::: SGX OTC Clearing :::

SGX AsiaClear^® Trade
Registration System

Trade Registration Time
Monday 8.00am to Saturday
4.00am (Singapore Time)
System will not be available
from 4.00am to 8.00am daily

Home

About SGX AsiaClear^®

News

How OTC Clearing Works

Should you experience any technical difficulties, please contact our 24-hr IT Helpdesk at (65) 6236 8400

Download
Adobe® Reader®
to view PDF files.

Products

SGX AsiaClear^® currently offers clearing of the following OTC contracts:

Summary of All OTC Contracts for Clearing
*14 Oil Derivatives
1 Petrochemical Derivative
3 Wet Tanker Forward Freight Agreements
^14 Dry Bulk Forward Freight Agreements

1 Bulk Commodity Derivative

*Note: 1 of these 14 Oil Derivatives contract is not available for clearing since 22 February 2009, 8.00 pm (Singapore Time)

^Note: 4 of these 14 Dry Bulk Forward Freight Agreements contracts is not available for clearing since 31 October 2008, 8.00 pm (Singapore Time)

SGX OTC CONTRACTS FOR CLEARING

SGX OTC Contracts	Commodity Code
A. Wet/Tanker FFAs
1. TD3 Tanker Dirty Route 3, Middle East Gulf to Japan (Ras Tanura Chiba), 260,000 MT	D3
2. TC4 Tanker Clean Route 4, Singapore to Japan (Singapore Chiba), 30,000 MT	K4
3. TC5 Tanker Clean Route 5, Middle East Gulf to Japan (Ras Tanura Yokahama), 55,000MT	K5
B. Dry Bulk Voyage FFAs
1. C3 Capesize Route 3 Tubarao - Beilun/Baoshan, 150,000 MT	C3^
2. C4 Capesize Route 4 Richards Bay-Rotterdam, 150,000 MT	C4^
3. C5 Capesize Route 5 W Australia Beilun/Baoshan, 150,000 MT	C5^
4. C7 Capesize Route 7 Bolivar - Rotterdam, 150,000 MT	C7^
C. Dry Bulk Time Charter FFAs
1. P2A Panamax Route 2A, Skaw/Gibraltar Far East, re-delivery Taiwan/Japan range, 60/65 days	2A
2. P3A Panamax Route 3A, Trans Pacific round either Australia or Pacific, delivery and re-delivery Japan/South Korea range, 35/50 days	3A
D. Dry Bulk Time Charter Basket FFAs
1. CTC Capesize Time Charter Basket	CV
2. PTC Panamax Time Charter Basket	PV
3. STC Supramax Time Charter Basket	SV
4. HTC Handysize Time Charter Basket	HV
5. Half-Day CTC Capesize Time Charter Basket	CM
6. Half-Day PTC Panamax Time Charter Basket	PM
7. Half-Day STC Supramax Time Charter Basket	SM
8. Half-Day HTC Handysize Time Charter Basket	HM
E. Oil Derivatives
1. Dubai Crude Oil	DO
2. Brent/Dubai Crude Spread	BD*
3. Gasoil Swap FOB Singapore	GO
4. Kerosene Swap FOB Singapore	KR
5. Naphtha Swap FOB Singapore	NT
6. Fuel Oil 180 cst Swap	F1
7. Fuel Oil 380 cst Swap	F3
8. Balance-of-Month Fuel Oil 180 cst Swap	F1_02 to F1_31
9. Balance-of-Month Fuel Oil 380 cst Swap	F3_02 to F3_31
10. Balance-of-Month Gasoil Swap FOB Singapore	GO_02 to GO_31
11. Balance-of-Month Dubai Crude Oil Swap	DO_02 to DO_31
12. Balance-of-Month Kerosene Swap	KR_02 to KR_31
13. Mini Fuel Oil 180 cst Swap	1M
14. Mini Fuel Oil 380 cst Swap	3M
F. Petrochemical Derivatives
1. Benzene Swap FOB Korea	BZ
G. Bulk Commodity Derivatives
1. Iron Ore CFR China (62% Fe Fines) Swap	FE

*Note: This contract is not available for clearing since 22 Febraury 2009, 8.00 pm (Singapore Time)

^Note: This contracts are not available for clearing since 31 October 2008, 8.00 pm (Singapore Time)

OTC Wet/Tanker FFA Contracts

Wet/Tanker FFA Contract Specifications

Product	TD3	TC4	TC5
Contract	TD3 Forward Freight Agreement - ME Gulf-Japan (Ras Tanura - Chiba), 260,000mt	TC4 Forward Freight Agreement - Singapore-Japan (Singapore - Chiba), 30,000mt	TC5 Forward Freight Agreement - ME Gulf - Japan (Ras Tanura - Yokohama), 55,00mt
Contract Size	1,000 metric tons
Ticker Symbol	D3	K4	K5
Contract Period#	Months: 6 consecutive months starting with the current month Quarters: 5 consecutive quarters starting with the current quarter Year: 2 calendar years starting with current year plus 1
Minimum Price Fluctuation	0.25 world scale point
Position Limits*	1,000 contracts each
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration on Last Trading Day	8:00 am to 8:00 pm Singapore Time
Last Trading Day	Last business day of contract month
Final Settlement Price	Cash settlement using the arithmetic average of Baltic's daily spot assessements in the contract month, rounded to 4 decimal places	Cash settlement using the arithmetic average of Platts daily spot assessments in the contact month, rounded to 4 decimal places

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.

OTC Dry Bulk FFA Contracts

Dry Bulk Time Charter Basket FFA Contract Specifications

Product	CTC	PTC	STC	HTC
Contract	Capesize Time Charter Basket Average 4 Routes	Panamax Time Charter Basket Average 4 Routes	Supramax Time Charter Basket Average 6 Routes	Handysize Time Charter Basket Average 6 Routes
Contract Size	1 Day
Ticker Symbol	CV	PV	SV	HV
Contract Period#	Months: Current month Quarters: 5 consecutive quarters starting with current quarter Years: 5 consecutive years contracts starting with current year plus 1
Minimum Price Fluctuation	US$1 per day
Position Limits*	2,000 lots of Full-Day Contract or its equivalent in Half-Day Contracts	4,000 lots of Full-Day Contract or its equivalent in Half-Day Contracts each
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration Hours on Last Trading Day	8:00 am to 8:00 pm Singapore Time
Last Trading Day	Last business day of contract month
Final Settlement Price	Cash Settlement using the arithmetic average of all Baltic daily spot price assessments during the expiring month, rounded to 1 decimal place

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.
	Margin and position offsets in the ratio of 2 half-day contracts to 1 respective full-day contract of the same contract month is available.

Dry Bulk Time Charter Basket FFA Contract Specifications

Product	Half-Day CTC	Half-Day PTC	Half-Day STC	Half-Day HTC
Contract	Half-day Capesize Time Charter Basket	Half-day Panamax Time Charter Basket	Half-day Supramax Time Charter Basket	Half-day Handysize Time Charter Basket
Contract Size	½ Day
Ticker Symbol	CM	PM	SM	HM
Contract Period#	Months: Current month Quarters: 5 consecutive quarters starting with current quarter Years: 5 consecutive years contracts starting with current year plus 1
Minimum Price Fluctuation	US$1 per day
Position Limits*	2,000 lots of Full-Day Contract or its equivalent in Half-Day Contracts	4,000 lots of Full-Day Contract or its equivalent in Half-Day Contracts each
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration Hours on Last Trading Day	8:00am to 8:00pm Singapore Time
Last Trading Day	Last business day of contract month
Final Settlement Price	Cash Settlement using the arithmetic average of all Baltic daily spot price assessments during the expiring month, rounded to 1 decimal place

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.
	Margin and position offsets in the ratio of 2 half-day contracts to 1 respective full-day contract of the same contract month is available.

Dry Bulk Voyage FFA Contract Specifications

Product	C3^	C5^	C4^	C7^
Contract	Capesize Route C3 Forward Freight Agreement Tubarao and Beilun/Baoshan. 150,000mt	Capesize Route C5 Forward Freight Agreement W Australia - Beilun/Baoshan. 150,000mt	Capesize Route C4 Forward Freight Agreement Richards Bay-Rotterdam 150,000mt	Capesize Route C7 Forward Freight Agreement Bolivar-Rotterdamn 150,000mt
Contract Size	1,000 metric tonnes
Ticker Symbol	C3	C5	C4	C7
Contract Period#	Months: 3 consecutive months starting with current month Quarters: 1st Month of current quarter plus 1 1st Month of current quarter plus 2 1st Month of current quarter plus 3 Year: N.A.		Months: 6 consecutive months starting with current month Quarters: 1st Month of current quarter plus 1 1st Month of current quarter plus 2 Year: 2 calendar years starting with current year plus 1
Min. Price Fluctuation	US$0.05 per metric tonne
Position Limits*	1,000 contracts each
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration on Last Trading Day	8:00 am to 8:00 pm Singapore Time
Last Trading Day	Last business day of contract month
Final Settlement Price	Cash settlement using the arithmetic average of last 7 Baltic daily spot price assessments in the expiring contact month, rounded to 4 decimal places

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.
^	Note: This contract is not available for clearing since 31 October 2008, 8.00 pm (Singapore Time)

Dry Bulk Time Charter FFA Contract Specifications

Product	P2A	P3A
Contract	Panamax Route P2A Forward Freight Agreement Skaw/Gibraltar - Far East, re-delivery Taiwan/Japan range. 60/65 days	Panamax Route P3A Forward Freight Agreement Trans Pacific round either via Australia or Pacific, delivery and re-delivery Japan/South Korea range. 35/50 days
Contract Size	1 Day
Ticker Symbol	2A	3A
Contract Period#	Months: 6 consecutive months starting with the current month Quarters: N.A. Year: N.A.
Minimum Price Fluctuation	US$1 per Day
Position Limits*	1,000 contracts each
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration on Last Trading Day	8:00 am to 8:00 pm Singapore Time
Last Trading Day	Last business day of contract month
Final Settlement Price	Cash settlement using the arithmetic average of last 7 Baltic daily spot price assessments in the expiring contract month, rounded to 1 decimal place

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.

OTC Oil Derivatives Contracts

Crude Oil Contract Specifications

Product	Dubai Crude Oil	Balance-of-Month Dubai Crude Oil	Brent/Dubai Crude Oil Spread ^
Contract	Dubai Crude Oil Swap	Balance-of-Month Dubai Crude Oil Swap	Brent/Dubai Crude Oil Spread Swap
Contract Size	1,000 barrels	1,000 barrels	1,000 barrels
Ticker Symbol	DO	DO_02 to DO_31	BD
Contract Period#	Months: 6/7 consecutive months starting with the current month, new contract month to be listed after mid-month Quarters: 5 consecutive quarters starting with the current quarter Year: 2/3 consecutive years starting with the current year, new year to be listed after 1Q	Current and next Business Days of the current Contract Month, excluding the first Business Day	Months: 6/7 consecutive months starting with the current month, new contract month to be listed after mid-month Quarters: 5 consecutive quarters starting with the current quarter Year: 2/3 consecutive years starting with the current year, new year to be listed after 1Q
Minimum Price Fluctuation	US$0.01 per barrel
Position Limits*	2,000 contracts (combined limit for Dubai Crude Oil Swap and Balance-of-Month Dubai Crude Oil Swap)		5,000 contracts
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration Hours on Last Trading Day	8:00 am to 8:00 pm Singapore Time
Last Trading Day	Last business day of contract month	8:00 pm on the contract day	Last business day of contract month
Final Settlement Price	Cash settlement using the arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places	Cash settlement using the arithmetic average of the remaining assessments of Platts’ daily spot assessments in the Contract Month (inclusive of the current Business Day), rounded to three decimal places.	Cash settlement using the arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.
^	Note: This contract is not available for clearing since 22 February 2009, 8.00pm (Singapore Time)

Oil Product Contract Specifications

Product	Kerosene	Balance-of-Month Kerosene	Naphtha	Gasoil	Balance-of-Month Gasoil
Contract	Kerosene Swap FOB Singapore	Balance-of-Month Kerosene Swap FOB Singapore	Naphtha Swap FOB Singapore	Gasoil Swap FOB Singapore, 0.5% Sulfur	Balance-of-Month Gasoil Swap FOB Singapore, 0.50% sulfur
Contract Size	1,000 barrels
Ticker Symbol	KR	KR_02 to KR_31	NT	GO	GO_02 to GO_31
Contract Period#	Months: 4/5 consecutive months starting with the current month, new contract month to be listed mid-month Quarters: 4 consecutive quarters starting with the current quarter Year: N.A.	Current and next Business Days of the current Contract Month, excluding the first Business Day	Months: 4/5 consecutive months starting with the current month, new contract month to be listed mid-month Quarters: 4 consecutive quarters starting with the current quarter Year: N.A.		Current and next Business Days of the current Contract Month, excluding the first Business Day
Minimum Price Fluctuation	US$0.01 per barrel
Position Limits*	1,000 contracts (combined limit for Kerosene Swap and Balance-of-Month Kerosene Swap)		1,000 contracts	1,000 contracts (combined limit for Gasoil Swap and Balance-of-Month Gasoil Swap)
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration on Last Trading Day	8:00 am to 8:00 pm Singapore Time
Last Trading Day	Last business day of contract month				8:00 pm on the contract day
Final Settlement Price	Cash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places	Cash settlement using the arithmetic average of the remaining assessments of Platts’ daily spot assessments in the Contract Month (inclusive of the current Business Day), rounded to three decimal places.	Cash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places		Cash settlement using the arithmetic average of the remaining assessments of Platts’ daily spot assessments in the Contract Month (inclusive of the current Business Day), rounded to three decimal places.

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.

Oil Product Contract Specifications

Product	Fuel Oil 180 cst	Fuel Oil 380 cst	Balance-of-Month Fuel Oil 180 cst	Balance-of-Month Fuel Oil 380 cst
Contract	Singapore Fuel Oil 180cst Swap, 3.5% Sulfur	Singapore Fuel Oil 380cst Swap, 4% Sulfur	Balance-of-Month Singapore Fuel Oil 180cst Swap, 3.5% Sulfur	Balance-of-Month FOB Singapore Fuel Oil 380cst Swap, 4% Sulfur
Contract Size	1,000 metric tonnes
Ticker Symbol	F1	F3	F1_02 to F1_31	F3_02 to F3_31
Contract Period#	Months: 4/5 consecutive months starting with the current month, new contract month to be listed mid-month Quarters: 5 consecutive quarters starting with current quarter Year: N.A.		Current and next Business Days of the current Contract Month, excluding the first Business Day
Min. Price Fluctuation	US$0.01 per metric tonne
Position Limits*	300 lots of the Regular-sized full month and Balance-of-Month Fuel Oil 180cst Contract or its equivalent in Mini-sized Fuel Oil 180cst Contracts for all Contract Months 300 lots of the Regular-sized full month and Balance-of-Month Fuel Oil 380cst Contract or its equivalent in Mini-sized Fuel Oil 380cst Contracts for all Contract Months
Trade Registration Hours	Monday 8:00am to Saturday 4:00am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration on Last Trading Day	8:00 am to 8:00 pm Singapore Time
Last Trading Day	Last business day of contract month		8:00 pm on the contract day
Final Settlement Price	Cash settlement using the arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places		Cash settlement using the arithmetic average of the remaining assessments of Platts’s daily spot assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.
	Margin and position offsets in the ratio of 10 lots of 100mt contracts to 1lot of respective 1000mt contract of the same contract month is available

Oil Product Contract Specifications

Product	Mini Fuel Oil 180 cst	Mini Fuel Oil 380 cst
Contract	Mini Singapore Fuel Oil 180 cst Swap, 3.5% Sulfur	Mini Singapore Fuel Oil 380 cst Swap, 4% Sulfur
Contract Size	100 metric tonnes
Ticker Symbol	1M	3M
Contract Period#	Months: 4/5 consecutive months starting with the current month, new contract month to be listed mid-month Please note that Balance-Of-Month contracts for mini Fuel Oil swaps are not available. Quarters: 5 consecutive quarters starting with current quarter Year: N.A.
Minimum Price Fluctuation	US$0.01 per metric tonne
Position Limits*	300 lots of the Regular-sized full month and Balance-of-Month Fuel Oil 180cst Contract or its equivalent in Mini-sized Fuel Oil 180cst Contracts for all Contract Months 300 lots of the Regular-sized full month and Balance-of-Month Fuel Oil 380cst Contract or its equivalent in Mini-sized Fuel Oil 380cst Contracts for all Contract Months
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration on Last Trading Day	8:00 am to 8:00 pm Singapore Time
Last Trading Day	Last business day of contract month
Final Settlement Price	Cash settlement using the arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places

#	Note : Individual months up to the furthest calendar year is available for clearing.
*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.
	Margin and position offsets in the ratio of 10 lots of 100mt contracts to 1lot of respective 1000mt contract of the same contract month is available

OTC Petrochemical Derivatives Contracts

Petrochemical Product Contract Specifications

Product	Benzene
Contract	Benzene Swap FOB Korea
Contract Size	500 metric tonnes
Ticker Symbol	BZ
Contract Period	Months: 4 consecutive months starting with the current month
Minimum Price Fluctuation	US$0.01 per metric tonne
Position Limits*	300 contracts
Trade Registration Hours	Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily
Trade Registration on Last Trading Day	8:00am to 8:00pm Singapore Time
Last Trading Day	Last business day of contract month
Final Settlement Price	Cash settlement using the arithmetic average of Platts daily spot marker physical cargo assessments in the contract month, rounded to three decimal places

*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.

OTC Bulk Commodity Derivatives Contracts

Bulk Commodity Contract Specifications

Product

Iron Ore Swap

Contract

Iron Ore CFR China (62% Fe Fines) Swap

Contract Size

500 metric tonnes

Ticker Symbol

Contract Months

24 consecutive months starting with current month

Minimum Price Fluctuation

US$0.01 per dry metric ton

Value per tick = US$0.01 x 500mt = US$5

Position Limits*

3,000 contracts

Trade Registration Hours

Monday 8:00 am to Saturday 4:00 am (Singapore Time) System will not be available from 4:00:01 am to 7:59:59 am daily

Trade Registration on Last Trading Day

8:00am to 8:00pm Singapore Time

Last Trading Day

Last publication day of The Steel Index (TSI) iron ore reference prices in the contract month

Final Settlement Price

Cash settlement using the arithmetic average of all The Steel Index (TSI) iron ore reference prices in the expiring month, rounded to 2 decimal places

*	Clearing Members may apply to the Exchange for higher position limits on behalf of their customers.
	Approval is based on the financial standing of the Member and their customer on a case by case basis.

SGX OTC Clearing - Contract Month Definitions

Please note that individual months up to the furthest listed quarters or calendar years are available for clearing.

Wet/Tanker Route FFA Contracts

TD3 Baltic Dirty Tanker Route 3, Middle East Gulf to Japan, 260,000 MT
TC4 Baltic Clean Tanker Route 4, Singapore to Japan, 30,000 MT
TC5 Baltic Clean Tanker Route 5, Middle East Gulf to Japan, 55,000 MT

Contract Periods
Months:	6 consecutive months, starting with current month E.g., on Monday, 6 March 2006 Contract months listed are Mar06, Apr06, May06, Jun06, Jul06, Aug06 (6 consecutive months) On Monday, 3 Apr 2006 Contract months listed are Apr06, May06, Jun06, Jul06, Aug06, Sep06 (6 consecutive months)
Quarters:	5 consecutive quarters, starting with current quarter E.g., on Monday, 6 March 2006 Quarters listed are Q1 2006, Q2 2006, Q3 2006, Q4 2006, Q1 2007 On Monday, 3 April 2006 Quarters listed are Q2 2006, Q3 2006, Q4 2006, Q1 2007, Q2 2007
Years:	2 consecutive years, starting with current year plus 1 E.g., On Monday, 6 March 2006, Calendar years listed are 2007, 2008 On Monday, 2 Jan 2007, Calendar years listed are 2008 and 2009

Dry Bulk Time Charter FFA Contracts

P2A Baltic Panamax Route 2A
P3A Baltic Panamax Route 3A

Contract Periods
Months:	6 consecutive months, starting with current month E.g., on Monday, 6 March 2006 Contract months listed are Mar06, Apr06, May06, Jun06, Jul06, Aug06 (6 consecutive months) On Monday, 3 Apr 2006 Contract months listed are Apr06, May06, Jun06, Jul06, Aug06, Sep06 (6 consecutive months
Quarters:	N.A.
Years:	N.A.

Dry Bulk Voyage Contracts

C3 Baltic Capesize Index Route 3
C5 Baltic Capesize Index Route 5

Contract Periods
Months:	3 consecutive months, starting with current month E.g., on Monday, 6 March 2006 Contract months listed are Mar06, Apr06, May06 On Monday, 3 Apr 2006 Contract months listed are Apr06, May06, Jun06
Quarters:	Current quarter plus 1, Current quarter plus 2, Current quarter plus 3 E.g., on Monday, 6 March 2006 Contracts listed are Apr 2006 to Dec 2006 (inclusive) Please note that some market users refer to quarters as only the first month of that quarter, e.g., trade Q2 2006 means Apr 2006 and Q3 2006 means Jul 2006 while other market users refer to quarters as a trade involving three consecutive months, e.g., trade Q2 2006 means Apr 2006, May 2006 and Jun 2006. Clearing Members and InterDealer Brokers are advised to confirm this before registering the trades.
Years:	N.A.

C4 Baltic Capesize Index Route 4
C7 Baltic Capesize Index Route 7

Contract Periods
Months:	6 consecutive months, starting with current month E.g., on Monday, 6 March 2006 Contract months listed are Mar06, Apr06, May06, Jun06, Jul06, Aug06 On Monday, 3 Apr 2006 Contract months listed are Apr06, May06, Jun06, Jul06, Aug06, Sep06
Quarters:	Current quarter plus 1, Current quarter plus 2 E.g., on Monday, 6 March 2006 Contracts listed are April 2006 to September 2006 Please note that some market users refer to quarters as only the first month of that quarter, e.g., trade Q2 2006 means Apr 2006 and Q3 2006 means Jul 2006 while other market users refer to quarters as a trade involving three consecutive months, e.g., trade Q2 2006 means Apr 2006, May 2006 and Jun 2006. Clearing Members and InterDealer Brokers are advised to confirm this before registering the trades.
Years:	2 consecutive years, starting with current year plus 1 E.g., On Monday, 6 March 2006, Calendar years listed are 2007, 2008 On Tuesday, 2 Jan 2007, Calendar years listed are 2008, 2009 Please note that some market users refer to calendar year as only the first months of each of the 4 quarters, e.g., trade Calendar 2007 means Jan 2007, Apr 2007, July 2007 and October 2007 while other market users refer to calendar years as a trade involving twelve consecutive months, e.g., trade 2007 means Jan 2007 to Dec 2007 (inclusive). Clearing Members and Inter Dealer Brokers are advised to confirm this before registering the trades.

Dry Bulk Time Charter Basket Contracts

CTC Capesize Time Charter Basket Average of 4 Routes
PTC Panamax Time Charter Basket Average of 4 Routes
STC Supramax Time Charter Basket Average of 6 Routes
HTC Handysize Time Charter Basket Average of 6 Routes

Contract Periods
Months:	Current month E.g., on Monday, 6 March 2006 Contract month listed is Mar06
Quarters:	5 consecutive quarters, starting with current quarter E.g., on Monday, 6 March 2006 Quarters listed are Q1 2006, Q2 2006, Q3 2006, Q4 2006, Q1 2007
Years:	3 consecutive years, starting with current year plus 1 E.g., on Monday, 6 March 2006 Calendar years listed are 2007, 2008, 2009

Crude Oil Contracts

Dubai Swaps
Brent-Dubai Swaps

Contract Periods
Months:	6/7 consecutive months, starting with current month, new contract month to be listed after mid-months During the first half of any month, there will be 6 months listed. After the middle of the month, a new month will be listed. E.g., on Monday, 6 March 2006 Contract months listed are Mar06, Apr06, May06, Jun06, Jul06, Aug06 (6 consecutive months) On Thursday, 16 March 2006 Contract months listed are Mar06, Apr06, May 06, Jun06, Jul06, Aug06, Sep06 (7 consecutive months) On Monday, 3 Apr 2006 Contract months listed are Apr06, May06, Jun06, Jul06, Aug06, Sep06 (6 consecutive months)
Quarters:	5 consecutive quarters, starting with current quarter E.g., on Monday, 6 March 2006 Quarters listed are Q1 2006, Q2 2006, Q3 2006, Q4 2006, Q1 2007 On Monday, 3 April 2006 Quarters listed are Q2 2006, Q3 2006, Q4 2006, Q1 2007, Q2 2007
Years:	2/3 consecutive years, starting with current year, new year to be listed after Q1 E.g., On Monday, 6 March 2006, Calendar years listed are 2006, 2007 On Monday, 3 Apr 2006, Calendar years listed are 2006, 2007 and 2008 On Tuesday, 2 Jan 2007, Calendar years listed are 2007, 2008

Oil Product Contracts

Singapore Naphtha Swaps
Singapore Jet Kero Swaps
Singapore Gasoil Swaps
Singapore 180 cst Swaps
Singapore 380 cst Swaps

Contract Periods
Months:	4/5 consecutive months, starting with current month, new contract month to be listed after mid-months During the first half of any month, there will be 4 months listed. After the middle of the month, a new month will be listed. E.g., on Monday, 6 March 2006 Contract months listed are Mar06, Apr06, May06, Jun06 (4 consecutive months) On Thursday, 16 March 2006 (after mid-month) Contract months listed are Mar06, Apr06, May 06, Jun06, Jul06 (5 consecutive months) On Monday, 3 Apr 2006 Contract months listed are Apr06, May06, Jun06, Jul06 (4 consecutive months)
Quarters:	4 consecutive quarters, starting with current quarter E.g., on Monday, 6 March 2006 Quarters listed are Q1 2006, Q2 2006, Q3 2006, Q4 2006 On Monday, 3 Apr 2006 Quarters listed are Q2 2006, Q3 2006, Q4 2006, Q1 2007
Years:	N.A.

This document is intended for general circulation and does not constitute an offer or solicitation to buy or sell any investment product(s). It does not take into account the specific investment objectives, financial situation or particular needs of any person. Investors should seek advice from a financial adviser before investing in any investment products or adopting any investment strategies. In the event that the investor chooses not to seek advice from a financial adviser, he/she should consider whether the product in question is suitable for him/her. The investment product(s) discussed herein are subject to significant investment risks, including the possible loss of the principal amount invested. Any examples provided are for illustrative purposes only. Past performance of investment products is not necessarily a guide to future performance. SGX and its affiliates may deal in investment products in the usual course of their business, and may at any given time be on the opposite side of trades by investors and market participants.

Any statements or information expressed by other organisations are of the respective authors. SGX and its affiliates make no warranty as to the accuracy, completeness, merchantability or fitness for any purpose, of the information contained in this document or as to the results obtained by any person from the use of any information or investment product(s) mentioned in this document. SGX reserves the right to make changes to this document from time to time. In no event shall this document, its contents, or any change, omission or error in this document form the basis for any claim, demand or cause of action against SGX and/or any of its affiliates and SGX and/or its affiliates expressly disclaim liability for the same.

In the event that the circulation of this document constitutes provision of financial advisory services, please note that SGX is an exempt financial adviser under the Singapore Financial Advisers Act (“FAA”) and is exempt from certain provisions of the FAA, when providing financial advisory services or making recommendations to accredited and/or expert investors, and overseas investors, as provided for under Regulation 34, 35 and 36 of the Singapore Financial Advisers (Amendment) Regulations 2005.