3.1.1 The NLT facility shall be available twenty-four (24) hours a day. 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".

3.2.1 All NLTs must be reported to the Exchange. Registration of all NLTs shall be done via submission through the eNLT system (Electronic Negotiated Large Trade — a web-based system). The submission can be done by either party to the trade, with mutual agreement.

Entry of the details of the NLT through the eNLT system may be done by either party to the trade, or any authorised personnel of their respective Clearing Members and its affiliates on their behalf.

3.2.2 NLTs submitted for registration must be also approved by the relevant Clearing Members for both the buying and selling Customers, via eNLT, before registration can be effected.

3.2.3 Clearing Members are required to ensure that all "T Trades" and "T+1 Trades" are submitted for registration via the eNLT system in a timely manner. All "T Trades" are required to be registered no later than thirty (30 ) minutes after the relevant "T" session closes and all "T+1 Trades" no later than thirty (30) minutes after the next Trading Day's "T" session closes.

3.3.1 Members shall ensure that NLTs are not transacted for Customers who have the same beneficial interest in both sides of the transactions. 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 in the contract notes sent to their Customers. The conditions for obtaining a general blanket approval from the Customer are as follows:

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 QUEST for execution. After the Customers' orders have been placed on QUEST 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 QUEST 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 QUEST 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 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.

3.3.7 Upon execution, a Member may give up an NLT to another Clearing Member or different Clearing Members via the SGXCLEAR system or any other system prescribed by the Exchange for allocation(s) to various Customer Accounts maintained with that other Clearing Member(s). The allocated number of Contracts to each such account may be less than the minimum volume threshold for the Contract in question provided that the NLT was executed for fund managers, commodity trading advisors etc. who may at times be required to allocate in part to 'sub-funds', high net worth individuals/investors, etc. who may maintain their own accounts with the other Clearing Member(s).

3.3.8 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.

3.6.1 Clearing Members are required to register their NLTs via eNLT within the period specified in paragraph 3.2 above. A flat deterrence fee of S$5000 per trade will be imposed for all late reporting

3.6.2 The Exchange may, in its absolute discretion, waive the imposition of the deterrence fee for the late registration of an NLT.

3.7.1 In the event of any technical fault that prevents or inhibits access and/or use of the eNLT system by any Clearing Member(s), the Exchange may, in its absolute discretion, and in circumstances which is deems appropriate, allow for registration of NLTs via manual submission of Form CH31, duly filled up and signed by their authorised personnel on behalf of their Customers, to the Exchange.

3.7.2 If the Exchange exercises its discretion pursuant to paragraph 3.7.1:

3.7.3 The Exchange may, in its absolute discretion, waive the imposition of any deterrence fees.

3.7.4 Any loss or inhibition of access and/or use of the eNLT system, which is due to any technical faults arising from or caused by a Clearing Member's own equipment, system, device or market facility will not be considered as a sufficient ground for the Exchange to exercise its discretion under paragraph 3.7.1.

3.7.5 Factors which the Exchange may consider in the exercise of its discretion include: