The following rules apply to all categories of structured warrants:

Placement and Holder Size

(1) At least 75% of an issue must be placed out to a minimum of 100 warrantholders. This requirement does not apply if there is a Designated Market-Maker for the structured warrants.


(2) [Deleted]
(3) [Deleted]

Issue Price

(4) The minimum issue price for structured warrants must be S$0.20 per warrant.

Issue Size

(5) The minimum issue size must be:—
(a) S$5 million (or its equivalent); or
(b) S$2 million (or its equivalent) if there is a Designated Market-Maker for the structured warrants.

Tenure of Issue

(6) The tenure of the structured warrant must not exceed three years from the date of issue or such longer time as the Exchange allows.

Exercise Settlement

(7) On exercise, structured warrants must be either physically settled or cash settled. The settlement method must be specified at the time of the launch of an issue. The issuer must not have an option to elect for settlement either in shares or cash upon exercise of the structured warrants.
(8) An issuer must decide on the method for determining the cash settlement price at the time of the launch of an issue. The settlement price must be either:—
(a) the average of the closing prices of the underlying securities (subject to any adjustment to reflect any bonus issue, rights issue, distribution or the like) for the 5 market days prior to and including the market day immediately before the relevant exercise/expiry date; or
(b) the closing price of the underlying securities on the market day immediately before the exercise/expiry date.

Conversion Ratio

(9) For the exercise of structured warrants based on individual securities, the conversion ratio must be:—
(a) one warrant for one share;
(b) ten warrants for one share; or
(c) such other ratio as the Exchange may allow. Normally, the Exchange will consider conversion ratios of 25, 50 or 100 warrants for one share, or the reverse.


(10) The terms of the issue must provide for adjustment to the exercise price and, where appropriate, the number of securities which each structured warrant carries the right to sell or purchase, in the event of any bonus issue, rights issue, consolidation, subdivision, distribution or the like relating to the underlying securities.

Designated Market-Maker

(11) If there is a Designated Market-Maker in respect of the issue, the Exchange must be satisfied that the Designated Market-Maker's obligations are likely to be fulfilled. If the Designated Market-Maker ceases to perform its obligations, the issuer must appoint another Designated Market-Maker for the issue. The issuer must announce the appointment at least two weeks before the existing Designated Market-Maker ceases performing its obligations.

Amended on 19 January 201519 January 2015 and 7 February 20207 February 2020.