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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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Back to top |
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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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3rd last Singapore business day of the contract month |
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Final settlement price |
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MAS's daily fixing contributed by the 11 contributing dealers
on the last trading day at 5 p.m.
Calculation will be based on the mean of the yields obtained
at 5 p.m. excluding the highest and the lowest yields. The
average yield obtained will be used to compute the final
settlement price based on the following formula.
Price Calculations:
(0.04/Yield)[1 - (1 + Yield/2)-10]+(1 + Yield/2)-10*S$100 |
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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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For more information on the SGX SGS Government Bond Futures contract, please click here. |
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