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SGX FlexC FX Futures

Singapore Exchange

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SGX FlexC FX Futures product availability

TWD / USD KRW / USD INR / USD

USD / SGD USD / CNH

Key features¡ Privately negotiated futures trade with expiration day tailored to suit individual needs.

¡ Contract expiration can be any business day within 100 calendar days.

¡ Margin offsets available with other SGX derivatives contracts.

¡ Same contract size and cash settlement basis as SGX standard FX Futures contract.

¡ Eliminates the need for ISDA, CSA documentation and having bilateral credit before trade.

¡ Contracts are available to US participants.

SGX FlexC FX Futures is an innovative solution that is developed in consultation with market participants.

In today’s complex trading environment, market participants are encumbered with multiple capital requirements such as Leverage Ratio, Counterparty Credit Risk charges, and Liquidity Coverage Ratio. The Uncleared Margin Rules have imposed another regulatory burden that further deters trading activity.

With Foreign Exchange markets moving towards central clearing, SGX FlexC FX Futures offers a more effective way of mitigating counterparty credit risk while retaining bilateral trading relationships. SGX FlexC FX Futures brings about lower margin costs and capital requirements, facilitates multilateral settlement netting and enhances operational efficiencies.

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How does SGX FlexC FX Futures work?SGX FlexC FX Futures can be bilaterally traded with an expiration day that can be any business day within 100 calendar days from Trade Registration date.

Replicating OTC FX trades using SGX FlexC FX FuturesExampleCurrency pair: INR/USDCounterparty A and B negotiate the contract privately and register the deal with SGX for clearing.

Trade RegistrationDate (T): 17 Sep 2018

1M Fixing *16 Oct 2018

Furthest permissible date (within 100 calendar days from T)

25 Dec 2018

SGX FlexC FX Futures expiration dates can be tailored to suit the needs of trading participants and can be used to replicate OTC FX trades.

An NDF trade with the following characteristics can be replicated using SGX FlexC FX Futures:

¡ Trade Date (T): 17 Sep 2018

¡ Spot Date (T+2): 19 Sep 2018

¡ 1M NDF Value Date (Spot Date + 1M): 19 Oct 2018

¡ Using SGX FlexC FX Futures, the last Trade Date for FlexC = Fixing Date (i.e. Value Date - 2 business days): 16 Oct 2018 since 18 Oct 2018 is a Mumbai holiday

SGX FlexC FX Futures OTC FX

Product Futures OTC NDF/FX Forward

Trade Venue Bilaterally traded, Exchange cleared Bilaterally traded on SEF/MTF or off SEF/MTF

Clearing Margin Based on 1 day SPAN Based on 5 day MPOR

Flexible Maturity Yes Yes

Derivatives Trading Documentation Not required ISDA Master Agreement

CSA (Credit Support Annex)

Comparison between SGX FlexC FX Futures and OTC FX

* Final Settlement Price based on the RBI Fixing for the day

18 Oct 2018 (Mumbai Holiday)

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Why trade SGX FlexC FX Futures?

Banks Buy Side/Hedge Funds/CTA

¡ Improve capital efficiency

¡ Optimise the balance sheet by trading futures

¡ Optimise credit lines

¡ Reduce counterparty credit exposure

¡ Reduce margin costs via margin offset against other SGX derivatives

¡ Retain OTC traits – tiered pricing of clients via bilateral trade negotiation

¡ Expand distribution channel

¡ Enhance settlement efficiency

¡ Eliminate KYC costs

¡ Expedite access to new counterparties without CSA

¡ Improve capital efficiency due to margin offsets

¡ Improve pricing and competitiveness

¡ Provide an alternative to trading OTC NDF/FX Forward

¡ Ability to replicate OTC trades into exchange traded futures

¡ Expand market access (Trade with more counterparties than those with a signed CSA)

Clearing Members

¡ Expand client coverage with new product offering

¡ Higher ROI

Additional Benefits

Access new clients For example, Trading Members such as CTAs that have mandates to trade products listed on exchanges usually do not trade with a bank on the OTC markets. SGX Futures provide a platform for the bank to extend reach to this pool of trading counterparties who are not their traditional customers.

Globally recognised CCP with round-the-clock FX liquidityAsia’s first Derivatives Clearing Organisation (DCO) authorised by US CFTC and ESMA recognition as third country CCP.

Margin offsetsThere will be margin offsets between SGX FlexC FX Futures of different maturity dates. There will also be margin offsets between the SGX FlexC FX Futures contract and standard Futures as well as with other correlated products.

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Getting startedParticipants can register SGX FlexC FX Futures for clearing via the SGX Titan OTC platform. Participants have 2 options to access Titan OTC – through a GUI or through participant’s own proprietary Trade Registration System that interfaces with Titan OTC FIX API.

In addition, voice brokers and several electronic trading platform providers are part of the Titan OTC ecosystem. Please contact SGX to access the full list of Clearing Members, platform vendors and registered IDBs who can help you get set up to access SGX FlexC FX Futures.

For information on Titan OTC, visitwww.sgx.com/wps/portal/titan-otc/home

If you have further questions, please email asksgx@sgx.com

Access world’s largest Asian FX Futures Exchange

Fastest Growing

232%Compounded Annual

Growth Rate for Total Volume

Nov 2013 – Aug 2018

Growing Number of

Participants

90%Compounded Annual

Growth Rate for Participants

Nov 2013 – Aug 2018

Most Diverse Asian FX

19Futures

2Options

Most Liquid India and

China offshore currency futures

in the world

US$1.4TNAggregate notional value traded since

launch (Nov 2013 to Aug 2018)

US$6.34BNOpen interest (end Aug 2018)

Total Notional Values to date

Key Highlights

Information Vendor CodesThomson Reuters Chain Codes<0#SDIUFLX:> - SGX FlexC INR/USD FX Futures<0#SDKUFLX:> - SGX FlexC KRW/USD FX Futures<0#SWDFLX:> - SGX FlexC TWD/USD FX Futures<0#SUCFLX:> - SGX FlexC USD/CNH FX Futures<0#SDUSFLX:> - SGX FlexC USD/SGD FX Futures

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SGX FlexC INR/USD Futures

SGX INR/USD Standard Futures

SGX FlexC KRW/USD Futures

SGX KRW/USD Standard Futures

SGX FlexC TWD/USD Futures

SGX TWD/USD Standard Futures

SGX FlexC USD/CNH Futures

SGX USD/CNH Standard Futures

SGX FlexC USD/SGD Futures

SGX USD/SGD Standard Futures

Contract Size INR 2,000,000 INR 2,000,000 KRW 25,000,000 KRW 25,000,000 TWD 1,000,000 TWD 1,000,000 USD 100,000 USD 100,000 USD 25,000 USD 25,000

Ticker Symbol## IUddmmyy, where ddmmyy:1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

IU KUddmmyy, where ddmmyy:1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

KU TDddmmyy, where ddmmyy: 1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and 2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and 3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

TD UCddmmyy, where ddmmyy: 1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and 2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and 3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

UC USddmmyy, where ddmmyy: 1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and 2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and 3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

US

Contract Months See above. 12 monthly See above. 12 monthly See above. 12 monthly See above. 13 monthly plus the next 8 quarterly months

See above. 12 monthly

Trade Registration Hours (Singapore Time)

Prior to Last Trading DayT Session: 7.10am – 7.35pm

T+1 Session: 7.35.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 2.35pm

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Prior to Last Trading DayT Session: 7.10am – 7.35pm

T+1 Session: 7.35.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 2.00pm

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Prior to Last Trading DayT Session: 7.10am – 6.00pm

T+1 Session: 6.00.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 11.00am

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Prior to Last Trading DayT Session: 7.10am – 6.00pm

T+1 Session: 6.00.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 11.00am

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Prior to Last Trading DaySession: 7.10am – 7.35pm

T+1 Session: 7.35.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 2.00pm

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Minimum Price Fluctuation (NLT and FlexC Futures) 0.001 US cents per 100 rupees US$0.0001 per 1,000 Korean Won US$0.0001 per 10 Taiwan Dollar CNH 0.0001 S$0.0001

Last Trading Day Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 business days prior to the last business day of the contract expiry month.

Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 business days prior to the 3rd Wednesday of the contract expiry month.

Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 business days prior to the 3rd Wednesday of the contract expiry month.

Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 Hong Kong business days prior to the 3rd Wednesday of the contract expiry month.

Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 business days prior to the 3rd Wednesday of the contract expiry month.

Settlement Basis Cash settlement Cash settlement Cash settlement Cash settlement Cash settlement

Final Settlement Price Equal to the reciprocal of RBI USD/INR spot exchange rate, or such publicly available equivalent successor rate that is determined by SGX-DT, multiplied by 10,000 to convert such spot exchange rate to United States Cents per 100 Indian Rupees, rounded to 2 decimal places.

Equal to the reciprocal of the SMBS USD/KRW Basic Exchange Rate published at 2.00pm (Singapore time), multiplied by 1,000 to convert such basic exchange rate to United States Dollar per 1,000 Republic of Korea Won, rounded to 4 decimal places.

Equal to the reciprocal of the “Taiwan dollar per U.S. dollar” spot exchange rate published by Taipei Forex Inc. at 11.00am (Taipei time), with the result multiplied by 10 to express as the amount of United States Dollars per 10 Taiwanese Dollars, rounded to 4 decimal places.

Equal to the USD/CNY (HK) Spot Rate published by the Treasury Markets Association of Hong Kong at approximately 11.30am (Hong Kong time), rounded to 4 decimal places.

Equal to midpoint between the bid and ask prices of the WM/Reuters Intraday Spot Rates for USD/SGD published at 2.00pm (Singapore time), rounded to 4 decimal places.

Position Limits 10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

Minimum Volume Threshold (for NLT and FlexC Futures) 30 lots 30 lots 30 lots 30 lots 30 lots 30 lots 20 lots 20 lots 30 lots 30 lots

Business Day Definition Any day which is not a bank holiday in Mumbai, India. Any day which is not a bank holiday in Seoul, Republic of Korea.

Any day which is not a bank holiday in Taipei, Republic of China.

Any day which is not a bank holiday in Hong Kong SAR, People’s Republic of China and on which the USD/CNY (HK) Spot Rate is published by the Treasury Markets Association of Hong Kong at approximately 11.30am Hong Kong time.

A day in Singapore other than a public holiday in Singapore where the WM/Reuters Intraday Spot Rates for USD/SGD are produced at 2.00pm Singapore time.

* If the Last Trading Day (the day the Final Settlement Price is determined) is adjusted after the trade is cleared due to a holiday falling on the original maturity date specified by the participants, the date in the Ticker Symbol remains unchanged.

# Trades executed during this session are for T+1 clearing

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SGX FlexC INR/USD Futures

SGX INR/USD Standard Futures

SGX FlexC KRW/USD Futures

SGX KRW/USD Standard Futures

SGX FlexC TWD/USD Futures

SGX TWD/USD Standard Futures

SGX FlexC USD/CNH Futures

SGX USD/CNH Standard Futures

SGX FlexC USD/SGD Futures

SGX USD/SGD Standard Futures

Contract Size INR 2,000,000 INR 2,000,000 KRW 25,000,000 KRW 25,000,000 TWD 1,000,000 TWD 1,000,000 USD 100,000 USD 100,000 USD 25,000 USD 25,000

Ticker Symbol## IUddmmyy, where ddmmyy:1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

IU KUddmmyy, where ddmmyy:1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

KU TDddmmyy, where ddmmyy: 1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and 2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and 3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

TD UCddmmyy, where ddmmyy: 1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and 2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and 3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

UC USddmmyy, where ddmmyy: 1) Is any Business Day within 100 calendar days (inclusive of day of trade registration); and 2) Cannot be a non-clearing day at SGX-DC (e.g. Saturdays, Sundays, 1 Jan, or 2 Jan if 1 Jan falls on a Sunday); and 3) Is not the Last Trading Day of the standard FX Futures of the same underlying currency pair.

US

Contract Months See above. 12 monthly See above. 12 monthly See above. 12 monthly See above. 13 monthly plus the next 8 quarterly months

See above. 12 monthly

Trade Registration Hours (Singapore Time)

Prior to Last Trading DayT Session: 7.10am – 7.35pm

T+1 Session: 7.35.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 2.35pm

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Prior to Last Trading DayT Session: 7.10am – 7.35pm

T+1 Session: 7.35.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 2.00pm

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Prior to Last Trading DayT Session: 7.10am – 6.00pm

T+1 Session: 6.00.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 11.00am

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Prior to Last Trading DayT Session: 7.10am – 6.00pm

T+1 Session: 6.00.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 11.00am

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Prior to Last Trading DaySession: 7.10am – 7.35pm

T+1 Session: 7.35.01pm – 4.45am#

On Last Trading DayT Session: 7.10am – 2.00pm

T+1 Session: N.A.

Note: After the close of T session, there will be a 30-minute grace period for participants to continue registering T session trades.

Minimum Price Fluctuation (NLT and FlexC Futures) 0.001 US cents per 100 rupees US$0.0001 per 1,000 Korean Won US$0.0001 per 10 Taiwan Dollar CNH 0.0001 S$0.0001

Last Trading Day Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 business days prior to the last business day of the contract expiry month.

Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 business days prior to the 3rd Wednesday of the contract expiry month.

Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 business days prior to the 3rd Wednesday of the contract expiry month.

Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 Hong Kong business days prior to the 3rd Wednesday of the contract expiry month.

Maturity date as specified by participants upon trade registration, i.e. the date specified in the Ticker Symbol.*

2 business days prior to the 3rd Wednesday of the contract expiry month.

Settlement Basis Cash settlement Cash settlement Cash settlement Cash settlement Cash settlement

Final Settlement Price Equal to the reciprocal of RBI USD/INR spot exchange rate, or such publicly available equivalent successor rate that is determined by SGX-DT, multiplied by 10,000 to convert such spot exchange rate to United States Cents per 100 Indian Rupees, rounded to 2 decimal places.

Equal to the reciprocal of the SMBS USD/KRW Basic Exchange Rate published at 2.00pm (Singapore time), multiplied by 1,000 to convert such basic exchange rate to United States Dollar per 1,000 Republic of Korea Won, rounded to 4 decimal places.

Equal to the reciprocal of the “Taiwan dollar per U.S. dollar” spot exchange rate published by Taipei Forex Inc. at 11.00am (Taipei time), with the result multiplied by 10 to express as the amount of United States Dollars per 10 Taiwanese Dollars, rounded to 4 decimal places.

Equal to the USD/CNY (HK) Spot Rate published by the Treasury Markets Association of Hong Kong at approximately 11.30am (Hong Kong time), rounded to 4 decimal places.

Equal to midpoint between the bid and ask prices of the WM/Reuters Intraday Spot Rates for USD/SGD published at 2.00pm (Singapore time), rounded to 4 decimal places.

Position Limits 10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

10,000 contracts Standard Futures/Options and FlexC Futures contracts combined.

Minimum Volume Threshold (for NLT and FlexC Futures) 30 lots 30 lots 30 lots 30 lots 30 lots 30 lots 20 lots 20 lots 30 lots 30 lots

Business Day Definition Any day which is not a bank holiday in Mumbai, India. Any day which is not a bank holiday in Seoul, Republic of Korea.

Any day which is not a bank holiday in Taipei, Republic of China.

Any day which is not a bank holiday in Hong Kong SAR, People’s Republic of China and on which the USD/CNY (HK) Spot Rate is published by the Treasury Markets Association of Hong Kong at approximately 11.30am Hong Kong time.

A day in Singapore other than a public holiday in Singapore where the WM/Reuters Intraday Spot Rates for USD/SGD are produced at 2.00pm Singapore time.

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This document/material is not an offer or solicitation to buy or sell, nor financial advice or recommendation for any investment product. This document/material has been published for general circulation only. It does not address the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a financial adviser regarding the suitability of any investment product before investing or adopting any investment strategies. Use of and/or reliance on this document/material is entirely at the reader’s own risk.

Investment products are subject to significant investment risks, including the possible loss of the principal amount invested. Past performance of investment products is not indicative of their future performance. Any forecast, prediction or projection in this document/material is not necessarily indicative of the future or likely performance of the product. Examples (if any) provided are for illustrative purposes only.

While each of the SGX Group Companies have taken reasonable care to ensure the accuracy and completeness of the information provided, each of the SGX Group Companies disclaims any and all guarantees, representations and warranties, expressed or implied, in relation to this document/material and shall not be responsible or liable (whether under contract, tort (including negligence) or otherwise) for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind, including without limitation loss of profit, loss of reputation and loss of opportunity) suffered or incurred by any person due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information, or arising from and/or in connection with this document/material.

The information in this document/material may have been obtained via third party sources and which have not been independently verified by any SGX Group Company. No SGX Group Company endorses or shall be liable for the content of information provided by third parties (if any). The SGX Group Companies may deal in investment products in the usual course of their business, and may be on the opposite side of any trades. Each of SGX, Singapore Exchange Securities Trading Limited and Singapore Exchange Bond Trading Pte. Ltd. is an exempt financial adviser under the Financial Advisers Act (Cap. 110) of Singapore.

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