1.1 Rule 8.6.13A(3) provides that SGX-ST may, in its discretion, use an alternative price as the Reference Price for the no-cancellation range if (a) the price of the last good trade is not available; or (b) SGX-ST deems the price of the last good trade to be unreliable or inappropriate as a Reference Price.

1.2 In normal market conditions, the price of the last good trade is adopted as the Reference Price. However, SGX-ST has considered that there may be situations where the price of the last good trade is not available or not appropriate. In such situations, SGX-ST would seek to establish a Reference Price from alternative sources.

1.3. This Practice Note sets out the alternative prices that SGX-ST may consider in establishing the Reference Price when the price of the last good trade is inappropriate.

2.1. The table below sets out the alternative prices that SGX-ST may consider in establishing the Reference Price to determine the no-cancellation range.

Instrument	Alternative prices that may be adopted as the Reference Price
Extended Settlement Contracts	•  The previous closing price. •  The price of the last good trade in the underlying stock.
American Depository Receipts	•  The previous closing price of the underlying stock in home market. •  The previous closing price of the ADR in the US market.
Exchange Traded Funds	•  The previous closing price as determined in accordance with Rule 8.2A. •  The average of the last quoted bid price and the last quoted offer price for the Exchange Traded Fund immediately preceding the error trade. The selection will not include the quotes provided by the Designated Market-Maker who is involved in the error trade which is under review. •  The Indicative Net Asset Value.
Exchange Traded Notes	•  The average of the last quoted bid and the last quoted offer price for the Exchange Traded Note immediately preceding the error trade. The selection will not include the quotes provided by the Designated Market-Maker who is involved in the error trade which is under review. •  The price of other debt papers with a similar credit rating.
All other securities (excluding bonds and structured warrants)	•  The previous closing price. •  The average of the last quoted bid price and the last quoted offer price for the security immediately preceding the error trade. The selection will not include the quotes provided by the parties who are involved in the error trade which is under review. •    A price derived from a pricing model established by SGX-ST. For example, in the case of a share consolidation, SGX-ST may use the last traded price prior to the effective date of the consolidation, adjusted for the consolidation ratio.

3.1. Where SGX-ST determines that an appropriate Reference Price cannot be established, it will not establish a no-cancellation range.