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 Domestic Interbank Money Market |
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Typical transaction size |
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S$20-50 million |
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Trading hours |
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9.00 a.m. - 4.30 p.m. Singapore Time (Mon to Fri) |
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Settlement |
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T+1 |
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The SGS market also benefited from the rapid development of the repo (PDF, 28.1KB), interest rate
swap, interest rate futures and bond futures markets in Singapore, which provide an
outlet for bond investors to hedge their interest rate risks. |
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Repo Market |
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Typical transaction size |
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S$25 million |
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Trading hours |
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9.00 a.m. - 3.30 p.m. Singapore Time (Mon to Fri) |
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Settlement |
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T+1 |
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 Back to top |
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Interest Rate Swaps Market |
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Typical transaction size |
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S$20 million |
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Trading hours |
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8.30 a.m. - 5.00 p.m. Singapore Time (Mon to Fri) |
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Settlement |
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Trades done before 11 a.m. settlement T+2
Trades done after 11 a.m. settlement T+3 |
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Interest Rate Futures Market |
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Contract size |
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S$1,000,000 per contract |
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Tenor |
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3-month interest rate contract |
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Contract Months |
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2 nearest serial months and March, June, September and
December months on a 2-year cycle |
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Daily Price Limit |
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None |
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Last trading day |
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Second business day preceding the third Wednesday of
the contract month. |
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Final settlement price |
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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. |
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Settlement |
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Cash |
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Trading hours |
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8.45 a.m. - 5.00 p.m. Singapore Time (Mon to Fri) |
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Trading Hours on Last Trading Day |
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8:45 am -11:00 a.m. Singapore time (Mon - Fri) |
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Bond Futures |
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Contract size |
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S$100,000 per contract |
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Tenor |
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5 year Singapore Government Bond |
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Coupon |
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3% |
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Contract Months |
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2 nearest quarterly months in the months of March, June,
September, and December. |
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Exchange |
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The Singapore Exchange |
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Eligible Bonds |
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Singapore Government Bonds with 3 - 6 years remaining to
maturity from the 1st calendar day of the contract month.
The Singapore Exchange is entitled to include MAS's pre-announced
new issue or re-open issue prior to issuance date in its
basket of eligible bonds. Similarly, the Singapore Exchange is also
entitled to withdraw any potential new issue or re-open
issue should MAS decide to withdraw the bond issuance
subsequently.
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Tick size |
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0.01 |
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Tick value |
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S$ 10 |
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Value of 1 point |
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S$ 1,000 |
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Price Limit |
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None |
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Price quotation |
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Price to two decimal places |
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Settlement |
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Cash |
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Last trading day |
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Last Singapore business day of the contract month |
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Final settlement price |
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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.
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Trading Hours |
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9:00 am - 5:00 p.m. Singapore time (Mon - Fri) |
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Trading Hours on Last Trading Day |
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9:00 am - 5:00 p.m. Singapore time (Mon - Fri) |
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