjustment of an error trade in accordance with this Rule 4.1.8.

Amended on 26 November 200726 November 2007, 19 January 201519 January 2015 and 14 November 201614 November 2016.

A Member, Approved Trader or Registered Representative shall not withhold or withdraw from the Trading System any Customer's order or any part of a Customer's order for any reason, unless it is for the benefit of the Customer or pursuant to the Customer's instruction.

Refer to Practice Note 4.1.9.

Amended on 14 November 201614 November 2016.

A Member or Approved Trader who knowingly receives buy and sell orders from different Customers at the same time and price, for the same Contract Month of the same Contract, shall first expose the leg which is the better bid or offer than the prevailing bid or offer in the Trading System. If there is no prevailing bid or offer, the Member or Approved Trader shall first expose the leg which has the better price than the last traded price, or if there is no last traded price, the last settlement price. This Rule 4.1.10 does not apply if the orders are entered by:

However, if the Exchange suspects that a cross trade was pre-arranged in either one of the above circumstances in contravention of Rule 4.1.13, the onus is on the Member or the Approved Trader to show otherwise.

Refer to Practice Note 4.1.10.

Amended on 14 November 201614 November 2016.

The Exchange may, from time to time, designate and approve a Contract for Negotiated Large Trade transactions. Contracts eligible for Negotiated Large Trade transactions shall comply with the minimum volume thresholds, related notification requirements and such other procedures as prescribed by the Exchange from time to time.

Refer to Regulatory Notice 4.1.11.

An exchange of Underlying for Futures Contracts shall be permitted upon the satisfaction of the following conditions:

A Member or Approved Trader shall not make any purchase or sale which has been pre-arranged except for:

For the avoidance of doubt, a request for a quote from a designated market maker approved by the Exchange does not constitute a pre-arranged trade.

Settlement of Contracts may either be via cash or physical delivery.

The Exchange may prescribe, for certain Contracts, Price Limits which are designed to temporarily restrict trading when the Market(s) becomes volatile. "Price Limit" refers to the maximum price advance or decline during any trading session(s), as provided under the relevant Contract Specifications, upon which the Exchange may signal a Cooling Off Period.

Save as provided in the relevant Contract Specifications, the Price Limits for a Contract will not apply to a trade in that Contract if it is executed as part of a strategy transaction whereby trades in two or more Contracts that are related to each other are executed simultaneously as a unit on the strategy order book.

With respect to an Option Contract, trading in the Option Contract shall be halted:

"Cooling Off Period" means such period as set forth in the relevant Contract Specifications during which each Contract may be traded at or within its Price Limits. Trading may resume upon the lapse of the Cooling Off Period, for the remainder of the Trading Day, or such other period as may be prescribed in the relevant Contract Specifications.

Amended on 26 January 200726 January 2007, 16 July 201216 July 2012 and 14 November 201614 November 2016.

In the event that trading in the Underlying is halted, or where there has been a major market movement without any apparent economic or fundamental basis for the movement to have occurred, the Exchange may declare a trading halt in the relevant Contract. This is irrespective of whether trading in the Contract has reached the Price Limits.

The Exchange may, from time to time, establish limits on the positions owned or controlled by any Person or Persons acting in concert with respect to any Contract. A Clearing Member may apply on behalf of any Person for an increase in that Person's position limits in applicable Contracts, subject to the conditions set forth in the Clearing Rules.

Amended on 3 August 2020.

1. The Exchange may establish position accountability thresholds on the positions owned or controlled by any Person or Persons acting in concert with respect to any Contract where limits on positions are not applied.
2. Upon request by the Exchange, a Member shall provide information, including but not limited to, the nature and size of the position, the trading strategy employed with respect to the position, and hedging information (if applicable), of any Person or Persons acting in concert with respect to any Contract when such position accountability thresholds have been exceeded.

Added on 3 August 2020.

With respect to the computation of position limits and position accountability, the positions of all accounts directly or indirectly owned or controlled by a Person or Persons, and the positions of all accounts of any Person or Persons acting in concert and the positions of all accounts in which a Person or Persons have a proprietary or beneficial interest, shall be accumulated and deemed to be positions of each of such Persons as if each owned or controlled all the accumulated positions individually. The Exchange may from time to time provide exemptions to this Rule 4.1.18.

Amended on 3 August 2020.

Where any person has exceeded such position limits imposed or approved by the Clearing House, or exceeds such position accountability thresholds, the Exchange, if it deems it necessary in the interest of maintaining a fair, orderly and transparent market, may subject the Member to one or more of the following:

1. to cease any further increase in the person’s positions;
2. to liquidate the person’s positions to comply with the position limits or to reduce it below the position accountability thresholds within such time as may be prescribed by the Exchange; or
3. to trade under such conditions and restrictions as the Exchange may consider necessary to ensure compliance with the prescribed position limits or to reduce the positions below such position accountability thresholds.

Added on 3 August 2020.

The Daily Settlement Price for each Contract shall be determined by the Clearing House in accordance with the relevant formulae and procedures set out in the relevant Contract Specifications.

The Final Settlement Price for each Contract shall be determined by the Exchange and the Clearing House in accordance with the relevant formulae and procedures set out in the relevant Contract Specifications. The Final Settlement Price so determined by the Exchange and Clearing House shall be final. If a situation is developing or has developed, which prevents the Exchange or the Clearing House from declaring the Final Settlement Price in accordance with the relevant Contract Specifications, the Exchange and Clearing House shall resolve the Final Settlement Price by such other means as they deem fit.

The Exchange may modify Contract Specifications in response to market developments. In the event of such modification the Exchange shall provide its Members with no less than two (2) weeks' prior notice before any modification to Contract Specifications takes effect. For the avoidance of doubt, modifications to the calculation of the Final Settlement Price, Price Limits, position limits, accumulation of positions and delivery obligations set forth in any Contract Specifications shall be subject to public consultation and rule amendment procedures as contemplated in the Act.

Amended on 26 April 201326 April 2013 and 14 November 201614 November 2016.

The Exchange may revoke or suspend access to the Trading System for such period or periods as the Exchange may determine, if, in the opinion of the Exchange, it is necessary or desirable for the maintenance of a fair, orderly and transparent market.

Amended on 14 November 201614 November 2016.

A Buyer or Seller who fails to settle a cash settled Futures Contract or Option Contract, as contemplated under this Rules or the Clearing Rules, shall be in default. In the event of default at Settlement of a cash settled Futures Contract or Option Contract on the part of a Buyer or Seller, the Member shall, unless otherwise provided in this Rules or the Clearing Rules, have the right of Closing Out any Open Position in any Market on behalf of the Buyer or Seller, without further notice and without in any way prejudicing any other legal action for recovery which the Member may take or has taken.

A Seller of a deliverable Futures Contract who does not effect delivery as required by this Rules or the Contract Specifications, and a Buyer of a deliverable Futures Contract who does not take delivery as required by this Rules or the Contract Specifications, shall be in default. In the event of default at Settlement of a deliverable Futures Contract, the rights and obligations of the Member of the Buyer or Seller who is in default, shall be as specified in the relevant Contract Specifications.

Option Contracts may be:

In the case of a cash settled call Option Contract:

In the case of a cash settled put Option Contract:

In the case of a deliverable call Option Contract:

In the case of a deliverable put Option Contract:

The Contract Specifications shall indicate whether an Option Contract is an American Style Option or a European Style Option. An "American Style Option" is an Option Contract that can be exercised at any time before its expiry. A "European Style Option" is an Option Contract that can only be exercised at expiry. This Rules applies to both American Style Options and European Style Options.

A cash settled Option Contract is in-the-money if the settlement price lies above the exercise price in the case of a call Option Contract, or below the exercise price in the case of a put Option Contract.

On the Expiration Day of both cash settled and deliverable Option Contracts, the Clearing House shall, unless otherwise directed by the holder of the Option Contract or otherwise stated in the relevant Contract Specifications:

Amended on 16 July 201216 July 2012.

Each Trading Member shall cooperate with its sponsoring Clearing Member to enable each Clearing Member to effect delivery of Title Documents against payment as contemplated in the Clearing Rules and the relevant Contract Specifications. "Title Documents" refers to bills of lading, title certificates, endorsed warehouse receipts or any other equivalent documents evidencing title to the underlying Commodity and any other documents required to release payment, as contemplated in the relevant Contract Specifications.

Amended on 26 January 200726 January 2007.

Prior to the Last Trading Day, each Member shall require evidence from the respective Seller(s) or Buyer(s) having accounts on its books, that all Open Positions which will not be offset on the Last Trading Day shall be completed by delivery of the relevant underlying Commodity. If the Seller(s) or the Buyer(s) fails to provide such evidence, the Member shall, unless entitled to opt otherwise under the relevant Contract Specifications, liquidate the remaining Open Positions on or before the Last Trading Day. Unless otherwise permitted under the relevant Contract Specifications, each Member shall liquidate any and all Open Positions relating to lot sizes less than the minimum size prescribed under the relevant Contract Specifications for physical delivery.

Amended on 7 December 20157 December 2015.

No General Trading Member shall grant, whether directly or indirectly, any advance, loan or credit facilities to any Buyer or Seller for the purpose of posting Performance Deposits or other Escrow Assets (where applicable) to the Clearing House.

Amended on 26 January 200726 January 2007 and 25 August 200925 August 2009.

Material terms relating to delivery obligations, including those pertaining to delivery dates, quality, quantity, location, acceptance notices or delivery notices as set forth in the relevant Contract Specifications, are deemed incorporated into this Rules by reference herein.

To ensure the integrity of the delivery process as contemplated in this Rules and the Clearing Rules, a Member responsible for a Delivery Default is deemed to have committed a Rule Violation and may be subject to Sanctions as contemplated in Chapter 7 of this Rules.

Property and risk in relation to an underlying Commodity under any deliverable Futures Contract shall pass in accordance with the provisions in the relevant Contract Specifications and, if not so dealt with, the provisions of the Sale of Goods Act 1979. For the avoidance of doubt, at no time shall property or risk in any underlying Commodity pass to the Exchange.

Amended on 18 January 2022.

The Exchange shall maintain a list of Designated Ports, factories, surveyors, samplers, analysts and other organisations and marks as contemplated in the relevant Contract Specifications. A current and updated list of such Designated Ports, factories, surveyors, samplers, analysts and other organisations and marks shall be available on the Exchange's website. The Exchange may from time to time list or de-list any Designated Ports, factories, surveyors, samplers, analysts or other organisations or marks with regard to existing or new Contract Months or both (unless otherwise provided in the relevant Contract Specifications) as the Exchange may determine in its absolute discretion. "Designated Ports" refers to any of the Exchange-designated ports of loading as indicated in the relevant Contract Specifications.

Amended on 5 December 20065 December 2006, 26 January 200726 January 2007, 26 November 200726 November 2007 and 13 October 201413 October 2014.

The Exchange accepts no liability and does not guarantee the satisfactory discharge of any physical delivery obligations under any deliverable Futures Contract. The Exchange further disclaims any liability arising from or in connection with:

The Exchange is under no obligation to:

The Exchange disclaims any liability and does not in any way guarantee quality or suitability of fitness of any Commodity, document, Designated Port, factory, surveyor, sampler, analyst or other organisation or marks.

Amended on 5 December 20065 December 2006 and 13 October 201413 October 2014.

The Exchange accepts no liability with respect to any claim arising from:

Where any dispute arises from or in connection with a Contract traded on the SGX-DT Market (other than a complaint of a disciplinary nature), the disputing Members shall attempt to settle the dispute through good faith negotiations, failing which the disputing Members may choose to settle the dispute by such other means as they may elect, including arbitration before the SIAC in accordance with the rules of the SIAC.

Amended on 5 December 20065 December 2006.

Where any dispute arises from or in connection with a deliverable Commodity Futures Contract (other than a complaint of a disciplinary nature), the disputing parties shall first attempt to settle the dispute through any applicable claim procedures set forth in the relevant Contract Specifications. In the absence of such claim procedures, the disputing parties shall attempt to settle the dispute through good faith negotiations, failing which at the election of any disputing Member or the Clearing Member of any of the disputing parties, the dispute shall be settled by arbitration before the SIAC in accordance with the rules of the SIAC.

Amended on 5 December 20065 December 2006 and 26 November 200726 November 2007.

The award of the SIAC arbitrator or panel of arbitrators shall be binding on the Members and Customers of the respective Members.

The failure or refusal of a Member to arbitrate where the other Member elects to arbitrate under this Rule shall constitute a Rule Violation.

Each Member shall cause its Customers and their respective assigns to agree that where there is a dispute arising from or in connection with a deliverable Commodity Futures Contract:

Amended on 5 December 20065 December 2006 and 26 November 200726 November 2007.

Upon the conclusion of arbitration and the grant of an arbitral award, a notice of the award will be served on the Clearing House and the parties to the arbitration by the SIAC.

Where an arbitral award is made in favour of the Buying Member, the Buying Member shall be entitled to:

If the Performance Deposit posted by the Selling Member is insufficient to satisfy the arbitral award made in favour of the Buying Member, the Buying Member shall be entitled to pursue the balance of such award against the Selling Member. If such Performance Deposit is greater than the arbitral award made in favour of the Buying Member, the balance of the Performance Deposit shall be returned to the Selling Member.

Where the arbitral award is made in favour of the Selling Member (as opposed to the Buying Member), Rules 6.3.2 and 6.3.3 shall apply with references to "Buying Member" and "Selling Member" being changed to "Selling Member" and "Buying Member" respectively. "Selling Member" and "Buying Member" as used in this Rule 6.3 refers to the Clearing Members of the Seller and Buyer respectively.

For the avoidance of doubt, the above procedures do not apply if the Selling Member and the Buying Member have agreed to effect delivery via an Alternative Delivery Procedure.

The Exchange may exercise any of the powers set forth in Rule 7.3 if any of the following events occur, which adversely impacts on a Member, Approved Trader or Registered Representative's ability to meet its obligations under this Rules (collectively, "Adverse Events"):

Amended on 7 August 20127 August 2012 and 29 July 2022.

All Rule Violations are chargeable before the Disciplinary Committee in accordance with the procedures set forth in this Rules. Rule Violations may also result in the exercise of various powers of the Exchange as set forth in Rule 7.2.

An Adverse Event and a Rule Violation are not mutually exclusive and both events may occur concurrently such that any of the Exchange's powers set forth in Rules 7.2 and 7.3 may be invoked.

Any Rule Violation by any Approved Trader or Registered Representative shall also be deemed to be a Rule Violation by the sponsoring corporate Member for the purpose of proceedings before the Disciplinary Committee. If an Approved Trader or a Registered Representative suffers an Adverse Event, the sponsoring corporate Member shall be deemed to have suffered an Adverse Event.

A Member, Approved Trader or Registered Representative shall immediately notify the Exchange upon the occurrence or threatened occurrence of any Adverse Event or Rule Violation. Upon such notification the Exchange may exercise any of its powers set forth in Rules 7.2 and 7.3 as it deems fit.

Except as otherwise provided under this Rules, the Exchange shall:

The Exchange shall notify all Members, Approved Traders, Registered Representatives and the general public via Circulars of the outcome of any proceedings before the Disciplinary Committee or Appeals Committee.

Amended on 16 May 201116 May 2011.

For the purposes of determining whether a Rule Violation is classified as a first, second, third or subsequent offence under Schedule A, only previous violations under the same Rule will be taken into consideration.

Added on 16 May 201116 May 2011.

In determining whether to lay a charge before the Disciplinary Committee or to make an offer of composition, the Exchange may, without notification to any Member, Approved Trader or Registered Representative, commence investigations in accordance with Rule 7.4.

Amended on 16 May 201116 May 2011.

Amended on 25 August 200925 August 2009.

Amended on 25 August 200925 August 2009 and 1 April 20141 April 2014.

If the Exchange suspends the privileges of a Member, Approved Trader or Registered Representative as contemplated in Rules 2.13.7, 2.14.3 or 2.15.2, or exercises any of the powers set forth in Rules 7.2.3 and 7.2.4, the Exchange shall refer the matter to the Disciplinary Committee within fourteen (14) calendar days of such action (the "Summary Referral"). The Summary Referral shall contain an account of (a) the Exchange's exercise of the summary powers; and (b) the grounds for taking action against the Member, Approved Trader or Registered Representative. The Exchange shall provide the Member, Approved Trader or Registered Representative with a copy of the Summary Referral at the same time that such document is provided to the Disciplinary Committee. The Summary Referral shall constitute a notice of charge as contemplated under Rule 7.7.2.

Unless otherwise specified in this Rules, upon the occurrence of any Adverse Event, the Exchange may exercise any of the following powers as it deems fit:

The Exchange may limit trading to liquidation of positions only or order liquidation of all or a portion of the positions in a Member's House Account or Customer Account or both.

The Exchange may fix a settlement price for the liquidation of positions in any Contract, including a Connect Contract.

Amended on 29 July 2022.

The Exchange may require additional margins to be deposited with the Clearing House for any Contract, including a Connect Contract.

Amended on 29 July 2022.

The Exchange may confine trading of any Contract to a specific price range or modify Trading Days or hours.

The Exchange may defer delivery or designate alternative delivery points or procedures or alter conditions of delivery with respect to deliverable Futures Contracts.

If a Trading Member's act or omission results in a Clearing Member defaulting under Rule 7A.01A.1 of the Clearing Rules, the Exchange or the Clearing House, as the case may be, reserves the right to call on any of the Qualifying Letters of Credit posted by the Trading Member to meet its financial requirements set forth in Rule 2.5, and apply the proceeds toward the discharge of liabilities incurred by the Clearing Member to the Clearing House.

Amended on 7 August 20127 August 2012 and 29 December 201429 December 2014.

The Exchange may take such other actions against any Member, Approved Trader or Registered Representative as it deems fit to discharge its regulatory obligations under the Act to maintain a fair, orderly and transparent market.

Without prejudice to the generality of Chapter 1, the Exchange, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.7.4, and their respective directors, officers, employees, representatives and agents shall not be liable to any Trading Member or any other Person in respect of any damage, loss, cost or expense of whatsoever nature (whether direct, indirect, special or consequential, including without limitation any loss of business, revenue, goodwill, bargain or profit), suffered or incurred by such Trading Member or other Person, arising out of or in connection with, or arising out of or in connection with any thing done or not done as a direct or indirect consequence of, the exercise or non-exercise of the powers under Rule 7.3 or the determination of the satisfaction or non-satisfaction of any condition for the exercise of such powers.

Amended on 26 April 201326 April 2013, 15 September 201715 September 2017 and 3 June 20193 June 2019.

The Exchange may conduct an investigation if:

Amended on 1 April 20141 April 2014.

The Exchange shall conduct an investigation if MAS so directs.

The Exchange may direct a Member, Approved Trader, Registered Representative or any Member's director, officer, employee or agent to:

and that Person shall comply with the Exchange's direction.

A Member, Approved Trader, Registered Representative, or any Member's director, officer, employee or agent shall not wilfully make, furnish or permit the making or furnishing of any false or misleading information, statement or report to the Exchange.

The Exchange may appoint any Person or Persons to assist in its investigation (the "Exchange Examiners"). The Exchange may delegate all or any of its powers under this Rule 7.4.5 to the Exchange Examiners. The Exchange Examiners shall report the results of their investigations to the Exchange.

The Exchange may direct a Member, Approved Trader or Registered Representative to provide specified information relating to Members' Affairs, transactions relating to Customers and former Customers, and matters pertaining to any contract. Such direction shall be in writing and the Member, Approved Trader or Registered Representative shall provide the information to the Exchange within such period as is specified by the Exchange, being a period of not less than two (2) Business Days after receipt of the Exchange's direction. Information provided to the Exchange under this Rule shall be treated as Confidential Information and subject to the safeguards set forth in Rule 1.4.

Amended on 3 June 20193 June 2019.

The Disciplinary Committee shall comprise persons appointed by the SGX RegCo Board and shall not have a member who is, or who within three years of the proposed appointment date was, a director, officer or employee of:

Amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

The SGX RegCo Board shall appoint the chairman and deputy chairman of the Disciplinary Committee. In the absence of the chairman, the deputy chairman will have all the powers of the chairman.

Amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

The Exchange may initiate disciplinary proceedings and charge a Member, Approved Trader, or Registered Representative before the Disciplinary Committee if the Exchange is of the opinion that the Member, Approved Trader or Registered Representative has committed any of the following:

Amended on 1 April 20141 April 2014 and 3 June 20193 June 2019.

The Disciplinary Committee shall, as a tribunal of first instance hear and determine charges brought by the Exchange against a Member, Approved Trader, or Registered Representative pursuant to Rule 7.6.1. The Disciplinary Committee may exercise its powers against a Member, Approved Trader, or Registered Representative if it is satisfied, on a balance of probabilities, that the Member, Approved Trader, or Registered Representative has committed any of the matters set out in Rule 7.6.1.

Added on 3 June 20193 June 2019.

The Disciplinary Committee may impose one or more of the following Sanctions:

The Disciplinary Committee may order a stay of any Sanction imposed, pending an appeal to the Appeals Committee.

Amended on 25 August 200925 August 2009 and 3 June 20193 June 2019.

Where a mandatory minimum penalty has been stipulated for a particular Rule Violation in the thirteenth column of Schedule A, the Disciplinary Committee:

Added on 16 May 201116 May 2011 and amended on 3 June 20193 June 2019.

A failure to comply with any Sanction imposed by the Disciplinary Committee constitutes a breach of this Rules.

Added on 3 June 20193 June 2019.

The Disciplinary Committee may exercise its powers against a Member if that Member's chief executive officer, any director or key personnel who is suitably qualified and experienced to implement, oversee and maintain adequate internal procedures and risk management controls as contemplated under the Rules commits, or causes that Member to commit any of the acts described in Rule 7.6.1, whether or not such chief executive officer, director or key personnel is so authorised to act on behalf of the Member.

A former Member, Approved Trader or Registered Representative is bound by this Rules in respect of acts or omissions occurring before expulsion. The Exchange and the Disciplinary Committee retain their respective powers notwithstanding expulsion.*

* Augments Rule 2.15.5 which refers to Members only.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Procedures may be issued in relation to Disciplinary Committee proceedings. The procedures are binding on all the parties to the proceedings and may be varied by the Disciplinary Committee as provided in the procedures or this Rules. Where any matter is not dealt with by the procedures or this Rules, the Disciplinary Committee may establish its own procedures.

Refer to the [Disciplinary Committee and Appeals Committee Handbook].

Amended on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Amended on 3 June 20193 June 2019.

No proceeding or determination in respect of a Rule Violation shall be annulled, avoided, called into question or set aside by reason of the fact that the matter under consideration may or should have been dealt with by another committee under the business rules of any other exchange or clearing house, or that the Person concerned was absent from the hearing after having been given notice thereof.

The Exchange or the Person charged may appeal to the Appeals Committee against the decision of the Disciplinary Committee.

Amended on 3 June 20193 June 2019.

The decision of the Appeals Committee is final and binding.

The Appeals Committee shall comprise persons appointed by the SGX RegCo Board and approved by MAS provided that:

Amended on 5 December 20065 December 2006, 15 September 201715 September 2017 and 3 June 20193 June 2019.

The SGX RegCo Board shall appoint the chairman and deputy chairman of the Appeals Committee. In the absence of the chairman, the deputy chairman will have all the powers of the chairman.

Amended on 5 December 20065 December 2006, 15 September 201715 September 2017 and 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

The powers of the Appeals Committee include:

Amended on 5 December 20065 December 2006, 15 September 201715 September 2017 and 3 June 20193 June 2019.

A failure to comply with any Sanction imposed by the Appeals Committee constitutes a breach of these Rules.

Added on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Procedures may be issued in relation to Appeals Committee proceedings. The procedures are binding on all the parties to the proceedings and may be varied by the Appeals Committee as provided in the procedures or this Rules. Where any matter is not dealt with by the procedures or this Rules, the Appeals Committee may establish its own procedures.

Refer to the [Disciplinary Committee and Appeals Committee Handbook].

Amended on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

The Appeals Committee shall determine the appeal by way of rehearing. It shall only rehear that part of the decision of the Disciplinary Committee which is appealed against.

Amended on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Amended on 3 June 20193 June 2019.

The Disciplinary Committee or Appeals Committee may require the Person charged to pay all or part of the costs of the investigation, inspection or hearing.

The Disciplinary Committee or Appeals Committee may order the costs awarded to be paid within fourteen (14) calendar days.

Where an order for costs of the proceedings has been imposed against a Person and the Person does not make payment within the specified period, the outstanding sum shall be a debt payable to the Exchange. The Exchange may commence legal action to recover that debt, subject to any subsequent payments made by the Person. The Exchange shall be entitled to claim reasonable interest, a month after the payment is due, based on the sum outstanding.

Added on 3 June 20193 June 2019.

A penalty imposed by the Disciplinary Committee or the Appeals Committee shall be paid within fourteen (14) calendar days from the date of notice, or such longer time as the chairman of the Disciplinary Committee or the Appeals Committee (as applicable) permits.

Amended on 3 June 20193 June 2019.

No liability (whether in contract, tort or otherwise) shall be incurred by the Disciplinary Committee, Appeals Committee, the Exchange, or a manager appointed under Rules 2.5.6A(4), 7.2.3(d) and 7.6.2(j) for anything done or omitted to be done with reasonable care and in good faith in the course of or in connection with:

Added on 3 June 20193 June 2019.

Capitalized terms used herein and not otherwise defined shall have the meaning set forth herein below.

Unless the context requires otherwise, where the terms defined in this Rule 8.1 are defined in relation to a holder of a CMS Licence, such definitions shall, with the necessary modifications, apply to a Trading Member as those definitions apply to a holder of a CMS Licence whether or not that Trading Member holds a CMS Licence.

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

Amended on 5 December 20065 December 2006, 26 January 200726 January 2007, 26 November 200726 November 2007, 25 August 200925 August 2009, 22 February 201022 February 2010, 29 November 201029 November 2010, 16 July 201216 July 2012, 15 March 201315 March 2013, 26 April 201326 April 2013, 1 April 20141 April 2014, 29 December 201429 December 2014, 2 May 20162 May 2016, 14 November 201614 November 2016, 15 September 201715 September 2017, 8 October 20188 October 2018, 22 April 201922 April 2019, 3 June 20193 June 2019, 18 January 2022 and 29 July 2022.

Expressions referring to writing shall be construed as including references to printing, lithography, photography and other modes of representing or reproducing words or data in a visible form.

Any words importing the singular number only shall, where the context permits, include the plural number and vice versa.

Any words importing the masculine gender shall include the feminine gender and shall, where the context permits or requires include a partnership or an incorporated company.

Any reference to the "Exchange's website" in this Rules is to www.sgx.com.

Any reference to "$" is to Singapore dollars unless otherwise specified.

In the interpretation of this Rules, an interpretation that promotes the purpose or object underlying the particular Rule (whether that purpose or object is expressly stated in the Rule or not) shall be preferred.

Any references to "it" or "its" in the context of Members, Customers, Persons, Approved Traders and Registered Representatives shall include the masculine or feminine gender where the context so requires.

References in this Rules to statutory provisions shall be construed as references to those provisions as modified or re-enacted from time to time and to any subordinate legislation made under such provisions and shall include references to any repealed statutory provisions which have been so re-enacted (whether with or without modification).

The headings in this Rules are for convenience only and do not affect the construction of this Rules.

This Rule establishes the transitional provisions relating to Rules 2.5.5, 2.5.7, 3.3.32, 7.3.6 and 8.1 of the Futures Trading Rules that was amended on and in force from 29 December 2014.

Added on 29 December 201429 December 2014.

Rules 2.5.5, 2.5.7, 3.3.32, 7.3.6 and 8.1 (as amended on and in force from 29 December 2014), except for the definition of Base Capital, shall not apply to a Transitional Trading Member during the Transitional Period, and the aforesaid Rules as in force immediately before 29 December 2014 shall continue to apply to a Transitional Trading Member during the Transitional Period. A reference to any provision of the Financial and Margin Regulations in the aforesaid Rules as in force immediately before 29 December 2014 is to that provision in the Financial and Margin Regulations as in force immediately before 3 April 2013. For avoidance of doubt, the definition of Base Capital applicable to a Transitional Trading Member has the same meaning ascribed in the SFR(Financial and Margin Requirements) as in force on 3 April 2013.

Added on 29 December 201429 December 2014.

For the purposes of the aforesaid Rules, "Transitional Period" means the period commencing on 3 April 2013 and:—

Added on 29 December 201429 December 2014.

For the purpose of Rule 9.1.3(b), the Transitional Trading Member shall notify SGX-DT in writing at least 14 days before the intended date to adopt the requirements.

Added on 29 December 201429 December 2014.

"Transitional Trading Member" means

Added on 29 December 201429 December 2014.

Designated Futures Contracts

Designated Option Contracts

Amended on 11 November 201311 November 2013, 20 October 201420 October 2014, 31 August 201531 August 2015, 11 July 201611 July 2016, 5 December 20165 December 2016, 17 July 201717 July 2017, 16 March 202016 March 2020, 20 July 202020 July 2020, 14 September 202014 September 2020, 23 November 2020, 10 May 2021, 15 November 2021, 24 January 2022, 2 December 2024 and 9 June 2025.

MINIMUM VOLUME THRESHOLDS FOR NLTS

Amended on 6 December 2010, 16 December 2010, 24 January 2011, 15 February 2011, 16 May 2011, 11 June 2012, 16 July 2012, 25 February 2013, 5 August 2013, 30 September 2013, 21 October 2013, 11 November 2013, 25 November 2013, 16 December 2013, 20 January 2014, 17 February 2014, 3 April 2014, 4 August 2014, 25 August 2014, 1 September 2014, 29 September 2014, 20 October 2014, 2 December 2014, 19 January 2015, 9 February 2015, 9 March 2015, 31 August 2015, 31 August 2015, 5 October 2015, 7 December 2015, 25 January 2016, 1 February 2016, 28 March 2016, 28 March 2016, 29 March 2016, 3 May 2016, 2 June 2016, 11 July 2016, 31 October 2016, 7 November 2016, 5 December 2016, 27 February 2017, 27 March 2017, 22 May 2017, 12 June 2017, 17 July 2017, 17 July 2017, 21 August 2017, 18 September 2017, 18 September 2017, 23 October 2017, 13 November 2017, 5 February 2018, 26 March 2018, 9 April 2018, 9 April 2018, 21 May 2018, 4 June 2018, 25 June 2018, 25 June 2018, 23 July 2018, 23 July 2018, 27 August 2018, 24 September 2018, 3 December 2018, 18 March 2019, 13 May 2019, 27 May 2019, 29 July 2019, 16 September 2019, 21 October 2019, 18 November 2019, 2 December 2019, 13 January 2020, 24 February 2020, 16 March 2020, 18 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, 6 December 2021, 24 January 2022, 28 February 2022, 18 July 2022, 29 July 2022, 26 September 2022, 31 October 2022, 21 November 2022, 20 February 2023, 20 March 2023, 8 June 2023, 19 June 2023, 2 October 2023, 15 July 2024, 16 July 2024, 29 July 2024, 23 September 2024, 7 October 2024, 2 December 2024, 24 February 2025, 17 March 2025, 14 April 2025, 20 January 2025 and 9 June 2025.