SGX Rulebooks
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Past version: Effective from 17 Jan 2022 to 01 Sep 2024
1. Introduction
1.1 SGX-ST provides a pre-execution Error Trade prevention mechanism, known as the "Force Key" function to minimise the occurrence of Error Trades arising from the erroneous entry of order prices. The Force Key is intended to complement, and not replace, Trading Members' responsibility to adopt adequate and appropriate measures and practices to safeguard against the execution of Error Trades.
1.2 This Regulatory Notice sets out the application of the Force Key.
2. Application of Force Key
2.1 Orders entered at prices outside the price range specified by SGX-ST ("Forced Order Range") must be confirmed using the Force Key, before they may be submitted.
2.2 Unless otherwise determined by SGX-ST, the Forced Order Range of the following products shall be as follows:
 
S/NProductPrice Range ($)Minimum Bid Size ($)Forced Order Range
1Stocks (excluding preference shares), real estate investment trusts (REITs), business trusts, company warrants and any other class of securities or futures contracts not specified in paragraph 2.2Below 0.200.001+/- 30 bids
0.20 – 0.9950.005
1.00 and above0.01
2Structured warrantsBelow 0.200.001+/- 30 bids
0.20 – 1.9950.005
2.00 and above0.01
3Exchange traded funds and exchange traded notesAll0.01 or 0.001 as determined by
SGX-ST
+/- 10%
4Debentures, bonds, loan stocks and preference shares quoted in the $1 price conventionAll0.001+/- 30 bids
5Debentures, bonds, loan stocks and preference shares quoted in the $100 price conventionAll0.001+/- 1,000 bids
2.3 The Forced Order Range and Force Key will not be applicable prior to the first trade on the first day of trading of any newly-listed instrument.
2.4 SGX-ST may, at its discretion apply the Force Key in particular cases notwithstanding paragraph 2.3. If SGX-ST uses its discretion to apply the Force Key to any such case SGX-ST will give prior notice to Members.
3. Use of the Force Key
3.1 In order to minimise the occurrence of Error Trades resulting from the erroneous entry of order prices, Trading Members should:
(a) ensure that the Force Key alert is available;
(b) encourage Trading Representatives to exercise judgment when accepting an instruction from a customer to execute an order priced outside the Forced Order Range; and
(c) ensure that procedures are in place to determine if there are legitimate commercial reasons for orders priced outside the Forced Order Range.

Added on 3 June 20193 June 2019 and Amended on 17 January 2022.