Market Features

 

SGS Market (Institutional)

  • Trading Basis: Prices quoted to two decimal places 
  • Transaction Size: Typically S$5 million
  • Trading Hours: 9.00am to 11.30am and 2.00pm to 4.30pm Singapore time (Monday to Friday)
  • Settlement date: T + 1
  • Clearing System: DVP basis over the MAS Electronic Payment System (MEPS+)

Domestic Interbank Money Market

  • Transaction Size: Typically S$20 million to S$50 million 
  • Trading Hours: 9.00am to 4.30pm Singapore time (Monday to Friday)
  • Settlement date: T + 1

Repo Market

  • Transaction Size: Typically S$25 million 
  • Trading Hours: 9.00am to 3.30pm Singapore time (Monday to Friday)
  • Settlement date: T + 1

Interest Rate Swaps Market

  • Transaction Size: Typically S$20 million 
  • Trading Hours: 8.30am to 5.00pm Singapore time (Monday to Friday)
  • Settlement date: T + 2 for trades dones before 11.00am and T+3 for trades dones after 11.00am

Interest Rate Futures Market

  • Contract Size: S$1 million per contract
  • Tenor: 3-month 
  • Contract Months: 2 nearest serial months and March, June, September and December months on a 2-year cycle
  • Daily Price Limits: None
  • Last Trading Day: Second business day preceding the third Wednesday of the contract month
  • Final Settlement Price: The final settlement price shall be 100 minus the Association of Banks in Singapore's (ABS) 3-Month USD/SGD SOR (Swap Offered RATE), rounded to the nearest 1/1000th of a
    percentage point, on the last trading day.
  • Settlement: Cash
  • Trading Hours: 8.45am to 5.00pm Singapore time (Monday to Friday)
  • Trading Hours (on Last Trading Day): 8.45am to 11.00am Singapore time (Monday to Friday)

Bond Futures Market

  • Contract Size: S$100,000 per contract
  • Tenor: 5-year SGS
  • Coupon: 3.00% 
  • Contract Months: 2 nearest quarterly months and March, June, September and December
  • Exchange: The Singapore Exchange
  • Eligible Bonds: Singapore Government Bonds with 3 - 6 years remaining to maturity from the 1st calendar day of the contract month.  The Singapore Exchange is entitled to include MAS's pre-announced new issue or re-open issue prior to issuance date in its basket of eligible bonds. Similarly, the Singapore Exchange is also entitled to withdraw any potential new issue or re-open issue should MAS decide to withdraw the bond issuance subsequently.
  • Tick Size: 0.01
  • Tick Value: S$10
  • Value of 1 point: S$1,000
  • Price Limit: None
  • Price quotation: Priced to two decimal places
  • Settlement: Cash
  • Last trading day: Last Singapore business day of the contract month
  • Final Settlement Price: The final settlement price of the Singapore Government Bond futures is based on the prices of the eligible/selected bonds in the basket, provided by the Singapore Government Securities Dealers for the Monetary Authority of Singapore's (MAS) daily fixing of the Singapore Government Bonds on the Last Trading Day.  From the prices contributed to MAS for each bond in the basket, the arithmetic mean of the bid and offer prices shall be calculated, after discarding the 3 highest and 3 lowest bids and the 3 highest and 3 lowest offers, and converted to yield, rounded to the nearest eight (8) decimal places.  The final yield for all the bonds in the selected basket, rounded to the nearest five (5) decimal places, is derived from the yield for each bond in the basket after weighting the yield of the benchmark bond in the selected basket by 60% or such other weighting as may be prescribed by the Exchange. The remaining weighting shall be equally distributed over the remaining yields.  The final settlement price shall be calculated from the final yield according to the following formula rounded to two (2) decimal places.
  • Trading Hours: 9.00am to 5.00pm Singapore time (Monday to Friday)
  • Trading Hours (on Last Trading Day): 8.45am to 11.00am Singapore time (Monday to Friday)