SGX RegCo

Minimum Volume Thresholds for Negotiated Large Trades

SGX RegCo published Appendix A to Regulatory Notice 4.1.11 establishing minimum volume thresholds for Negotiated Large Trades (NLTs) across approximately 100 futures and options contracts. Thresholds range from 2 lots (e.g., various commodity futures) to 100 lots (thermal coal and whole milk powder futures). The document includes contract-specific adjustments, such as the FTSE Taiwan Index Futures threshold increasing from 5 to 50 lots effective February 2021. The rule takes effect 30 April 2026 for a future version currently marked in the rulebook.

Amendments to Futures Trading Rules - Minimum Volume Thresholds for NLTS

SGX RegCo has amended the Futures Trading Rules, specifically Appendix A to Regulatory Notice 4.1.11 concerning Minimum Volume Thresholds for NLTS. The amendments modify volume thresholds for SGX FTSE Indonesia Index Futures and SGX FTSE Vietnam 30 Index Futures contracts. Changes are marked in blue with underlined insertions and strikethrough deletions indicating specific modifications to lot requirements.

Amendments to Futures Trading Rules – TWD Futures Tick Size and Volume Threshold Restructure

SGX RegCo published amendments to Futures Trading Rules for TWD/USD futures contracts, effective 20 April 2026. The changes reduce minimum tick sizes for Negotiated Large Trades across full-sized and micro contract variants: full-sized contracts tick size drops from US$0.0050 to US$0.0025 per 1,000 TW$ (contract size from US$15 to US$7.50), while micro contract tick sizes are reduced to US$0.0001 per 1,000 TW$ (US$0.30 per contract). Appendix A and B to Regulatory Notice 4.1.11 update minimum volume thresholds and tick schedules accordingly.

Amendments to the Futures Trading Rules

SGX RegCo has amended the Futures Trading Rules, specifically Appendix A (Minimum Volume Thresholds for NLTS) and Appendix B (Minimum Tick Schedule for Negotiated Large Trades) to Regulatory Notice 4.1.11. The amendments update minimum volume thresholds and tick sizes for SGX FTSE Government Bond Futures across India, Indonesia, Malaysia, Philippines, and Thailand. Market participants trading these futures contracts must comply with the updated tick sizes and NLT tick sizes when executing Negotiated Large Trades, effective 20 April 2026.

Audit Trails and Records Requirements for Members

SGX RegCo requires Members to maintain complete and accurate records and audit trails per Rule 2.6.4. Members must store data securely with proper back-ups at separate locations and correct quality or accuracy defects on an ongoing basis. Upon Exchange request, Members must produce complete audit trails from order receipt to settlement immediately for trades within 6 months, and within 2 business days for older records.

Adequacy of Systems Requirements for SGX Members

SGX RegCo issued Regulatory Notice 2.6.2A requiring Members to ensure their trading systems and Market connections operate properly with adequate and scalable capacity. The notice mandates comprehensive planning programs covering capacity estimates, system testing, stress testing, and periodic independent reviews. Members must also implement hiring and training policies for qualified technical personnel, with responsibility retained even under outsourcing arrangements.

SGX-DT Market Error Trade Policy Amendments

SGX RegCo amended Rule 4.1.8 governing the SGX-DT Market Error Trade Policy. The policy defines error trades as transactions resulting from erroneous bid/offer entries that were matched on the Trading System. The Exchange retains discretion to cancel or adjust error trades where the trade price falls outside the error trade price range, calculated against a reference price. No price adjustments apply to strategy transactions, implied orders from strategy matching, option trades (except designated Option Contracts when underlying cash market is open), or trades with prices relative to predefined reference points.

Regulatory Notice 3.3.3 — Disclosure Obligations for Trading Members Regarding Dairy Contracts with New Zealand Clients

SGX RegCo issued Regulatory Notice 3.3.3 requiring Trading Members to make specific disclosures to New Zealand Clients before accepting orders to trade in Dairy Contracts. The disclosure must address four key areas: the Exchange's principal place of business in Singapore, Singapore's regulatory jurisdiction, differences in investor rights and compensation arrangements compared to New Zealand markets, and currency exchange rate risks for New Zealand investors.

Regulatory Notice 3.2.3A — Reporting and Other Requirements for Dairy Contracts

SGX RegCo issued Regulatory Notice 3.2.3A establishing new reporting and other requirements for Dairy Contracts traded on the SGX-DT Market. The notice applies to Trading Members that are resident or incorporated in New Zealand, or that are not resident in New Zealand but offer Dairy Contracts to retail investors in New Zealand as defined under Section 6 of the New Zealand Financial Markets Conduct Act 2013. Affected Trading Members must report their circumstances to SGX within 14 calendar days of the effective date and ensure all Dairy Contract trades are cleared through dedicated disclosed accounts.