SGX Rulebooks
Link copied to clipboard
SGX-DC Clearing Rules
Appendices

Oil Swaps Contracts

ProductsGasoilNaphtha
ContractGasoil Swap FOB SingaporeNaphtha CFR Japan
Final Settlement PriceArithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.Cash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places.

 

ProductsFuel Oil 180Fuel Oil 380
ContractSingapore Fuel Oil 180cst Swap, 3.5% sulfurSingapore Fuel Oil 380cst Swap, 4% sulfur
Final Settlement PriceArithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

 

ProductsMini Fuel Oil 180 CSTMini Fuel Oil 380 CST
ContractMini Singapore Fuel Oil 180 CST Swap, 3.5% SulfurMini Singapore Fuel Oil 380 CST Swap, 4% Sulfur
Final Settlement PriceArithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

 

ProductsVisco
ContractFuel Oil 180cst vs 380cst Swaps Differential
Final Settlement PriceFSP of Fuel Oil 180cst Swap minus FSP of Fuel Oil 380cst Swap

 

ProductPetrochemical Swaps
ContractSGX Platts Benzene-Naphtha SwapSGX Platts Paraxylene-Naphtha SwapSGX PLATTS PX CFR China SwapBenzene FOB Korea SwapsSGX Platts Methanol CFR China Swap 
Final Settlement PriceCash settlement using the arithmetic difference between the Final Settlement Prices of the SGX Platts BZ FOB Korea Swap and the SGX Platts Naphtha CFR Japan Swap, rounded to 3 decimal places.Cash settlement using the arithmetic difference between the Final Settlement Prices of the SGX Platts PX CFR Taiwan/China Swap and the SGX Platts Naphtha CFR Japan Swap, rounded to 3 decimal places.Cash settlement using the arithmetic average of all Platts PX daily spot price assessments in the contract month, rounded to 2 decimal placesCash settlement using the arithmetic average of Platts daily spot 'marker' physical cargo assessments in the contract month, rounded to 3 decimal places.Cash settlement using the arithmetic average of all Platts Methanol CFR China daily spot price assessments in the expiring month, rounded to two decimal places. 

 

ProductPetrochemical Swaps
ContractSGX ICIS Isomer MX FOB Korea Swap     
Final Settlement PriceCash settlement using the arithmetic average of all ICIS Isomer MX FOB Korea index assessments in the expiring contract month, rounded to 2 decimal places     

 

ProductPetrochemical Swaps
Contract[deleted]
 
[deleted]
 
SGX ICIS MEG CFR China Swap
 
[deleted]
 
[deleted]
 
SGX ICIS SM CFR China Swap
 
Final Settlement Price[deleted]Cash settlement using the arithmetic average of all ICIS MEG CFR China Main Ports index assessments in the expiring contract month, rounded to 2 decimal places
 
[deleted]Cash settlement using the arithmetic average of all ICIS SM CFR China (Price Range for the Week) index assessments in the expiring contract month, rounded to 2 decimal places

 

Product0.5% Sulphur Fuel Oil Singapore
ContractSGX Platts Marine Fuel 0.5% FOB Singapore Swap 
Final Settlement PriceArithmetic average of Platts' spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places. 

 

ProductPetrochemical Swaps
ContractSGX Argus Ammonia FOB Middle East SwapSGX Argus Ammonia CFR East Asia Swap
Final Settlement PriceArithmetic average of all Argus' spot assessments for each week that is published in the expiring contract month for the relevant underlying product, rounded to two decimal places.

 

Iron Ore Swap Contracts

ProductsIron Ore Swap
ContractSGX TSI Iron Ore CFR China (62% Fe Fines) SwapSGX MB Iron Ore CFR China (58% FE Fines) Swap[deleted]SGX MB Iron Ore CFR China (65% Fe Fines) SwapSGX Platts Iron Ore CFR China (Lump Premium) Swap
Final Settlement PriceCash settlement using the arithmetic average of all The Steel Index (TSI) Iron Ore Fines 62% FE CFR China reference prices in the expiring month, rounded to 2 decimal places.Cash settlement using the arithmetic average of all the aggregate daily values of MBIOI — 58% FE Fines, CFR Qingdao Index and MBIOI — 58% Premium FE Fines, CFR Qingdao Index reference prices, as published by Metal Bulletin, in the expiring contract month, rounded to 2 decimal places.[deleted]Cash settlement using the arithmetic average of all the MBIOI 65% Fe Brazilian Fines, CFR Qingdao Index reference prices in the expiring contract month, rounded to 2 decimal places.Cash settlement using the arithmetic average of all Platts IO Spot Lump Premium 62.5% CFR China Index reference prices in the expiring contract month, rounded to 4 decimal places.

 

ProductIron Ore Option
UnderlyingContractIron Ore Swap
Option Exercise and SettlementEuropean Style: An option will be exercised automatically at expiry only if it is in-the-money.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying Iron Ore Swap minus the strike price, multiplied by the contract size.
Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying Iron Ore Swap, multiplied by the contract size.

 

Freight Forward Contracts: Container Freight Routes

ProductFBX01FBX03FBX11FBX13
ContractContainer Freight Route FBX01Container Freight Route FBX03Container Freight Route FBX11Container Freight Route FBX13
Final Settlement PriceArithmetic average of all of Baltic's spot assessments for each day that is published in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Freight Forward Contracts: Dry Trip Timecharter Routes

[deleted][deleted][deleted]
[deleted][deleted][deleted]
[deleted][deleted]

 

[deleted][deleted][deleted]
[deleted][deleted][deleted]
[deleted][deleted]

 

ProductP2EP2E_82
ContractPanamax Route P2E Forward Freight Agreement Skaw/Gibraltar — Far East. Entire Month AveragePanamax 82 Route P2E Forward Freight Agreement. Entire Month Average
Final Settlement PriceArithmetic average of all Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Freight Forward Contracts: Dry Voyage Routes

[deleted][deleted]
[deleted][deleted]
[deleted][deleted]

 

ProductCapesize Option (Route C5)
Underlying ContractCapesize Route C5 Forward Freight Agreement
Option Exercise and Settlement

European Style: An option will be exercised automatically at expiry only if it is in-the-money.

Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying FFA minus the strike price, multiplied by the contract size.

Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying FFA, multiplied by the contract size.

 

[deleted][deleted][deleted][deleted] 
[deleted][deleted][deleted][deleted] 
[deleted][deleted]

 

ProductC3C5C7 
ContractCapesize Route C3 Forward Freight AgreementCapesize Route C5 Forward Freight AgreementCapesize Route C7 Forward Freight Agreement 
Final Settlement PriceArithmetic average of all Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Freight Forward Contracts: Dry Timecharter Basket Routes

Product[deleted]5CTC4PTC5PTC6STC10STC11STC[deleted]7HTC
Contract[deleted]Capesize Time Charter Basket (5 routes)Panamax Time Charter Basket (4 routes)Panamax Time Charter Basket (5 routes)Supramax Time Charter Basket (6 routes)Supramax Time Charter Basket (10 routes)Supramax Time Charter Basket (11 routes)[deleted]Handysize Time Charter Basket (7 routes)
Final Settlement PriceArithmetic average of all Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Product[deleted]Capesize Option (5 routes)Panamax Option (4 routes)Panamax Option (5 routes)[deleted]Supramax Option (10 routes)Supramax Option (11 routes)[deleted]
Underlying Contract[deleted]Capesize Time Charter Basket (5 routes)Panamax Time Charter Basket (4 routes)Panamax Time Charter Basket (5 routes)[deleted]Supramax Time Charter Basket (10 routes)Supramax Time Charter Basket (11 routes)[deleted]
Option Exercise and SettlementEuropean Style: An option will be exercised automatically at expiry only if it is in-the-money.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying FFA minus the strike price, multiplied by the contract size.
Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying FFA, multiplied by the contract size.

 

Freight Forward Contracts: LNG Trip Timecharter Routes

ProductsBLNG1gBLNG2gBLNG3g
ContractLNG Freight Route BLNG1g (LNG Fuel)LNG Freight Route BLNG2g (LNG Fuel)LNG Freight Route BLNG3g (LNG Fuel)
Final Settlement PriceArithmetic average of all Baltic's spot assessments for each day that is published in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Coal Swap Contracts

ProductCoal Swap
Contract[deleted]SGX IHS McCloskey Indonesian 4200kc GAR FOB Thermal Coal Swaps[deleted][deleted]SGX TSI FOB Australia Premium Coking Coal Swap[deleted] 
Final Settlement Price[deleted]Cash settlement using the arithmetic average of all publications of the IHS McCloskey Indonesian (4200kc GAR) FOB Marker reference prices in the expiring contract month, rounded to 2 decimal places.[deleted][deleted]Cash settlement using the arithmetic average of all publications of the relevant index published by TSI in the expiring contract month, rounded to 2 decimal places.[deleted] 

 

ProductCoal Option     
Underlying ContractCoal Swap     
Option Exercise and SettlementEuropean Style: An option will be exercised automatically at expiry only if it is in-the-money.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying contract minus the strike price, multiplied by the contract size. Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying contract, multiplied by the contract size.

 

Cobalt and Lithium Swaps

ProductCOMCOHLICLIH
ContractSGX FM Cobalt Metal In-whs Rotterdam (Standard Grade) SwapsSGX FM Cobalt Hydroxide CIF China SwapsSGX FM Lithium Carbonate CIF CJK (Battery Grade) SwapsSGX FM Lithium Hydroxide CIF CJK (Battery Grade) Swaps
Final Settlement PriceArithmetic average of all the aggregate daily values of the underlying index, as published by Fastmarkets, in the expiring contract month, rounded to 2 decimal places

 

Steel Swap Contracts

ProductSteel Swap Contracts
ContractSGX Mysteel Shanghai Rebar (USD) Swap 
Final Settlement PriceCash settlement using the arithmetic average of all the Mysteel Shanghai Rebar (USD) Index reference prices in the expiring contract month (including any Index reference price published on a Saturday or a Sunday, where applicable), rounded to two decimal places. 

[deleted]

[deleted][deleted][deleted][deleted]
[deleted][deleted][deleted][deleted]
[deleted][deleted][deleted][deleted]

Added on 27 March 200627 March 2006 and amended on 1 September 20061 September 2006, 1 March 20071 March 2007,1 August 20071 August 2007, 28 November 200728 November 2007, 5 May 20085 May 2008, 17 April 200917 April 2009, 31 May 201031 May 2010, 3 November 20103 November 2010, 28 February 201128 February 2011, 5 December 20115 December 2011, 1 February 20121 February 2012, 1 March 20121 March 2012, 10 September 201210 September 2012, 26 November 201226 November 2012, 21 October 201321 October 2013, 17 February 201417 February 2014, 4 August 20144 August 2014, 2 December 20142 December 2014, 19 January 201519 January 2015, 9 March 20159 March 2015, 31 August 201531 August 2015, 5 October 20155 October 2015, 7 December 20157 December 2015, 25 January 201625 January 2016, 31 October 201631 October 2016, 27 March 201727 March 2017, 22 May 201722 May 2017, 17 July 201717 July 2017, 18 September 201718 September 2017, 18 September 201718 September 2017, 2 January 20182 January 2018, 9 April 20189 April 2018, 21 May 201821 May 2018, 23 July 201823 July 2018, 3 December 20183 December 2018, 29 July 201929 July 2019, 21 October 201921 October 2019, 18 November 201918 November 2019, 24 February 202024 February 2020, 18 May 2020, 3 August 2020, 28 September 2020, 1 October 2020, 14 December 2020, 1 March 2021, 19 April 2021, 10 May 2021, 31 May 2021, 12 July 2021, 2 August 2021, 24 January 2022, 28 February 2022, 18 July 2022, 26 September 2022, 21 November 202220 February 2023, 2 October 2023, 15 July 2024, 7 October 2024, 2 December 2024, 2 January 2025 and 20 January 2025.