Notice: SGX Market Structure Changes from 13 November 2017 (Monday)Last Updated: November 7, 2017
Due to the changes to the SGX Securities Market Structure with effect from 13 November 2017 (Monday), please take note the following important details:
Will my orders be affected?
With the implementation of market structure changes in Securities market, SGX will purge all long-dated orders (e.g. Good-till-Date) that are outstanding on SGX order book (as of 10 Nov 2017 market close) on 11 November 2017 (Saturday)
How does the lunch break (12:00 to 13:00 hours) affect my orders?
Except during the Non-Cancel Phase (12:58-59 to 13:00 hours), you may continue to enter, modify or withdraw limit orders. New Price Triggered Order (PTO) e.g. Stop-Limit or Limit-if-Touch orders will not be allowed. Existing PTO orders may be amended or withdrawn.
How is the Force Key range affected?
The Force Key range will be adjusted from +/-20% to +/-35%. Please note that the below remained unchanged:
- Force Key is not applicable for counters with last done price $0.50 and below
- Force Key is not applicable for securities denominated in HKD and JPY
The SGX Securities Market Structure changes that will take effect from 13 November 2017 are:
- Increase minimum bid size for stocks in $1 – $1.99 from $0.005 to $0.01
- Widen force order range from +/-20 bids to +/-30 bids
- Introduce a mid-day break from 12pm to 1pm
Further elaboration on the above 3 points can be found below:
1. Minimum Bid Size
The minimum bid size (“MBS”) for all securities (excluding preference shares, structured warrants, exchange traded funds, exchange traded notes, debentures, bonds and loan stocks) trading in the $1.00 to $1.99 price range will be increased from $0.005 to $0.01.
|Product||Price Range ($)||Minimum Bid Size ($)|
|Stocks (excluding preference shares), Real Estate Investment Trusts (REITS), business trusts, company warrants and any other class of securities or Futures Contracts not specified in this Rule 8.3.3||< 0.20||0.001|
|0.20 to 0.995||0005|
|Structured warrants||< 0.20||0.001|
|0.20 to 1.995||0005|
|Exchange traded funds and exchange traded notes||All||0.01 or 0.001 as determined by SGX-ST|
|Debentures, bonds, loan stocks and preference shares||All||0.001|
2.Forced Order Range
The forced order range (“FOR”) – sometimes also known as the Bids Size Range – for all securities (excluding preference shares, exchange traded funds, exchange traded notes, debentures, bonds and loan stocks) and preference shares in the $1 price convention will be widened from +/- 20 bids to +/- 30 bids, and +/-1,000 bids for preference shares in the $100 price convention.
|Product||Price Range ($)||Minimum Bid Size ($)||Forced Order/Bid Size Range|
|Stocks (excluding preference shares), Real Estate Investment Trusts (REITS), business trusts, company warrants and any other class of securities or Futures Contracts not specified in Rule 8.3.3||< 0.20||0.001||+/- 30 bids|
|0.20 to 0.995||0005|
|Structured warrants||< 0.20||0.001||+/- 30 bids|
|0.20 to 1.995||0005|
|Exchange traded funds and exchange traded notes||All||0.01 or 0.001 as determined by SGX-ST||+/- 30 bids|
|Debentures, bonds, loan stocks and preference shares quoted in the $1 price convention||All||0.001|
|Debentures, bonds, loan stocks and preference shares quoted in the $100 price convention||All||0.001||+/- 1,000 bids|
3. Trading Hours
SGX-ST trading hours will be changed with the introduction of a midday trading break from 1200h to 1300h, during which investors may manage their orders and the indicative equilibrium price will be published. The break will end with an auction before continuous trading resumes at 1300h.
|Normal Day Trading||Half Day Trading|
|Pre-Open||0830 to 0858-59*||0830 to 0858-59*|
|Non-Cancel||0858-59 to 0900||0858-59 to 0900|
|Trading||0900 to 1200||0900 to 1200|
|Pre-Open||1200 to 1258-59*||n/a|
|Non-Cancel||1258-59 to 1300||n/a|
|Trading||1300 to 1700||n/a|
|Pre-Close||1700 to 1704-05*||1200 to 1204-05*|
|Non-Cancel||1704-05 to 1706||1204-05 to 1206|
* The Pre-Open/Close phase ends randomly at any time within this one minute window and the Non-Cancel phase begins immediately after.
^ Mid-Day Break
- The Mid-Day Break is a 60-minute session that begins after the morning Trading Phase ends at 12:00 hours, and ends before the afternoon Trading Phase starts at 13:00 hours. It comprises a Pre-Open Phase and a Non-Cancel Phase.
- Pre-Open Phase (12:00 to 12:58 – 59 hours)
– Orders can entered, modified or withdrawn in the ready and unit share markets
– The bid (offer) can be higher (lower) than the offer (bid).
– No matching of orders.
– This phase will end randomly at any time from 12:58 to 12:59 hours.
– New Price Triggered Order (PTO) e.g. Stop-Limit or Limit-If-Touch orders will not be allowed. Existing PTO orders may be amended or withdrawn.
- Non-Cancel Phase (12:58–59 to 13:00 hours)
– This phase will begin simultaneously with the end of the Pre-Open Phase, which may be at any time from 12:58 to 12:59 hours.
– No input, amendment and withdrawal of orders.
– Orders that can be matched are matched at a single price computed based on an algorithm set by SGX-ST. The computed price will be the opening price for the afternoon trading session.
– Unmatched orders are carried forward into the afternoon trading session.