| Issue Date | Cross Reference | Enquiries |
| Amended on 1 August 20071 August 2007, 26 September 200726 September 2007, 23 January 200823 January 2008, 31 March 200931 March 2009, 6 April 20096 April 2009, 24 June 200924 June 2009, 7 December 20097 December 2009, 11 January 201011 January 2010, 17 June 201017 June 2010, 14 November 201614 November 2016 and 27 August 201827 August 2018. | Rule 2.1.3A(4) Rule 4.1.11 | Please contact: Product Management for policy issues: Telephone No. : 6236-8450 Please contact Clearing House for operational issues: 6236-5319 Email address : dcc@sgx.com |
1. Introduction
1.1 This Regulatory Notice sets out the minimum volume thresholds, notification requirements and procedures that Persons effecting Negotiated Large Trades or "NLTs" are required to observe.
2. Minimum Volume Thresholds
2.1 The minimum volume thresholds for NLTs are set out in Appendix A.
Refer to Appendix A of Regulatory Notice 4.1.11.
Refer to Appendix A of Regulatory Notice 4.1.11.
2.2 A trade consisting of multiple legs within the same Underlying is deemed to be in accordance with the minimum volume threshold if at least one (1) of the legs meets the minimum volume threshold applicable to that leg (see examples below). However, in the case of a FX futures contract that may have a "Varied Last Trading Day"/"Varied LTD" and "Standard Last Trading Day"/"Standard LTD" (as defined in the contract specifications of that contract): (i) At least one leg in a contract with a Standard LTD (either Futures or Options contract) and at least one leg in contract with a Varied LTD have to individually meet the minimum volume thresholds; (ii) a contract with a Varied LTD will not be counted together with a contract with a Standard LTD for the purposes of meeting the minimum volume threshold; and (iii) contracts with a Varied LTD of a certain day will only be counted together with contracts with a Varied LTD of that day, and not of any other day. Please refer to the examples below.
2.3 Trades which are not in accordance with the minimum volume threshold will not be accepted for registration as NLTs and will be rejected.
(a) The following trade will be in accordance with the minimum volume threshold as one (1) of the legs (NK Options Feb 2020 Call 24000) meets the NK Options minimum volume threshold of 5 lots:
(b) The following trade will also be in accordance with the minimum volume threshold as one (1) of the legs (NK Futures Mar 2020) meets the NK Futures minimum volume threshold of 5 lots:
(a) The following trade will be in accordance with the minimum volume threshold as the total quantity of the INR/USD Futures with the same Standard LTD meets the minimum volume threshold, and the total quantity of the INR/USD Futures with the same Varied LTD also meets the minimum volume threshold:
(b) The following trade will not be in accordance with the minimum volume threshold as none of the INR/USD Futures with Standard LTD meets the minimum volume threshold, notwithstanding that the INR/USD Futures with Varied LTD meets the minimum volume threshold:
(c) The following trade will not be in accordance with the minimum volume threshold as none of the INR/USD Futures with Varied LTD meets the minimum volume threshold, notwithstanding that the INR/USD Futures with Standard LTD meets the minimum volume threshold
(d) The following trade will be in accordance with the minimum volume threshold as one (1) leg of the INR/USD Futures with Standard LTD and one (1) leg of INR/USD Futures with Varied Leg meet the minimum volume threshold:
(e) The following trade will be in accordance with the minimum volume threshold as the total quantity for the INR/USD Options for the same contract month of Dec 2017 and strike price of 156.5 (Call), and one (1) leg of INR/USD Futures with Varied LTD meet the minimum volume threshold:
(f) The following trade will not be in accordance with the minimum volume threshold as neither the INR/USD Futures with Standard LTD nor any of the INR/USD Option meets their respective minimum volume threshold, notwithstanding that the INR/USD Futures with Varied LTD meets the minimum volume threshold:
| Example: | Minimum volume threshold for NK Futures = 5 lots |
| Minimum volume threshold for NK Options = 5 lots |
(a) The following trade will be in accordance with the minimum volume threshold as one (1) of the legs (NK Options Feb 2020 Call 24000) meets the NK Options minimum volume threshold of 5 lots:
| Contract | Qty | Price |
| NK Futures Mar 2020 | 1 lot | 23,000 |
| NK Options Feb 2020 Call 24000 | 5 lots | 240 |
| NK Options Feb 2020 Put 24000 | 2 lots | 380 |
(b) The following trade will also be in accordance with the minimum volume threshold as one (1) of the legs (NK Futures Mar 2020) meets the NK Futures minimum volume threshold of 5 lots:
| Contract | Qty | Price |
| NK Futures Mar 2020 | 5 lots | 23,000 |
| NK Options Feb 2020 Call 24000 | 3 lots | 240 |
| NK Options Feb 2020 Put 24000 | 2 lots | 380 |
| Example 2: | Minimum volume threshold for INR/USD Futures with Standard LTD = 30 lots |
| Minimum volume threshold for INR/USD Futures with Varied LTD = 30 lots | |
| Minimum volume threshold for INR/USD Options (standard options)= 30 lots |
(a) The following trade will be in accordance with the minimum volume threshold as the total quantity of the INR/USD Futures with the same Standard LTD meets the minimum volume threshold, and the total quantity of the INR/USD Futures with the same Varied LTD also meets the minimum volume threshold:
| Contract | Qty | Price |
| INR/USD Futures Nov 2017 | 7 lots | 154.831 |
| INR/USD Futures Nov 2017 | 23 lots | 154.833 |
| INR/USD Futures 20 Nov 2017 | 6 lots | 154.920 |
| INR/USD Futures 20 Nov 2017 | 24 lots | 154.900 |
(b) The following trade will not be in accordance with the minimum volume threshold as none of the INR/USD Futures with Standard LTD meets the minimum volume threshold, notwithstanding that the INR/USD Futures with Varied LTD meets the minimum volume threshold:
| Contract | Qty | Price |
| INR/USD Futures Nov 2017 | 9 lots | 154.831 |
| INR/USD Futures Dec 2017 | 21 lots | 154.372 |
| INR/USD Futures 4 Dec 2017 | 30 lots | 154.525 |
(c) The following trade will not be in accordance with the minimum volume threshold as none of the INR/USD Futures with Varied LTD meets the minimum volume threshold, notwithstanding that the INR/USD Futures with Standard LTD meets the minimum volume threshold
| Contract | Qty | Price |
| INR/USD Futures Nov 2017 | 30 lots | 154.831 |
| INR/USD Futures 20 Nov 2017 | 2 lots | 154.920 |
| INR/USD Futures 21 Nov 2017 | 28 lots | 154.900 |
(d) The following trade will be in accordance with the minimum volume threshold as one (1) leg of the INR/USD Futures with Standard LTD and one (1) leg of INR/USD Futures with Varied Leg meet the minimum volume threshold:
| Contract | Qty | Price |
| INR/USD Futures Nov 2017 | 30 lots | 154.831 |
| INR/USD Futures Jan 2017 | 2 lots | 153.857 |
| INR/USD Options Dec 2017 Call 156.5 | 5 lots | 0.810 |
| INR/USD Futures 21 Nov 2017 | 30 lots | 154.900 |
| INR/USD Futures 22 Nov 2017 | 5 lots | 154.880 |
(e) The following trade will be in accordance with the minimum volume threshold as the total quantity for the INR/USD Options for the same contract month of Dec 2017 and strike price of 156.5 (Call), and one (1) leg of INR/USD Futures with Varied LTD meet the minimum volume threshold:
| Contract | Qty | Price |
| INR/USD Futures Nov 2017 | 5 lots | 154.831 |
| INR/USD Options Dec 2017 Call 156.5 | 3 lots | 0.790 |
| INR/USD Options Dec 2017 Call 156.5 | 27 lots | 0.810 |
| INR/USD Futures 21 Nov 2017 | 30 lots | 154.900 |
| INR/USD Futures 22 Nov 2017 | 2 lots | 154.880 |
(f) The following trade will not be in accordance with the minimum volume threshold as neither the INR/USD Futures with Standard LTD nor any of the INR/USD Option meets their respective minimum volume threshold, notwithstanding that the INR/USD Futures with Varied LTD meets the minimum volume threshold:
| Contract | Qty | Price |
| INR/USD Futures Nov 2017 | 5 lots | 154.830 |
| INR/USD Options Dec 2017 Call 154.5 | 3 lots | 1.570 |
| INR/USD Options Dec 2017 Call 156.5 | 27 lots | 0.790 |
| INR/USD Futures 21 Nov 2017 | 30 lots | 154.900 |
3. General Policy
3.1 Trading Hours
3.1.1 All NLTs executed during or before the Contract "T" trading hours shall be "T Trades" while NLTs executed after the Contract "T" trading hours shall be "T+1 Trades".
3.2 Registration of NLTs
3.2.1 All NLTs shall be registered in accordance with the Clearing Rules.
3.2.2 [Deleted]
3.2.3 [Deleted]
3.2.4 For Contracts with an Underlying based on a single security traded on SGX-ST, a Member shall ensure that there shall be no registration of NLTs that were executed during a trading halt or suspension of the Contract due to a trading halt or suspension of the Underlying. Except with SGX-DT’s approval, a Member must not execute any transactions by way of NLTs for a Contract that is subject to such a trading halt or suspension.
3.2.5 Any registration of Connect Contracts as NLTs will be subject to such additional conditions as prescribed by the Clearing House or the Exchange from time to time. This includes registration timings and when such NLTs can be executed and registered.
3.3 NLT Execution
3.3.1 For the purpose of Rule 3.4.9, Members may submit NLT orders from two (2) separate Customers under the same Omnibus Account, provided that the Members' record keeping and audit trails are able to demonstrate the separate beneficial ownership.
3.3.2 A Member shall ensure that its Customers are aware of and have given their approval for the execution of the Customers' orders via the NLT facility. Where a Member receives a Customer's order that is not a NLT order but meets the requirements of the NLT facility, such Member may execute the Customer's order via the NLT facility provided that such Member has obtained the prior approval from the Customer, either specifically for the transaction or as a general blanket approval (and such blanket approval has not been terminated by the Customer). If a Customer's approval is obtained verbally, the Member shall ensure that a tape recording of the conversation where the Customer's approval was obtained is retained for record keeping purposes. A Member shall also inform its Customers if the Member may be or is a counterparty to the Customer's NLT and obtain the Customer's prior written approval.
3.3.3 Members may obtain a general blanket approval from their Customers provided the conditions below are met. Members shall disclose to their Customers all NLTs executed pursuant to the general blanket approval. The conditions for obtaining a general blanket approval from the Customer are as follows:
(a) Members shall inform the Customer that the general blanket approval is subject to compliance with the rules, laws and regulations in the Customer's country of domicile;
(b) the general blanket approval shall be in writing and shall provide details on the nature and scope of the general blanket approval given;
(c) Members shall highlight to the Customer the risks and liabilities that the Customer may be exposed to in giving such general blanket approval. In particular, the Member shall highlight that in some instances, NLT orders may not be executed at the best possible price and that the timeliness of order execution may be compromised. The Customer must also be informed that the Customer is obligated to accept all NLTs executed pursuant to the general blanket approval; and
(d) the Customer shall acknowledge that it has read, understood, and received a copy of the signed general blanket approval.
3.3.4 In order to ensure that Customers' interests are not compromised, the Members shall, unless their Customers specifically request for a trade to be done through the NLT facility, place all Customers orders on the Trading System for execution. After the Customers' orders have been placed on the Trading System for execution, Members' employees may then seek their Customers' approval to accept the order as an NLT. However, Members may only withdraw an order from the Trading System for subsequent execution as a NLT if the price for the NLT is at least equal to or better than the prevailing bid/offer quoted in the Trading System at the time the order is withdrawn, unless otherwise instructed by Customers.
3.3.5 Members shall not combine individual Customers' orders in order to meet the NLT minimum volume threshold requirements. Members shall not combine separate Customers' orders of different Contracts, including Connect Contracts, to create an inter-commodity spread or strategy transaction. However, individual orders greater than or equal to the minimum volume threshold may be combined by Members to match a larger NLT counter bid/offer, subject to the condition that the NLTs should, upon execution, be individually reported.
3.3.6 Various price combinations within the same NLT, or within the same leg of an NLT in the case of spreads or combinations, may be used to set an 'average' price, provided that the trade is for the same entity and that each respective price must meet the minimum tick for NLTs as set out in Appendix B.
Refer to Appendix B of Regulatory Notice 4.1.11.
Refer to Appendix B of Regulatory Notice 4.1.11.
3.3.7 [Deleted]
3.3.8 The Clearing House and/or the Exchange shall have the sole and absolute discretion to cancel or adjust the price of any NLT, even after the registration of the NLT.
3.4 Publicising of NLT
The Exchange shall publish information relating to the details of NLTs.
The Exchange shall publish information relating to the details of NLTs.
3.5 NLT Fees
The standard clearing fees applicable to the relevant Contracts, including the Connect Contracts, shall be imposed on all NLTs. In addition, a special facility fee charge shall also be imposed on all NLTs.
The standard clearing fees applicable to the relevant Contracts, including the Connect Contracts, shall be imposed on all NLTs. In addition, a special facility fee charge shall also be imposed on all NLTs.
3.6 [Deleted]
3.6.1 [Deleted]
3.6.2 [Deleted]
3.7 [Deleted]
3.7.1 [Deleted]
3.7.2 [Deleted]
3.7.3 [Deleted]
3.7.4 [Deleted]
3.7.5 [Deleted]
Amended on 2 May 20112 May 2011, 6 November 20126 November 2012, 25 February 201325 February 2013, 19 September 201619 September 2016, 14 November 201614 November 2016, 27 August 201827 August 2018, 15 June 202015 June 2020, 3 August 2020 and 29 July 2022.
Appendix A To Regulatory Notice 4.1.11
MINIMUM VOLUME THRESHOLDS FOR NLTS
| Contract | Minimum Volume Threshold (Lots) |
| Mini Nikkei 225 Index Futures | 5 |
| MSCI Singapore Index Futures | 50 |
| MSCI Singapore Index Options | 25 |
| Nikkei 225 Index Futures | 5 |
| Nikkei 225 Index Options | 5 |
| Nikkei Stock Average Dividend Point Index Futures | 25 |
| NSE IFSC Nifty 50 Index Futures | 50 |
| NSE IFSC Nifty Bank Index Futures | 50 |
| NSE IFSC Nifty IT Index Futures | 50 |
| NSE IFSC Nifty Financial Services Index Futures | 50 |
| NSE IFSC Nifty 50 Index Options | 25 |
| NSE IFSC Nifty Bank Index Options | 25 |
| NSE IFSC Nifty IT Index Options | 25 |
| NSE IFSC Nifty Financial Services Index Options | 25 |
| SGX 10-Year Japanese Government Bond Futures | 5 |
| SGX AUD/JPY Futures | 50 |
| SGX AUD/USD Futures | 50 |
| SGX Argus Ammonia FOB Middle East Futures | 2 |
| SGX Argus Ammonia CFR East Asia Futures | 2 |
| SGX Baltic Panamax 82 Route P2E Futures | 2 |
| SGX Baltic Capesize Time Charter Average (5 routes) Futures | 2 |
| SGX Options on Baltic Capesize Time Charter Average (5 routes) Futures | 2 |
| SGX Options on Baltic Capesize Voyage C5 Route Futures | 2 |
| SGX Baltic Capesize Voyage C3 Route Futures | 2 |
| SGX Baltic Capesize Voyage C5 Route Futures Contract | 2 |
| SGX Baltic Capesize Voyage C7 Route Futures | 2 |
| SGX Baltic Container Freight Route FBX01 Futures | 2 |
| SGX Baltic Container Freight Route FBX03 Futures | 2 |
| SGX Baltic Container Freight Route FBX11 Futures | 2 |
| SGX Baltic Container Freight Route FBX13 Futures | 2 |
| SGX Baltic Handysize Time Charter Average (7 Routes) Futures | 2 |
| SGX Baltic LNG Freight Route BLNG1g (LNG Fuel) Futures | 2 |
| SGX Baltic LNG Freight Route BLNG2g (LNG Fuel) Futures | 2 |
| SGX Baltic LNG Freight Route BLNG3g (LNG Fuel) Futures | 2 |
| SGX Baltic Panamax Time Charter Average (4 Routes) Futures | 2 |
| SGX Options on Baltic Panamax Time Charter Average (4 Routes) Futures Contract | 2 |
| SGX Baltic Panamax Time Charter Average (5 Routes) Futures | 2 |
| SGX Options on Baltic Panamax Time Charter Average (5 Routes) Futures Contract | 2 |
| SGX Baltic Supramax Time Charter Average (6 routes) Futures | 2 |
| SGX Baltic Supramax Time Charter Average (10 routes) Futures | 2 |
| SGX Baltic Supramax Time Charter Average (11 Routes) Futures | 2 |
| SGX Options on Baltic Supramax Time Charter Average (10 routes) Futures Contract | 2 |
| SGX Options on Baltic Supramax Time Charter Average (11 Routes) Futures Contract | 2 |
| SGX BRL/USD Futures | 10 |
| SGX CNY/SGD Futures | 20 |
| SGX CNY/USD Futures | 20 |
| SGX EUR/CNH Futures | 20 |
| SGX FM Cobalt Metal In-whs Rotterdam (Standard Grade) Futures | 2 |
| SGX FM Cobalt Hydroxide CIF China Futures | 2 |
| SGX FM Lithium Carbonate CIF CJK (Battery Grade) Futures | 2 |
| SGX FM Lithium Hydroxide CIF CJK (Battery Grade) Futures | 2 |
| SGX FTSE Asia ex Japan ESG Index Futures | 10 |
| SGX FTSE Asia ex Japan Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Asia ex Japan Index Futures | 50 |
| SGX FTSE Australia Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Blossom Japan Index Futures | 10 |
| SGX FTSE China A50 Index Futures | 50 |
| SGX FTSE China H50 Index Options | 20 |
| SGX FTSE China H50 Index Futures | 20 |
| SGX FTSE Emerging Asia ESG Index Futures | 10 |
| SGX FTSE Emerging ESG Index Futures | 10 |
| SGX FTSE Emerging Market Asia Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Emerging Market Asia Index Futures | 50 |
| SGX FTSE Emerging Market inc Korea Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Emerging Market Index Futures | 50 |
| SGX FTSE Emerging Market Net Total Return (USD) Index Futures | 5 |
| SGX FTSE EPRA Nareit Asia ex Japan Index Futures | 10 |
| SGX FTSE Indonesia Index Futures | 50 |
| SGX FTSE Indonesia Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Japan Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Malaysia Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Malaysia Index Futures | 50 |
| SGX FTSE New Zealand Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Philippines Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Philippines Index Futures | 50 |
| SGX FTSE Saudi Arabia Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Taiwan Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Taiwan Index Futures | 5 (effective until January 2021) 50 (effective from February 2021) |
| SGX Options on SGX FTSE Taiwan Index Futures | 50 |
| SGX Micro FTSE Taiwan Index Futures | 50 |
| SGX FTSE Thailand Net Total Return (USD) Index Futures | 5 |
| SGX FTSE Thailand Index Futures | 50 |
| SGX FTSE Vietnam 30 Index Futures | 50 |
| SGX FTSE Vietnam Net Total Return (USD) Index Futures | 5 |
| SGX iEdge S-REIT Leaders Index Futures | 10 |
| SGX ICIS Isomer MX FOB Korea Futures | 2 |
| SGX ICIS MEG CFR China Futures | 2 |
| SGX ICIS SM CFR China Futures | 2 |
| SGX IHS McCloskey Indonesian 4200kc GAR FOB Thermal Coal Futures | 100 |
| SGX IDR/USD Futures | 10 |
| SGX India Single Stock Futures | 10 |
| SGX INR/USD Futures | 30 |
| SGX Option on INR/USD Futures | 30 |
| SGX KRW/JPY Futures | 50 |
| SGX KRW/USD (Full-Sized) Futures | 10 |
| SGX KRW/USD (Mini) Futures | 30 |
| SGX MB Iron Ore CFR China (58% FE Fines) Index Futures | 5 |
| SGX MB Iron Ore CFR China (65% Fe Fines) Index Futures | 5 |
| SGX Mini 10-Year Japanese Government Bond Futures | 5 |
| SGX MSCI AC Asia ex Japan Climate Action NTR (USD) Index Futures | 5 |
| SGX MSCI Emerging Market Climate Action NTR (USD) Index Futures | 5 |
| SGX MSCI Europe Climate Action NTR (USD) Index Futures | 5 |
| SGX MSCI Japan Climate Action NTR (USD) Index Futures | 5 |
| SGX MSCI Singapore Free Net Total Return (USD) Index Futures | 10 |
| SGX MSCI Singapore Net Total Return (USD) Index Futures | 10 |
| SGX MSCI USA Climate Action NTR (USD) Index Futures | 5 |
| SGX MSCI World Climate Action NTR (USD) Index Futures | 5 |
| SGX MYR/SGD Futures | 20 |
| SGX MYR/USD Futures | 10 |
| SGX Mysteel Shanghai Rebar (USD) Futures | 5 |
| SGX Nikkei 225 Climate PAB Futures | 5 |
| SGX Nikkei 225 Index Total Return Futures | 5 |
| SGX Nikkei ESG-REIT Index Futures | 10 |
| SGX-NZX Global Whole Milk Powder (WMP) Futures | 100 |
| SGX-NZX Global Whole Milk Powder (WMP) Options | 10 |
| SGX-NZX Global Skim Milk Powder (SMP) Futures | 100 |
| SGX-NZX Global Skim Milk Powder (SMP) Options | 10 |
| SGX-NZX Global Anhydrous Milk Fat (AMF) Futures | 50 |
| SGX-NZX Global Butter (BTR) Futures | 50 |
| SGX-NZX NZ Milk Price (MKP) Futures | 15 |
| SGX-NZX NZ Milk Price (MKP) Options | 5 |
| SGX Options on MB Iron Ore CFR China (65% Fe Fines) Index Futures Contract | 5 |
| SGX Options on Mini 10-Year Japanese Government Bond Futures | 5 |
| SGX Panamax Route P2E Timecharter Futures | 2 |
| SGX PHP/USD Futures | 10 |
| SGX PLATTS Benzene FOB Korea Futures Contract | 2 |
| SGX Platts Benzene-Naphtha Futures | 2 |
| SGX Platts Gasoil FOB Singapore Index Futures | 5 |
| SGX Platts Iron Ore CFR China (Lump Premium) Index Futures | 5 |
| SGX PLATTS Marine Fuel 0.5% FOB Singapore Index Futures | 2 |
| SGX Platts Naphtha CFR Japan Index Futures | 5 |
| SGX Platts Paraxylene-Naphtha Futures | 2 |
| SGX Platts Methanol CFR China Futures | 2 |
| SGX PLATTS PX CFR China Index Futures | 2 |
| SGX Platts Singapore Fuel Oil 180cst Index Futures | 5 |
| SGX Platts Singapore Fuel Oil 380cst Index Futures | 5 |
| SGX SGD/CNH Futures | 20 |
| SGX SICOM TSR 20 Rubber Options | 20 |
| SGX Singapore Visco Spread Futures | 5 |
| SGX Singapore Single Stock Futures | 50 |
| SGX THB/USD Futures | 50 |
| SGX Three-Month Tokyo Over-Night Average Rate (TONA) Futures | 5 |
| SGX Three-Month Singapore Overnight Rate Average (SORA) Futures | 5 |
| SGX TSI FOB Australia Premium Coking Coal Futures | 5 |
| SGX Options On TSI FOB Australia Premium Coking Coal Futures | 5 |
| SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures | 5 |
| SGX Options on TSI Iron Ore CFR China (62% FE Fines) Index Futures Option Contract | 5 |
| SGX TWD/USD (Full-Sized) Futures | 10 |
| SGX TWD/USD (Mini) Futures | 30 |
| SGX USD/CNH (Full-Sized) Futures | 20 |
| SGX USD/CNH (Mini) Futures | 80 |
| SGX Option on USD/CNH (Full-Sized) Futures | 20 |
| SGX Option on USD/INR (USD) Futures | 10 |
| SGX USD/INR (USD) Futures | 10 |
| SGX USD/INR (USD) Month-end Futures | 10 |
| SGX USD/JPY Futures (Standard) | 20 |
| SGX USD/JPY Futures (Titan) | 20 |
| SGX USD/SGD (Full-Sized) Futures | 10 |
| SGX USD/SGD (Mini) Futures | 30 |
| SGX United States Single Stock Futures | 10 |
| SICOM RSS 3 Rubber Contract | 60 |
| SICOM TSR 20 Rubber Contract | 60 |
| Straits Times Index Futures | 50 |
| USD Nikkei Index Futures | 5 |
Amended on 6 December 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.
Appendix B To Regulatory Notice 4.1.11
MINIMUM TICK SCHEDULE FOR NEGOTIATED LARGE TRADES
| Contract | Market Tick Size | NLT Tick Size |
| Mini Nikkei 225 Index Futures | 1 index point (¥100) | 0.01 index points (¥1) |
| MSCI Singapore Index Futures and Options | 0.05 index points (S$5) | 0.01 index points (S$1) |
| Nikkei 225 Index Futures | 5 index points (¥2,500) | 0.01 index points (¥5) |
| Nikkei 225 Index Options | 1 index point (¥500) | 0.01 index points (¥5) |
| Nikkei Stock Average Dividend Point Index Futures | 0.1 index points (¥1,000) | 0.01 index points (¥100) |
| NSE IFSC Nifty 50 Index Futures | 0.5 index points (US$1) | 0.01 index points (US$0.02) |
| NSE IFSC Nifty Bank Index Futures | 1 index points (US$1) | 0.01 index points (US$0.01) |
| NSE IFSC Nifty IT Index Futures | 1 index points (US$1) | 0.01 index points (US$0.01) |
| NSE IFSC Nifty Financial Services Index Futures | 1 index points (US$1) | 0.01 index points (US$0.01) |
| NSE IFSC Nifty 50 Index Options | 0.5 index points (US$1) | 0.01 index points (US$0.02) |
| NSE IFSC Nifty Bank Index Options | 1 index points (US$1) | 0.01 index points (US$0.01) |
| NSE IFSC Nifty IT Index Options | 1 index points (US$1) | 0.01 index points (US$0.01) |
| NSE IFSC Nifty Financial Services Index Options | 1 index points (US$1) | 0.01 index points (US$0.01) |
| SGX 10-Year Japanese Government Bond Futures | ¥0.01 per ¥100 face value (¥10,000) | ¥0.01 per ¥100 face value (¥10,000) |
| SGX AUD/JPY Futures | ¥ 0.01 (¥ 250) | ¥ 0.01 (¥ 250) |
| SGX AUD/USD Futures | US$0.0001 (US$2.50) | US$0.0001 (US$2.50) |
| SGX Argus Ammonia FOB Middle East Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Argus Ammonia CFR East Asia Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Baltic Panamax 82 Route P2E Futures | US$1 per day | US$1 per day |
| SGX Baltic Capesize Time Charter Average (5 routes) Futures | US$1 per day | US$1 per day |
| SGX Options on Baltic Capesize Time Charter Average (5 routes) Futures | US$0.01 per day | US$0.01 per day |
| SGX Options on Baltic Capesize Voyage C5 Route Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Baltic Capesize Voyage C3 Route Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Baltic Capesize Voyage C5 Route Futures Contract | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Baltic Capesize Voyage C7 Route Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Baltic Container Freight Route FBX01 Futures | US$1 per FEU | US$1 per FEU |
| SGX Baltic Container Freight Route FBX03 Futures | US$1 per FEU | US$1 per FEU |
| SGX Baltic Container Freight Route FBX11 Futures | US$1 per FEU | US$1 per FEU |
| SGX Baltic Container Freight Route FBX13 Futures | US$1 per FEU | US$1 per FEU |
| SGX Baltic Handysize Time Charter Average (7 Routes) Futures | US$1 per day | US$1 per day |
| SGX Baltic LNG Freight Route BLNG1g (LNG Fuel) Futures | US$1 per day | US$1 per day |
| SGX Baltic LNG Freight Route BLNG2g (LNG Fuel) Futures | US$1 per day | US$1 per day |
| SGX Baltic LNG Freight Route BLNG3g (LNG Fuel) Futures | US$1 per day | US$1 per day |
| SGX Baltic Panamax Time Charter Average (4 Routes) Futures | US$1 per day | US$1 per day |
| SGX Options on Baltic Panamax Time Charter Average (4 Routes) Futures Contract | US$0.01 per day | US$0.01 per day |
| SGX Baltic Panamax Time Charter Average (5 Routes) Futures | US$1 per day | US$1 per day |
| SGX Options on Baltic Panamax Time Charter Average (5 Routes) Futures Contract | US$0.01 per day | US$0.01 per day |
| SGX Baltic Supramax Time Charter Average (6 routes) Futures | US$1 per day | US$1 per day |
| SGX Baltic Supramax Time Charter Average (10 routes) Futures | US$1 per day | US$1 per day |
| SGX Baltic Supramax Time Charter Average (11 Routes) Futures | US$1 per day | US$1 per day |
| SGX Options on Baltic Supramax Time Charter Average (10 routes) Futures Contract | US$0.01 per day | US$0.01 per day |
| SGX Options on Baltic Supramax Time Charter Average (11 Routes) Futures Contract | US$0.01 per day | US$0.01 per day |
| SGX BRL/USD Futures | US$0.00002 per Brazilian real (US$2) | US$0.00001 per Brazilian real (US$1) |
| SGX CNY/SGD Futures | S$0.0001 per 10 Chinese yuan (S$5) | S$0.0001 per 10 Chinese yuan (S$5) |
| SGX CNY/USD Futures | US$0.0001 per 10 Chinese yuan (US$5) | US$0.0001 per 10 Chinese yuan (US$5) |
| SGX EUR/CNH Futures | CNH 0.0001 (CNH 10) | CNH 0.0001 (CNH 10) |
| SGX FM Cobalt Metal In-whs Rotterdam (Standard Grade) Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX FM Cobalt Hydroxide CIF China Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX FM Lithium Carbonate CIF CJK (Battery Grade) Futures | US$0.01 per kilogram | US$0.01 per kilogram |
| SGX FM Lithium Hydroxide CIF CJK (Battery Grade) Futures | US$0.01 per kilogram | US$0.01 per kilogram |
| SGX FTSE Asia ex Japan ESG Index Futures | 0.2 index points (US$5) | 0.0001 index points (US$0.0025) |
| SGX FTSE Asia ex Japan Net Total Return (USD) Index Futures | 0.1 index points (US$5) | 0.0001 index points (US$0.005) |
| SGX FTSE Asia ex Japan Index Futures | 0.1 index points (US$5) | 0.0001 index points (US$0.005) |
| SGX FTSE Australia Net Total Return (USD) Index Futures | 0.5 index points (US$5) | 0.0001 index points (US$0.001) |
| SGX FTSE Blossom Japan Index Futures | 0.025 index points (¥1250) | 0.0001 index points (¥5) |
| SGX FTSE China A50 Index Futures | 1 index point (US$1.00) | 0.01 index points (US$0.01) |
| SGX FTSE China H50 Index Futures | 2.5 index points (US$5) | 0.01 index points (US$0.02) |
| SGX FTSE China H50 Index Options | 2.5 index points (US$5) | 0.01 index points (US$0.02) |
| SGX FTSE Emerging Asia ESG Index Futures | 0.2 index points (US$10) | 0.0001 index points (US$0.005) |
| SGX FTSE Emerging ESG Index Futures | 0.2 index points (US$10) | 0.0001 index points (US$0.005) |
| SGX FTSE Emerging Market Asia Net Total Return (USD) Index Futures | 0.1 index points (US$5) | 0.0001 index points (US$0.005) |
| SGX FTSE Emerging Market Asia Index Futures | 0.1 index points (US$10) | 0.0001 index points (US$0.01) |
| SGX FTSE Emerging Market inc Korea Net Total Return (USD) Index Futures | 0.5 index points (US$12.50) | 0.0001 index points (US$0.0025) |
| SGX FTSE Emerging Market Index Futures | 0.1 index points (US$10) | 0.01 index points (US$1) |
| SGX FTSE Emerging Market Net Total Return (USD) Index Futures | 0.05 index points (US$10) | 0.0001 index points (US$0.02) |
| SGX FTSE EPRA Nareit Asia ex Japan Index Futures | 0.5 index points (US$5) | 0.5 index points (US$5) |
| SGX FTSE Indonesia Index Futures | 1 index point (US$5) | 0.01 index points (US$0.05) |
| SGX FTSE Indonesia Net Total Return (USD) Index Futures | 1 index point (US$2) | 0.0001 index points (US$0.0002) |
| SGX FTSE Japan Net Total Return (USD) Index Futures | 0.5 index points (US$12.50) | 0.0001 index points (US$0.0025) |
| SGX FTSE Malaysia Net Total Return (USD) Index Futures | 0.5 index points (US$5) | 0.0001 index points (US$0.001) |
| SGX FTSE Malaysia Index Futures | 0.1 index points (US$5) | 0.01 index points (US$0.50) |
| SGX FTSE New Zealand Net Total Return (USD) Index Futures | 0.5 index points (US$5) | 0.0001 index points (US$0.001) |
| SGX FTSE Philippines Net Total Return (USD) Index Futures | 1 index point (US$2) | 0.0001 index points (US$0.0002) |
| SGX FTSE Philippines Index Futures | 0.2 index points (US$5) | 0.01 index points (US$0.25) |
| SGX FTSE Saudi Arabia Net Total Return (USD) Index Futures | 0.5 index points (US$5) | 0.0001 index points (US$0.001) |
| SGX FTSE Taiwan Net Total Return (USD) Index Futures | 1 index point (US$10) | 0.0001 index points (US$0.001) |
| SGX FTSE Taiwan Index Futures | 0.25 index points (US$10) | 0.01 index points (US$0.40) |
| SGX Options on SGX FTSE Taiwan Index Futures | 0.05 index points (US$2) | 0.01 index points (US$0.4) |
| SGX Micro FTSE Taiwan Index Futures | 0.25 index points (US$1) | 0.01 index points (US$0.04) |
| SGX FTSE Thailand Net Total Return (USD) Index Futures | 1 index point (US$2) | 0.0001 index points (US$0.0002) |
| SGX FTSE Thailand Index Futures | 0.05 index points (US$5) | 0.01 index points (US$1) |
| SGX FTSE Vietnam 30 Index Futures | 1 index point (US$5) | 0.01 index points (US$0.05) |
| SGX FTSE Vietnam Net Total Return (USD) Index Futures | 0.5 index points (US$5) | 0.0001 index points (US$0.001) |
| SGX iEdge S-REIT Leaders Index Futures | 0.3 index points (SG$7.50) | 0.3 index points (SG$7.50) |
| SGX ICIS Isomer MX FOB Korea Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX ICIS MEG CFR China Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX ICIS SM CFR China Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX IHS McCloskey Indonesian 4200kc GAR FOB Thermal Coal Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX IDR/USD Futures | US$0.001 per 100,000 IDR (US$15) | US$0.0001 per 100,000 IDR (US$1.50) |
| SGX India Single Stock Futures | US$0.05 | US$0.01 |
| SGX INR/USD Futures | 0.01 US cents per 100 rupees (US$2) | 0.001 US cents per 100 rupees (US$0.20) |
| SGX Option on INR/USD Futures | 0.01 US cents per 100 rupees (US$2) | 0.001 US cents per 100 rupees (US$0.20) |
| SGX KRW/JPY Futures | ¥ 0.01 per 1,000 Korean won (¥ 250) | ¥ 0.01 per 1,000 Korean won (¥ 250) |
| SGX KRW/USD (Full-Sized) Futures | US$0.00005 per 1,000 Korean won (US$6.25) | US$0.00001 per 1,000 Korean won (US$1.25) |
| SGX KRW/USD (Mini) Futures | US$0.0001 per 1,000 Korean won (US$2.50) | US$0.0001 per 1,000 Korean won (US$2.50) |
| SGX MB Iron Ore CFR China (58% FE Fines) Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX MB Iron Ore CFR China (65% Fe Fines) Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Mini 10-Year Japanese Government Bond Futures | ¥0.01 per ¥100 face value (¥1,000) | ¥0.01 per ¥100 face value (¥1,000) |
| SGX MSCI AC Asia ex Japan Climate Action NTR (USD) Index Futures | 0.2 index points (US$10) | 0.001 index points (US$0.05) |
| SGX MSCI Emerging Market Climate Action NTR (USD) Index Futures | 0.2 index points (US$10) | 0.001 index points (US$0.05) |
| SGX MSCI Europe Climate Action NTR (USD) Index Futures | 0.2 index points (US$10) | 0.001 index points (US$0.05) |
| SGX MSCI Japan Climate Action NTR (USD) Index Futures | 0.2 index points (US$10) | 0.001 index points (US$0.05) |
| SGX MSCI Singapore Free Net Total Return (USD) Index Futures | 0.1 index points (US$5) | 0.0001 index points (US$0.005) |
| SGX MSCI Singapore Net Total Return (USD) Index Futures | 1 index point (US$5) | 0.0001 index points (US$0.0005) |
| SGX MSCI USA Climate Action NTR (USD) Index Futures | 0.2 index points (US$10) | 0.001 index points (US$0.05) |
| SGX MSCI World Climate Action NTR (USD) Index Futures | 0.2 index points (US$10) | 0.001 index points (US$0.05) |
| SGX MYR/SGD Futures | S$0.001 per 100 MYR (S$2) | S$0.0001 per 100 MYR (S$0.20) |
| SGX MYR/USD Futures | US$0.001 per 100 MYR (US$5) | US$0.0001 per 100 MYR (US$0.50) |
| SGX Mysteel Shanghai Rebar (USD) Futures | US$0.25 per metric tonne | US$0.25 per metric tonne |
| SGX Nikkei 225 Climate PAB Futures | 2.5 index points (¥625) | 0.01 index points (¥2.50) |
| SGX Nikkei 225 Index Total Return Futures | 5 index points (¥2500) | 0.01 index points (¥5) |
| SGX Nikkei ESG-REIT Index Futures | 0.2 index points (¥500) | 0.01 index points (¥25) |
| SGX-NZX Global Whole Milk Powder (WMP) Futures | US$5 per metric tonne | US$5 per metric tonne |
| SGX-NZX Global Whole Milk Powder (WMP) Options | US$0.50 per metric tonne | US$0.50 per metric tonne |
| SGX-NZX Global Skim Milk Powder (SMP) Futures | US$5 per metric tonne | US$5 per metric tonne |
| SGX-NZX Global Skim Milk Powder (SMP) Options | US$0.50 per metric tonne | US$0.50 per metric tonne |
| SGX-NZX Global Anhydrous Milk Fat (AMF) Futures | US$5 per metric tonne | US$5 per metric tonne |
| SGX-NZX Global Butter (BTR) Futures | US$5 per metric tonne | US$5 per metric tonne |
| SGX-NZX NZ Milk Price (MKP) Futures | NZ$0.01 per kgMS(1) (NZ$60) | NZ$0.01 per kgMS(1) (NZ$60) |
| SGX-NZX NZ Milk Price (MKP) Options | NZ$0.01 per kgMS(1) (NZ$60) | NZ$0.01 per kgMS(1) (NZ$60) |
| SGX Options on MB Iron Ore CFR China (65% Fe Fines) Index Futures Contract | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Options on Mini 10-Year Japanese Government Bond Futures | ¥0.01 per ¥100 face value (¥1,000) | ¥0.01 per ¥100 face value (¥1,000) |
| SGX Panamax Route P2E Timecharter Futures | US$1.00 per day | US$1.00 per day |
| SGX PHP/USD Futures | US$0.001 per 1,000 PHP (US$5) | US$0.0001 per 1,000 PHP (US$0.50) |
| SGX PLATTS Benzene FOB Korea Futures Contract | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Platts Benzene-Naphtha Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Platts Gasoil FOB Singapore Index Futures | US$0.01 per barrel | US$0.01 per barrel |
| SGX Platts Iron Ore CFR China (Lump Premium) Index Futures | US$0.0001 per dry metric tonne unit | US$0.0001 per dry metric tonne unit |
| SGX PLATTS Marine Fuel 0.5% FOB Singapore Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Platts Methanol CFR China Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Platts Naphtha CFR Japan Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Platts Paraxylene-Naphtha Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX PLATTS PX CFR China Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Platts Singapore Fuel Oil 180cst Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Platts Singapore Fuel Oil 380cst Index Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX SGD/CNH Futures | CNH 0.0001 (CNH 10) | CNH 0.0001 (CNH 10) |
| SGX SICOM RSS3 Futures | US$0.001 per kg | US$0.001 per kg |
| SGX SICOM TSR 20 Rubber Options | US$0.001 per kg | US$0.001 per kg |
| SGX SICOM TSR20 Futures | US$0.001 per kg | US$0.001 per kg |
| SGX Singapore Visco Spread Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Singapore Single Stock Futures Group 1: • AREIT Futures • Comfortdelgro Futures • Genting Futures • Singtel Futures • Thai Beverage Futures • Wilmar Futures • Yangzijiang Shipbldg Futures Group 2: • Capitaland Investment Futures • DBS Futures • Keppel Futures • OCBC Futures • Top Glove Futures • UOB Futures Group 3: • Asia HY Bond ETF Futures | Group 1: S$0.001 Group 2: S$0.005 Group 3: US$0.005 | Group 1: S$0.0001 Group 2: S$0.0001 Group 3: US$0.0001 |
| SGX THB/USD Futures | US$0.005 per 1,000 Thai baht (US$5) | US$0.005 per 1,000 Thai baht (US$5) |
| SGX Three-Month Tokyo Over-Night Average Rate (TONA) Futures | 0.0025 index points (¥625) | 0.0025 index points (¥625) |
| SGX Three-Month Singapore Overnight Rate Average (SORA) Futures | 0.0025 index points (S$6.25) | 0.0025 index points (S$6.25) |
| SGX TSI FOB Australia Premium Coking Coal Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX Options On TSI FOB Australia Premium Coking Coal Futures | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures | US$0.05 per metric tonne | US$0.01 per metric tonne |
| SGX Options on TSI Iron Ore CFR China (62% FE Fines) Index Futures Option Contract | US$0.01 per metric tonne | US$0.01 per metric tonne |
| SGX TWD/USD (Full-Sized) Futures | US$0.0025 per 1,000 TW$ (US$7.50) | US$0.0001 per 1,000 TW$ (US$0.30) |
| SGX TWD/USD (Mini) Futures | US$0.0001 per 10 TW$ (US$10) | US$0.0001 per 10 TW$ (US$10) |
| SGX USD/CNH (Full-Sized) Futures | CNH 0.0001 (CNH 10) | CNH 0.0001 (CNH 10) |
| SGX USD/CNH (Mini) Futures | CNH 0.0001 (CNH 2.50) | CNH 0.0001 (CNH 2.50) |
| SGX Option on USD/CNH (Full-Sized) Futures | CNH 0.0001 (CNH 10) | CNH 0.0001 (CNH 10) |
| SGX USD/INR (USD) Futures | US$0.0025 (US$2.50) | US$0.0025 (US$2.50) |
| SGX USD/INR (USD) Month-end Futures | US$0.0025 (US$2.50) | US$0.0025 (US$2.50) |
| SGX Option on USD/INR (USD) Futures | 0.0025 (US$2.50) | 0.0025 (US$2.50) |
| SGX USD/JPY Futures (Standard) | ¥ 0.005 (¥ 500) | ¥ 0.005 (¥ 500) |
| SGX USD/JPY Futures (Titan) | ¥ 0.005 (¥ 2,500) | ¥ 0.005 (¥ 2,500) |
| SGX USD/SGD (Full-Sized) Futures | S$0.00005 (S$5.00) | S$0.00005 (S$5.00) |
| SGX USD/SGD (Mini) Futures | S$0.0001 (S$2.50) | S$0.0001 (S$2.50) |
| SGX United States Single Stock Futures Group 1: • SEA Futures Group 2: • TSMC Futures Group 3: • Grab Futures | Group 1: US$0.05 Group 2: US$0.10 Group 3: US$0.005 | Group 1: US$0.01 Group 2: US$0.01 Group 3: US$0.0001 |
| Straits Times Index Futures | 1 index point (S$10) | 0.01 index points (S$0.10) |
| USD Nikkei 225 Index Futures | 5 index points (US$25) | 0.01 index points (US$0.05) |
Note (1): “kgMS” means “kilogram of milk solids”.
Amended on 6 December 2010, 16 December 2010, 24 January 2011, 15 February 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, 5 January 2015, 19 January 2015, 9 February 2015, 9 March 2015, 31 August 2015, 31 August 2015, 5 October 2015, 2 November 2015, 7 December 2015, 25 January 2016, 1 February 2016, 28 March 2016, 28 March 2016, 29 March 2016, 4 April 2016, 3 May 2016, 2 June 2016, 4 July 2016, 11 July 2016, 31 October 2016, 14 November 2016, 5 December 2016, 27 February 2017, 27 March 2017, 22 May 2017 and 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, 04 June 2018, 25 June 2018, 25 June 2018, 23 July 2018, 23 July 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, 5 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, 12 July 2021, 2 August 2021, 16 September 2021, 22 November 2021, 6 December 2021, 24 January 2022, 28 February 2022, 27 June 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, 1 March 2024, 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 , 9 June 2025 and 2 June 2025 .