Financial risk management project report

A PROJECT REPORT ON
Derivatives Markets of ASEAN
Submitted in partial Fulfilment of requirements for the award of Degree of
MBA
Submitted by:
SALONI AGRAWAL
SHRUTI ARYA
PRIYANKA AGARWAL
TARUN THOMAS
Under the Guidance of:
Dr Sankersan Sarkar
TAPMI School of Business
MANIPAL UNIVERSITY JAIPUR

Association of Southeast Asian Nations
The Association of Southeast Asian Nations is a regional intergovernmental organization
comprising ten countries in Southeast Asia, which promotes intergovernmental cooperation and
facilitates economic, political, security, military, educational, and sociocultural integration among its
members and other countries in Asia. It also regularly engages other countries in the Asia-
Pacific region and beyond. ASEAN maintains a global network of alliances and dialogue partners and
is considered by some as global powerhouse, the central union for cooperation in Asia-Pacific, and a
prominent and influential organisation. It is involved in numerous international affairs, and hosts
diplomatic missions throughout the world. It is a major partner of the Shanghai Cooperation
Organisation, developing cooperation model with the organisation for the peace, stability,
development and sustainability of Asia.
The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in
Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the
Founding Fathers of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand.
Brunei Darussalamthen joined on 7 January1984, VietNam on 28 July 1995, Lao PDR and Myanmar
on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of
ASEAN.
AIMS AND PURPOSES
As set out in the ASEAN Declaration, the aims and purposes of ASEAN are:
1. To accelerate the economic growth, social progress and cultural development in the region
through joint endeavours in the spirit of equality and partnership in order to strengthen the
foundation for a prosperous and peaceful community of Southeast Asian Nations;
2. To promote regional peace and stability through abiding respect for justice and the rule of law
in the relationshipamong countriesof the region and adherenceto theprinciples of the United
Nations Charter;
3. To promote active collaboration and mutual assistance on matters of common interest in the
economic, social, cultural, technical, scientific and administrative fields;
4. To provide assistance to each other in the form of training and research facilities in the
educational, professional, technical and administrative spheres;
5. To collaborate more effectively for the greater utilisation of their agriculture and industries,
the expansion of their trade, including the study of the problems of international commodity
trade, the improvement of their transportation and communications facilities and the raising
of the living standards of their peoples;

6. To promote Southeast Asian studies; and
7. To maintain close and beneficial cooperation with existing international and regional
organisations with similar aims and purposes, and explore all avenues for even closer
cooperation among themselves.
FUNDAMENTAL PRINCIPLES
In their relations with one another, the ASEAN Member States have adopted the following
fundamental principles, as contained in the Treaty of Amity and Cooperation in Southeast Asia
(TAC) of 1976:
1. Mutual respect for the independence, sovereignty, equality, territorial integrity, and national
identity of all nations;
2. The right of every State to lead its national existence free from external interference,
subversion or coercion;
3. Non-interference in the internal affairs of one another;
4. Settlement of differences or disputes by peaceful manner;
5. Renunciation of the threat or use of force; and
6. Effective cooperation among themselves.
ASEAN COMMUNITY
The ASEAN Vision 2020, adopted by the ASEAN Leaders on the 30th Anniversary of ASEAN,
agreed on a shared vision of ASEAN as a concert of Southeast Asian nations, outward looking, living
in peace, stability and prosperity, bonded together in partnership in dynamic development and in a
community of caring societies.
At the 9th ASEAN Summit in 2003, the ASEAN Leaders resolved that an ASEAN Community shall
be established.
At the 12th ASEAN Summit in January 2007, the Leaders affirmed their strong commitment to
accelerate the establishment of an ASEAN Community by 2015 and signed the Cebu Declaration on
the Acceleration of the Establishment of an ASEAN Community by 2015.
The ASEAN Community is comprised of three pillars, namely the ASEAN Political-Security
Community, ASEAN Economic Community and ASEAN Socio-Cultural Community. Each pillar
has its own Blueprint, and, together with the Initiative for ASEAN Integration (IAI) Strategic
Framework and IAI Work Plan Phase II (2009-2015), they form the Roadmap for an ASEAN
Community 2009-2015.

DERIVATIVES MARKET IN MALAYSIA
OVERVIEW
The Malaysia Derivatives Exchange (MDEX), also known as Malaysian Distribution Exchange, is
a limited share company formed during June 2001 in Malaysia through the merger of the Kuala
Lumpur Options and Financial Futures Exchange (KLOFFE) and the Commodity and Monetary
Exchange of Malaysia (COMMEX Malaysia). It is a subsidiary of the Kuala Lumpur Stock
Exchange(KLSE).
MDEX is fully electronic, using the KLOFFE Automated Trading System (KATS). The exchange's
most active contract is crude palm oil futures. It also trades futures and options on the KLSE
Composite Index, three-month KLIBOR (Kuala Lumpur Interbank Offered Rate) futures, and five-
year Malaysian Government securities futures. All derivatives except crude palm oil are cash settled.
The KATS system has two trading sessions, separated by a lunch break. Trading is done Monday
through Friday, from 8:45 a.m. to 6 p.m.
Bursa Malaysia DerivativesBerhad (BMD), formerly known as Malaysia DerivativesExchangeBerhad
(MDEX) 75% owned subsidiary of Bursa Malaysia Berhad which provides, operates and maintains a
futures and options exchange
• BMD operates the most liquid and successful crude palm oil futures (FCPO) contract in the world.
BMD operates under the supervision of the Securities Commission and is governed by the Capital
Market and Services Act 2007.
• BMD also falls under the jurisdiction of the Ministry of Finance of Malaysia• Offer investors the
security of trading on a regulated Exchange with infrastructure and regulations comparable to that of
established markets worldwide.
BMDB is a multi-derivatives exchange, covering future, option, swap and warrant in term of
commodity and financial. The instruments are covered as the thrust of the book in terms of concepts
and applications.
The Structure & Development of the Derivative Market of Malaysia
• Oct 1980 - Malaysia joined the derivative trading community & the launch of crude palm oil
futures traded at KLCE.
• KLCE also trades the other national agro-based commodities – rubber, tin & cocoa.
• For this reason – KLCE was named the 1st
South-East Asian multi-commodities futures
trading in 1991.
• Malaysian commodities futures – regulated by Commodities Trading Commission (CTC)
under Ministry of Primary Industry until1998 &traded contractclearedbyKL Clearing House
(Malaysian Futures Clearing Corporation since 1985)
• Dec 95 – Malaysia became the 1st
nation outside Japan to trade the local-based index with the
trading of KLCI futures at the KLOFFE.
• May 96 – KLIBOR launched at MME.
• Dec 98 – KLCE & MME merged to form the COMMEX.

• May 2001 – KLOFFE & COMMEX merged to form a single derivative market known as the
MDEX.
• Mac 2002 – MDEX launched the 1st
bond futures contract based in ringgit on the MGS.
• 2005 – MDEX is known as BMDB and MDCH known as BMDC.
• COMMEX which was the result of a 1998 merger of two exchanges had its beginnings in the
Kuala Lumpur Commodity Exchange (KLCE). The KLCE which was Malaysia’s first
derivativeexchangewas establishedin1980. Asthe name suggests, theKLCE wasestablished
to introduce and trade commodity derivatives.
• The first derivative contract introduced by the exchange was the Crude Palm Oil (CPO)
futures contract in 1980.
• Currently, Malaysia has a single derivatives exchange known as Bursa Malaysia Derivatives
Berhad (BMDB). Prior to the demutualization of Bursa Malaysia, BMDB used to be known
as MDEX (Malaysia Derivatives Exchange).
• This new exchange which began on 11th June 2001 was the result of a merger by Malaysia’s
two previous derivatives exchanges COMMEX and KLOFFE.
• Though COMMEX was the older of the two, KLOFFE was the exchange that introduced
Malaysia’s first financial derivative.
• COMMEX which was the result of a 1998 merger of two exchanges had its beginnings in the
Kuala Lumpur Commodity Exchange (KLCE). The KLCE which was Malaysia’s first
derivativeexchangewasestablishedin1980. Asthe name suggests, theKLCE wasestablished
to introduce and trade commodity derivatives.
• The first derivative contract introduced by the exchange was the Crude Palm Oil (CPO)
futures contract in 1980.
The Kuala Lumpur Options and Financial Futures Exchange (KLOFFE
• KLOFFE, Malaysia’s first financial derivatives exchange was established in July 1993 by a
consortium of private companies.
• This first product was a Stock Index Futures contract based on a revamped KLCI (Kuala
Lumpur Composite Index).
• With the introduction of this index futures contract, KLOFFE became the second derivative
exchange in Asia, after Hong Kong, to trade its own equity derivative.
• Exactlyfiveyearslateron 1stDecember, 2000, KLOFFE introduceditssecondproduct, index
options. The KLCI Options as they are known, have call and put options of varying strike
prices available for investors.
Bursa Malaysia Derivatives Berhad (BMDB)

• Known as Malaysia Derivatives Exchange Berhad (MDEX), is a 75% owned subsidiary of
Bursa Malaysia Berhad which provides, operates and maintains a futures and options
exchange.
• BMD operates the most liquid and successful crude palm oil futures (FCPO) contract in the
world.
• It operates under the supervision of the Securities Commission and is governed by the Capital
Market and Services Act 2007.
• BMD also falls under the jurisdiction of the Ministry of Finance of Malaysia, thus offering
investors the security of trading on a regulated Exchange with infrastructure and regulations
comparable to that of established markets worldwide.
• BMDB has the following products:
• Commodity
• Crude Palm Oil Futures (FCPO)
• USD Crude Palm Oil Futures (FUPO)
• Crude Palm Kernel Oil Futures (FPKO)
• Equity
• KLCI Stock Index Futures (FKLI)
• KLCI Index Options (OKLI)
• Single Stock Futures (SSFs)
• Financial
• 3 month KLIBOR futures (FKB3)
• 3 year MGS Futures (FMG3)
• 5 year MGS Futures (FMG5)
Bursa Malaysian Derivatives Clearing Berhad
• Clearing House for the exchange traded derivatives market in Malaysia.
• Its primary function is to ensure that the financialobligationsof derivatives contractsentered
into on the Exchange are performed in a timely manner.
• It carries out this function by becoming the counterparty to these contracts, assuming the
credit risk of its Clearing Members and managing centralized risk.

• Formed in December 1995 to clear stock index futures, and in May 1996 it began clearing
interest rate futures. In November 1997 it merged with the clearing house for commodities
futures, Malaysian Futures Clearing Corporation Bhd (MFCC).
• Corporate Structure
Derivatives Regulation in Malaysia
• The objective of regulation is always to ensure fair and transparent markets by enforcing
ethical behavior on the part of all players.
• The regulatory framework for the financial derivatives market in Malaysia is embodied in the
Futures Industry Act (FIA) (1993).

Derivatives : Regulatory Structure
Annual Volumes In Derivatives Market

BursaMalaysiaDerivatives(BMD)offers 3 categoriesof derivatives: Commodity Derivatives,
Equity Derivatives and Financial Derivatives.
Commodity Derivatives
 Gold Futures (FGLD)
 Crude Palm Oil Futures (FCPO)
 USD RBD Palm Olein Futures (FPOL)
 Crude Palm Kernel Oil Futures (FPKO)
 USD Crude Palm Oil Futures (FUPO)
 Options on Crude Palm Oil Futures (OCPO)
 USD Tin Futures (FTIN)
Gold Futures (FGLD)
FGLD is a small-sized Ringgit Malaysia (“RM”) denominated gold futures contract traded on Bursa
Malaysia Derivatives, providing market participants exposure to international gold price movements
at a lower entry cost.
The pricing of the FGLD contract in local currency removes the need for Malaysian participants to
purchase foreign currency and therefore removing exposure arising from foreign currency
fluctuations.
Each FGLD contract is equivalent to 100 grams of gold bullion. The small size has been designed to
provide accessibility to all, but also flexibility for those wanting greater exposure. For the retail player
wanting smaller exposure, the small size provides affordability. For the industrial user requiring larger
exposure, the contract can be traded in multiple lots at a time (e.g. 5 lots, 10 lots etc).
As a cash-settled contract, no delivery of physical gold is required. Instead, the FGLD contract will
be settled on expiry using the cash equivalent of the amount of gold purchased (e.g. 100 grams),
calculated using the London AM Fix price (in USD) on the final trading day converted into RM.
Crude Palm Oil Futures (FCPO)
Contract Specification
Contract
Code
FCPO
Underlying
Instrument
Crude Palm Oil
Contract Size 25 metric tons
Minimum
Price
Fluctuation
RM1 per metric ton
Daily Price
Limits
With the exception of trades in the spot month, trades for future delivery of Crude
Palm Oil in any month shall not be made, during any one Business Day, at prices

Contract
Code
FCPO
varying more than 10% above or below the settlement prices of the preceding Business
Day ("the 10% Limit") except as provided below.
When at least 3 non-spot month contracts are trading at the 10% Limit, the Exchange
shall announce a 10-minute cooling off period ("the Cooling Off Period") for all
contract months (except the spot month) during which trading shall only take place
within the 10% Limit. Following the Cooling Off Period, all contract months shall be
specified as interrupted for a period of 5 minutes, after which the prices traded for all
contractmonths (exceptthe spot month) shallnot vary more than 15%aboveor below
the settlement prices of the preceding Business Day ("the 15% Limit").
If the 10% Limit is triggered less than 30 minutes before the end of the first trading
session, the following shall apply:-
a. the contract months shall not be specified as interrupted;
b. the 10% Limit shall be applied to all contract months (except the spot month)
for the rest of the first trading session; and
c. the 15% Limit shall be applied for all contract months (except the spot month)
during the second trading session.
If the 10% Limit is triggered less than 30 minutes before the end of the second trading
session, the 10% Limit shall be applied to all contract months (except the spot month)
for the rest of the Business Day.
Contract
Months
Spot month and the next 11 succeeding months, and thereafter, alternate months up to
36 months ahead
Trading
Hours
 First trading session: Malaysian time 10:30 a.m. to 12:30 p.m.
 Second trading session: Malaysian time 2:30 p.m. to 6:00 p.m.
Speculative
Position
Limits
The maximum number of net long or net short positions which a client or a participant
may hold or control is:
 1,500 contracts for the spot month
 20,000 contracts for any one contract month except for spot month
 30,000 contracts for all months combined
The aboveposition limitwillbe a combined limitfor Crude Palm OilFuturesContracts
and Options on Crude Palm OilFutures. (Pleasenotethat spot month futures limitwill
not be applicable to the options)

FPOL
FPOL is a Free on Board (FOB) physically delivered US Dollar (“USD”) denominated Refined,
Bleached and Deodorised (RBD) Palm Olein Futures contract traded on Bursa Malaysia Derivatives
(BMD).
As a listedderivativesonBMD, FPOL willprovidea transparent pricediscoveryon a regulatedtrading
environment. Traders and consumers can now hedge against Palm Oil adverse price movement with
confidence as BMD Clearing House guarantees the performance of all trades. Refiners can also use
FPOL to manage the refining margin between Crude Palm Oil against RBD Palm Olein.
Crude Palm Kernel Oil Futures (FPKO)
Contract Code FPKO
Underlying
Instrument
Crude Palm Kernel Oil
Minimum Price
Fluctuation
RM1 per metric ton
Daily Price
Limits
RM100 per metric ton above or below the preceding day's Settlement Prices for all
months, except spot month. Limits are expanded when the Settlement Prices of all
three quoted months immediatelyfollowingthe current month, in any day, are at limits
as follows:
 First Day - RM100
 Second Day - RM150
 Third Day - RM200
Daily price limits will remain at RM200, when the preceding day's settlement prices of
all the three quoted months immediately following the spot month settle at limits of
RM200. Otherwise, it shall revert to the basic limit amount of RM100.
Contract
Months
Spot and the next five succeeding months, and thereafter, alternate months up to 12
months ahead.
Trading Hours First trading session: Malaysian time 10:30 a.m. to 12:30 p.m.
 Second trading session: Malaysian time 3:00 p.m. to 6:05 p.m

USD Crude Palm Oil Futures (FUPO)
FUPO is a USD denominated palm oil futures contract which compliments the existing MYR
denominated Crude Palm Oil Futures contract (FCPO). It is a cash settled contract which does not
involve physical delivery of the underlying Crude Palm Oil (CPO). FUPO also consolidatesMalaysia's
position as the leading price discovery centre for palm oil traded globally.
Contract Code FUPO
Underlying
Instrument
Crude Palm Oil
Minimum Price
Fluctuation
USD0.25 per metric ton
Settlement
Methodlogy
Cash Settled
Daily Price
Limits
A +/- 10% limit from the Settlement Prices of the preceding trading day will apply for
all contract months, except for the spot month. When at least 3 non-spot month
contracts are trading at the 10% limit, a 10 minute Cooling Off period will apply for all
quoted months (except spot month asthere are no price limitsfor spot month contract)
during which trading shall only take place within the 10% Limit. Following the Cooling
Off period, all quoted months shall be interrupted for 5 minutes, after which the price
limit will be expanded to +/-15%.
The 10% price limit will apply for the rest of the 1st trading session if the price limit is
triggered less than 30 minutes before the end of session, and the price limit will be
expanded to 15% for the 2nd trading session.
If the 10% limit is triggered less than 30 minutes before the end of the 2nd trading
session, the 10% limit will apply for the rest of the trading day.
Contract
Months
Spot month and the next 5 succeeding months, and thereafter, alternate months up to
24 months ahead
Trading Hours First trading session: Malaysian Time 10:30 a.m. to 12:30 p.m.
 Second trading session: Malaysian Time 3:00 p.m. to 6:00 p.m.

Options on Crude Palm Oil Futures (OCPO)
Contract Code Calls: C OCPO
Puts: P OCPO
Underlying
Instrument
Crude Palm Oil futures contract (FCPO)
Type European Options
Contract Size One Crude Palm Oil futures contract (of a specified month) of 25 metric tons (MT)
Tick Size RM0.50 per MT (RM12.50 per contract)
Strike Price
Intervals
Trading shall be conducted for put and call options with striking prices in integral
multiples of RM50 per MT. There will be at least 11 strike prices (five are in-the-money,
one is at-themoney and five are out-of-the-money).
Contract
Months
Monthly (listthe3rd to 12thforward months) then alternatemonthsgoing out36 months
of theFCPO contract. Thefirst spot option contractmonth willbe trading the 3rd month
FCPO contract.
Daily Price
Limit
There will be no daily price limits.
USD Tin Futures (FTIN)
Contract Code FTIN
Underlying
Instrument
Refined tin metalof ASTM Grade A specificationB 339.93, witha minimum tin content
of 99.85% Sn of any of the brands which are approved by the Board of the Kuala
Lumpur Tin Market (KLTM), or such other technical specification of refined tin metal
underlying the physical tin official price published by the Kuala Lumpur Tin Market
(“KLTM Price”) from time to time.
Settlement
Method
Cash Settlement
Contract Size 1 metric tonne
Minimum
Price
Fluctuation
1 US Dollar per metric tonne
Contract
Months
Spot month and the next 11 succeeding months up to 12 months ahead.

Contract Code FTIN
Trading Hours Monday to Friday
Trading Sessions:(Malaysian Time)
0900 – 1200 hours
1330 – 1500 hours
Business Days:
Follows KL Business Days
Equity Derivatives
 FTSE Bursa Malaysia KLCI Futures (FKLI)
 FTSE Bursa Malaysia KLCI Options (OKLI)
 Single Stock Futures (SSFs)
 Mini FTSE Bursa Malaysia Mid 70 Index Futures (FM70)
FTSE Bursa Malaysia KLCI Futures (FKLI)
Contract
Code
FKLI
Underlying
Instrument
FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI)
Contract Size FBM KLCI multiplied by RM50
Minimum
Price
Fluctuation
0.5 index point valued at RM25
Daily Price
Limits
20% per trading session for the respective contract months except the spot month
contract. There shall be no price limits for the spot month contract. There will be no
price limit for the second month contract for the final five Business Days before
expiration.
Contract
Months
Spot month, the next month and the next two calendar quarterly months. The calendar
quarterly months are March, June, September and December.
Trading
Hours
Final Trading
Day
The last Business Day of the contract month.

Contract
Code
FKLI
Final
Settlement
Cash Settlement based on the Final Settlement Value.
Final
Settlement
Value
The Final Settlement Value shall be the average value, rounded to the nearest 0.5 of an
index point (values of 0.25 or 0.75 and above being rounded upwards), taken at every 15
seconds or at such intervals as may be determined by the Exchange from time to time
from 3.45:30 p.m. to 4.45:15 p.m. plus one value after 5.00pm of the FBM KLCI on the
Final Trading Day excepting the 3 highest and 3 lowest values.
Speculative
Position
Limit
Maximum number of net long or net short positions to be held:
FTSE Bursa Malaysia KLCI Options (OKLI)
Contract
Code
OKLI
Underlying
Instrument
FBM KLCI Futures (FKLI)
Type European Style
Contract Size One FKLI contract
Tick Size 0.1 index point valued at RM5
Contract
Months
Trading
Hours
Exercise Price
Interval
At least 13 exercise prices (6 are in-the-money, 1 is at-the-money and 6 are out-of-the-
money) shall be set at interval of 10 index points for the spot and next month contracts. At
least 7 exercise prices (3 are in-the-money, 1 is at-the-money and 3 are out-of-the-money)
shall be set at interval of 20 index points for the next 2 quarterly month contracts.
Last Trading
Day
The last business day of the contract month.

Contract
Code
OKLI
Settlement of
Option
Execise
In the absence of contrary instructions delivered to the Clearing House, an option that is
in-the money at expiration shall be automatically exercised. Exercise results in a long FKLI
position, which corresponds with the option’s contract month for a call buyer or a put
seller, and a short FKLI position for a put buyer or a call seller. The resultant positions in
FKLI shall then be cash-settled based on the final settlement value of FKLI.
Speculative
Position Limit
10,000 FKLI-equivalentcontracts (a combination of OKLIand FKLI contract), net on the
same side of the market in all contract months combined.
Single Stock Futures (SSFs)
Single Stock Futures (SSFs) can be an addition to almost any portfolio. They provide an avenue to
hedge your share exposure risk, as well as to speculate on share price movements. SSFs offer gearing
and are cheaper to trade than direct share investment. You can buy or sell SSFs at any time, with no
up-tick rule to worry about.
Contract Code SSF
Underlying
Shares
Selected stocks that have met the SSF selection criteria. Please refer to list in Q.2 "Which
stocks are available for SSF trading?" in the Single Stock Futures (SSFs) FAQ PDF
Contract Size 1,000 shares
Contract
Months
Trading Hours First trading session: Malaysian Time 8:45 a.m. to 12:45 p.m.
Minimum Price
Fluctuation
0.02 point valued at RM20.00
Daily Price
Limit
None
Speculative
Position Limit
 1,350 contracts, or

Contract Code SSF
 2,300 contracts
(if the Average Daily Trading Volume [ADTV] of the underlying stock is more than 20
million for the most recent six-month period).
Final Trading
Day
Delivery  Cash Settlement based on the Final Settlement Value.
 The Final Settlement Value shall be the Weighted Average Price, rounded to 2 decimal
points, or in the event the final settlement value is equidistant between 2 minimum price
fluctuations, the value shall be rounded to the higher minimum price fluctuation of the
underlying share prices traded for the morning and afternoon trading session on Bursa
Malaysia on the Final Trading Day.
Mini FTSE Bursa Malaysia Mid 70 Index Futures (FM70)
Contract Code FM70
Underlying
Instrument
FTSE Bursa Malaysia Mid 70 Index (FBM Mid 70)
Contract Size FBM Mid 70 multiplied by RM2
Minimum
Price
Fluctuation
1 index point valued at RM2
Daily Price
Limits
20%per trading sessionfor therespectivecontractmonthsexcept thespot month contract.
There shall be no price limits for the spot month contract. There will be no price limit for
the second month contract for the final five Business Days before expiration of the spot
month contract.
Contract
Months
Trading
Hours
Final Trading
Day
Final
Settlement
Cash Settlement based on the Final Settlement Value.

Contract Code FM70
Final
Settlement
Price
The Final Settlement Value shall be the average value, rounded to the nearest index point
(values of 0.5 and above being rounded upwards), taken at every 15 seconds or at such
intervals as may be determined by the Exchange from time to time from 3.45:30 p.m. to
4.45:15 p.m. plus one value after 5.00pm of the FBM Mid 70 on the Final Trading Day
excepting the 3 highest and 3 lowest values.
Speculative
Position Limit
Financial Derivatives
 3 Month Kuala Lumpur Interbank Offered Rate (KLIBOR) Futures (FKB3)
 3-Year Malaysian Government Securities Futures Contract (FMG3)
 5-Year Malaysian Government Securities Futures Contract (FMG5)
 10-Year Malaysian Government Securities Futures Contract (FMGA)
3 Month Kuala Lumpur Interbank Offered Rate (KLIBOR) Futures (FKB3)
Contract Code FKB3
Underlying Shares Ringgit Interbank time deposit in the Kuala Lumpur Wholesale Money Market with a
three month maturity on a 360-day year.
Contract Size RM1,000,000
Quoted in index terms (100.00 minus yield).
Minimum Price
Fluctuation
0.01% or 1 tick.
Contract Months Quarterly cycle months of March, June, September and December up to 5 years ahead
and 2 serial months.
Trading Hours  First trading session: Malaysian Time 9:00 a.m. to 12:30 p.m.
Final Trading Day
Maturity Date
Trading ceases at 11:00 a.m. (Malaysian time) on the 3rd Wednesday of the delivery
month or the 1 st Business Day immediately following the 3rd Wednesday of the
delivery month if the 3rd Wednesday of the delivery month is not a Business Day.
Final Settlement Cash Settlement based on the Cash Settlement Value.

Contract Code FKB3
Final Settlement
Value
i. Calculatedas100.00 minustheThreeMonth KLIBOR as publishedby Reuters
Ltd. On reference page "KLIBOR" at 11:00 hours (Malaysian time) on the
Final Trading Day.
ii. In the event that the above calculation (i) cannot be made, the final settlement
value shall be calculated as 100.00 minus the Three Month KLIBOR as
published by Dow Jones Telerate Ltd on page number 46387 at 11:00 hours
(Malaysian time) on the Final Trading Day.
iii. In the event that the above calculation (i) and (ii) cannot be made, the final
settlement value shall be calculated as 100.00 minus the Three Month
KLIBOR as obtained from Bank Negara Malaysia at 11.00 hours (Malaysian
time) on the Final Trading Day.
In the event that none of the above 3 calculations can be made, the final settlement
value shall be determined by the Exchange.
3-Year Malaysian Government Securities Futures Contract (FMG3)
Contract Code FMG3
Contract 3-YEAR MGS FUTURES CONTRACT
Contract Code FMG3
Underlying Instrument Malaysian Government Securities with a 3-year maturity (“3-Year MGS”)
Coupon Rate 6% per annum, payable semi-annually
Contract Unit 3-Year MGS having a principal value of RM100,000.00
Price Quotation In Ringgit Malaysia per RM100.00 in face value, up to 2 decimal places.
Minimum Price Fluctuation 0.01 = RM10.00
Contract Months 4 nearest quarterly cycle months of March, June, September and December
Trading Hours  First trading session: 0900 hours to 1230 hours (Malaysia time)
 Second trading session: 1430 hours to 1800 hours (Malaysia time)

5-Year Malaysian Government Securities Futures Contract (FMG5)
Contract Code 5-Year Malaysian Government Securities Futures Contract
Contract Code FMG5
Underlying Instrument Malaysian Government Securities with a 5-year maturity (“5-Year MGS”)
Trading Hours  First trading session: 0900 hours to 1230 hours (Malaysia time)
 Second trading session: 1430 hours to 1800 hours (Malaysia time)
10-Year Malaysian Government Securities Futures Contract (FMGA)
Contract Code 10-Year Malaysian Government Securities Futures Contract
Contract Code FMGA
Underlying Instrument MalaysianGovernmentSecuritieswitha 10-yearmaturity(“10-YearMGS”)

The growth opportunities in the derivatives industry in Malaysia
There are three types of listed derivatives traded on the Bursa Malaysia Derivatives (BMD) –
commodity, equityand financialfutures. Themost activelytradedproductis the crudepalm oil futures
contract (FCPO) which is the global price benchmark for the palm oil industry. Compared to the
other deep futures markets regionally and globally, Malaysian Derivatives market is still at an
adolescence stage and has more potential room to catch up given the bullish projection in growth as
outlined in the Capital Market Masterplan 2 (CMP2). CMP2 projected that total Malaysian Capital
Market size including equities and derivatives industry to grow from USD$667 bn in 2010 to US$1.5
trillion by 2020. Derivatives trading (that includes both OTC and exchange traded derivatives) is
expected to account for the majority of this growth, with notional value traded projected to increase
from US$171 bn in 2010 to US$1.4 trillion by 2020.

DERIVATIVES MARKET IN SINGAPORE
INTRODUCTION
Corporates in Singapore use derivatives to manage risks around business and financial activities. The
most popular type of product, in this case, has to be foreign exchange derivatives for hedging against
the risks of fluctuating foreign exchange. Companies in the manufacturing business also use
commodity derivatives to hedge against the risk that may arise because of an increase in prices of
raw materials. Singapore Stock Exchange (SGX) has also benefited a great deal from an increase in
derivatives trading in the country. Derivatives trading is a key part of the exchange accounting for
nearly 40% of the total income.
SINGAPORE EXCHANGE DERIVATES TRADING LTD.
Singapore Exchange Derivatives, a subsidiary of the Singapore Exchange, is the leading provider of
derivatives contracts in the country. Singapore Exchange Derivatives Trading Limited, a derivatives
exchange, provides Euro dollar, Euro yen, and Japanese government bond and stock index futures
trading services in the Asia-Pacific region. It also provides interest rate future contracts trading and
hedging services, including hedging loans and deposits, and interest rate swaps in Singapore dollar,
the United States dollar, and yen; and intra-commodity, inter-commodity, and inter market trading
and arbitrage services. The company is based in Singapore with a branch in Hong Kong. Singapore
Exchange Derivatives Trading Limited operates as a subsidiary of Singapore Exchange Limited.
DERIVATIVE CLASSES
The Singapore Derivate market is denominated by both Financial Derivativesand Commodity
Derivatives. The asset classes pertaining to both the above mentioned derivatives are as follows:

FUTURES:
Futures contract are in all aspect similar to forward contracts as they call for the sale of a product at
a future date while the price is determined at the present. However, unlike forwarding contracts,
futures contracts are listed in popular trading exchanges. The exchange, in this case, acts as an
intermediary, which means a buyer and seller don’t enter into an agreement with each other. Rather,
they enter into an agreement with the exchange. Unlike Forward contracts, futures contracts cannot
be reversed’ or modified under any circumstance. Future contracts also come in a predefined format,
size and have a predefined expiration.
Given that they are traded in exchanges,future contracts follow certain daily settlement procedure
which means losses realized have to be settled every single day.
Options
Futures
Swaps
FlexCFutures

OPTIONS:
While Futures and Forward derivatives contracts bind two parties, Options derivatives are
asymmetrical. In Options derivatives, only one party is tied to the contract while the other party is
given the option of deciding what to do later i.e. the expiration of the option. What this means is
that one party has the obligation to buy or sell later, where’s the other party can make a choice.
In most option contracts, the party that has the privilege to make a choice ends up paying a
premium for the privilege.
There are two types of option contracts:
 Call option: accords one the right but not the obligation to buy something at a future date.
 Put Option: accords one the right but not the obligation to sell an asset later.

SWAPS:
This is arguably the most complicated form of derivative as it is designed to enable people change
their streams of cash flow. These are simply private contracts and are not traded on the exchange.
Instead, they are negotiated between two parties with investment bankers acting as the middlemen in
the contracts.
Swaps enable companies to avoid risks posed by foreign exchange fluctuations. The most common
type of swap is interest rate swap that allows parties to swap only the interest related cash flows.
Currency swaps, on the other hand, involve the swapping of both principal and interest between
parties involved.
FLEXC FUTURES
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 multilateralsettlement netting and enhances operational efficiencies.

BROAD CAEGORIZATION OF THE UNDERLYING ASSETS

PRODUCT WISE LISTING OF EQUITY INDEX:
S.NO PRODUCT NAME
DERIVATIVE
CLASS
1 SGX FlexC INR/USD FX Futures FlexC Futures
2 SGX FlexC KRW/USD FX Futures FlexC Futures
3 SGX FlexC TWD/USD FX Futures FlexC Futures
4 SGX FlexC USD/CNH FX Futures FlexC Futures
5 SGX FlexC USD/SGD FX Futures FlexC Futures
6 SGX 10-Year Mini Japanese Government Bond Options Options
7 SGX Baltic Capesize Time Charter (4 Routes) Average Futures Options Options
8 SGX Baltic Capesize Time Charter (4 Routes) Basket FFA Options Options
10 SGX Baltic Capesize Time Charter (5 Routes) Basket Futures Options Options
11 SGX Baltic Handysize Time Charter Average Futures Options Options
12 SGX Baltic Handysize Time Charter Basket FFA Options Options
13 SGX Baltic Panamax Time Charter Average Futures Options Options
14 SGX Baltic Panamax Time Charter Basket FFA Options Options
15 SGX Baltic Supramax Time Charter (10 Routes) Average Futures Options Options
16 SGX Baltic Supramax Time Charter (10 Routes) Basket FFA Options Options
17 SGX Baltic Supramax Time Charter Average (6 Routes) Futures Options Options
18 SGX Baltic Supramax Time Charter Basket (6 Routes) FFA Options Options
19 SGX Euroyen TIBOR Options Options
20 SGX India Options Options
21 SGX INR/USD FX Options Options
22 SGX MSCI China Free Price Return (USD) Index Options Options
23 SGX MSCI Singapore Free Index Options Options
24 SGX MSCI Taiwan Index Options Options

25 SGX Nifty 50 Index Options Options
26 SGX Nikkei 225 Index Options Options
27 SGX Option on TSI Iron Ore CFR China (62% FE Fines) Index Futures Options
28 SGX Option on TSI Iron Ore CFR China (62% FE Fines) Swap Options
29 SGX USD/CNH FX Options Options
30 SGX Baltic Capesize Route C5 Swaps
32 SGX Baltic Capesize Time Charter Average (5 Routes) FFA Swaps
33 SGX Baltic Capesize Time Charter Basket (4 Routes) FFA Swaps
34 SGX Baltic Handysize Time Charter Basket FFA Swaps
35 SGX Baltic Panamax Route P2A Swaps
36 SGX Baltic Panamax Route P2E Swaps
38 SGX Baltic Panamax Time Charter Basket FFA Swaps
39 SGX Baltic Supramax Time Charter Basket (10 Routes) FFA Swaps
41 SGX BZ-Naphtha Spread Swap Swaps
42 SGX DKI Sling LNG Swap Swaps
43 SGX FO 180cst Swap vs FO 380cst Swap Differential Swaps
44 SGX Gasoil Swap FOB Singapore Swaps
45 SGX Hot-Rolled Coil Steel CFR ASEAN Swap Swaps
46 SGX ICIS LLDPE CFR China Swap Swaps
47 SGX ICIS LLDPE CFR S.E.Asia Swap Swaps
48 SGX ICIS MEG CFR China Swap Swaps
49 SGX ICIS PP Flat Yarn (Raffia) CFR China Swap Swaps
50 SGX ICIS PP Flat Yarn (Raffia) CFR S.E.Asia Swap Swaps
51 SGX ICIS SM CFR China Swap Swaps
52 SGX IHS McCloskey M42 - Indonesian 4200kc GAR FOB Coal Swap Swaps
53 SGX MB Iron Ore CFR China (58% Fe Fines) Swap Swaps
55 SGX Mini Singapore FO 180cst Swap Swaps
56 SGX Mini Singapore FO 380cst Swap Swaps
57 SGX Naphtha Swap CFR Japan Swaps
58 SGX North Asia Sling LNG Swap Swaps
59 SGX Option on TSI FOB Australia Premium Coking Coal Swap Swaps
60 SGX Platts BZ FOB Korea Swap Swaps
61 SGX Platts Iron Ore CFR China (Lump Premium) Swap Swaps
62 SGX Platts PX CFR Taiwan/China Swap Swaps
63 SGX PX-Naphtha Spread Swaps Swaps
64 SGX Singapore FO 180cst Swap Swaps
65 SGX Singapore FO 380cst Swap Swaps
66 SGX Singapore Sling LNG Swap Swaps
67 SGX TSI CFR China Premium JM25 Coking Coal Swap Swaps

68 SGX TSI FOB Australia Premium Coking Coal Swap Swaps
69 SGX TSI Iron Ore CFR China (58% FE Fines) Swaps Swaps
70 SGX TSI Iron Ore CFR China (62% Fe Fines) Swap Swaps
71 Adani P & S Eco Zone Futures Futures
72 Ambuja Cements Futures Futures
73 Asian Paints Futures Futures
74 Aurobindo Pharma Futures Futures
75 Axis Bank Futures Futures
76 Bajaj Auto Futures Futures
77 Bajaj Finance Futures Futures
78 Bharat Petroleum Corp Futures Futures
79 Bharti Airtel Futures Futures
80 Bharti Infratel Futures Futures
81 Bosch Futures Futures
82 Cipla Ltd India Futures Futures
83 Coal India Futures Futures
84 Dr Reddy's Laboratories Futures Futures
85 Eicher Motors Futures Futures
86 GAIL India Futures Futures
87 HCL Technologies Futures Futures
88 HDFC Bank Futures Futures
89 Hero MotoCorp Futures Futures
90 Hindalco Industries Futures Futures
91 Hindustan Petroleum Corp Futures Futures
92 Hindustan Unilever Futures Futures
93 Housing Dev Fin Corp (HDFC) Futures Futures
94 ICICI Bank Futures Futures
95 Indiabulls Housing Fin Futures Futures
96 Indian Oil Corp Futures Futures
97 IndusInd Bank Futures Futures
98 Infosys Futures Futures
99 ITC Futures Futures
100 Kotak Mahindra Bank Futures Futures
101 Larsen & Toubro Futures Futures
102 Lupin Futures Futures
103 Mahindra & Mahindra Futures Futures
104 Maruti Suzuki India Futures Futures
105 NTPC Futures Futures
106 Oil & Natural Gas Corp Futures Futures
107 Power Grid Corp of India Futures Futures
108 Reliance Industries Futures Futures
109 SGX 10 Year Full-sized Japanese Government Bond Futures Futures
110 SGX 10-Year Mini Japanese Government Bond Futures Futures

111 SGX AUD/JPY FX Futures Futures
112 SGX AUD/USD FX Futures Futures
113 SGX Baltic Capesize Route C5 Futures Futures
115 SGX Baltic Capesize Time Charter Average (4 Routes) Futures Futures
117 SGX Baltic Handysize Time Charter Average Futures Futures
118 SGX Baltic Panamax Route P2A Futures Futures
119 SGX Baltic Panamax Route P2E Futures Futures
121 SGX Baltic Panamax Time Charter Average Futures Futures
122 SGX Baltic Supramax Time Charter Average (10 Routes) Futures Futures
124 SGX BZ-Naphtha Spread Futures Futures
125 SGX CNY/SGD FX Futures Futures
126 SGX CNY/USD FX Futures Futures
127 SGX DKI Sling LNG Futures Futures
128 SGX EUR/CNH FX Futures Futures
129 SGX Eurodollar Futures Futures
130 SGX Euroyen TIBOR Futures Futures
131 SGX FTSE China A50 Index Futures Futures
132 SGX Hot-Rolled Coil Steel CFR ASEAN Index Futures Futures
133 SGX ICIS LLDPE CFR China Futures Futures
134 SGX ICIS LLDPE CFR S.E.Asia Futures Futures
135 SGX ICIS MEG CFR China Futures Futures
136 SGX ICIS PP Flat Yarn (Raffia) CFR China Futures Futures
137 SGX ICIS PP Flat Yarn (Raffia) CFR S.E.Asia Futures Futures
138 SGX ICIS SM CFR China Futures Futures
139 SGX IDR/USD FX Futures Futures
140
SGX IHS McCloskey M42 - Indonesian 4200kc GAR FOB Thermal Coal
Futures Futures
141 SGX India Bank Futures Futures
142 SGX India Futures Futures
143 SGX INR/USD FX Futures Futures
144 SGX KRW/JPY FX Futures Futures
145 SGX KRW/USD FX Futures Futures
146 SGX MB Iron Ore CFR China (58% Fe Fines) Index Futures Futures
148 SGX Mini Nikkei 225 Index Futures Futures
149 SGX MSCI Australia NTR (USD) Index Futures Futures
150 SGX MSCI China Free NTR (USD) Index Futures Futures
151 SGX MSCI China Free Price Return (USD) Index Futures Futures
152 SGX MSCI Emerging Markets (USD) Index Futures Futures

153 SGX MSCI Emerging Markets Asia ex-China NTR (USD) Index Futures Futures
154 SGX MSCI Emerging Markets Asia ex-Korea NTR (USD) Index Futures Futures
155 SGX MSCI Emerging Markets Asia NTR (USD) Index Futures Futures
156 SGX MSCI Emerging Markets EMEA NTR (USD) Index Futures Futures
157 SGX MSCI Emerging Markets ex-China NTR (USD) Index Futures Futures
158 SGX MSCI Emerging Markets ex-Korea NTR (USD) Index Futures Futures
159 SGX MSCI Emerging Markets LatAm NTR (USD) Index Futures Futures
160 SGX MSCI Emerging Markets NTR (USD) Index Futures Futures
161 SGX MSCI India Index Futures Futures
162 SGX MSCI India NTR (USD) Index Futures Futures
163 SGX MSCI Indonesia Index Futures Futures
164 SGX MSCI Indonesia NTR (USD) Index Futures Futures
165 SGX MSCI Japan Index Futures Futures
166 SGX MSCI Japan NTR (JPY) Index Futures Futures
167 SGX MSCI Japan NTR (USD) Index Futures Futures
168 SGX MSCI Malaysia Index Futures Futures
169 SGX MSCI Malaysia NTR (USD) Index Futures Futures
170 SGX MSCI Philippines NTR (USD) Index Futures Futures
171 SGX MSCI Singapore Free Index Futures Futures
172 SGX MSCI Singapore Free NTR (USD) Index Futures Futures
173 SGX MSCI Taiwan Index Futures Futures
174 SGX MSCI Taiwan NTR (USD) Index Futures Futures
175 SGX MSCI Thailand Index Futures Futures
176 SGX MSCI Thailand NTR (USD) Index Futures Futures
177 SGX MYR/SGD FX Futures Futures
178 SGX MYR/USD FX Futures Futures
179 SGX Nifty 50 Index Futures Futures
180 SGX Nifty Bank Index Futures Futures
181 SGX Nikkei 225 Index Futures Futures
182 SGX Nikkei Stock Average Dividend Point Index Futures Futures
183 SGX North Asia Sling LNG Futures Futures
184 SGX Option on TSI FOB Australia Premium Coking Coal Futures Futures
185 SGX PHP/USD FX Futures Futures
186 SGX Platts BZ FOB Korea Futures Futures
187 SGX Platts Gasoil FOB Singapore Index Futures Futures
188 SGX Platts Iron Ore CFR China (Lump Premium) Index Futures Futures
189 SGX Platts Naphtha CFR Japan Index Futures Futures
190 SGX Platts PX CFR Taiwan/China Futures Futures
191 SGX Platts Singapore FO 180cst Index Futures Futures
192 SGX Platts Singapore FO 380cst Index Futures Futures
193 SGX PX-Naphtha Spread Futures Futures
194 SGX SGD/CNH FX Futures Futures
195 SGX SICOM RSS3 Futures Futures

196 SGX SICOM TSR20 Futures Futures
197 SGX Singapore Sling LNG Futures Futures
198 SGX Singapore Visco Spread Futures Futures
199 SGX Straits Times Index Futures Futures
200 SGX THB/USD FX Futures Futures
201 SGX TSI CFR China Premium JM25 Coking Coal Futures Futures
202 SGX TSI FOB Australia Premium Coking Coal Futures Futures
203 SGX TSI Iron Ore CFR China (58% Fe Fines) Index Futures Futures
205 SGX TWD/USD FX Futures Futures
206 SGX USD Nikkei 225 Index Futures Futures
207 SGX USD/CNH FX Futures Futures
208 SGX USD/JPY (Standard) FX Futures Futures
209 SGX USD/JPY (Titan) FX Futures Futures
210 SGX USD/SGD FX Futures Futures
211 SGX USEP Monthly Base Load Electricity Futures Futures
212 SGX USEP Quarterly Base Load Electricity Futures Futures
213 SGX-PSE MSCI Philippines Index Futures Futures
214 State Bank of India Futures Futures
215 Sun Pharm Ind Futures Futures
216 Tata Consult Svc Futures Futures
217 Tata Motors Futures Futures
218 Tata Steel Futures Futures
219 Tech Mahindra Futures Futures
220 UltraTech Cement Futures Futures
221 UPL Futures Futures
222 Vedanta Futures Futures
223 Wipro Futures Futures
224 Yes Bank Futures Futures
225 Zee Entertainment Ent Futures Futures
PRODUCT WISE LISTING OF FX:
S.NO PRODUCT NAME
DERIVATIVE
CLASS
1 SGX FlexC INR/USD FX Futures FlexC Futures
2 SGX FlexC KRW/USD FX Futures FlexC Futures
3 SGX FlexC TWD/USD FX Futures FlexC Futures
4 SGX FlexC USD/CNH FX Futures FlexC Futures
5 SGX FlexC USD/SGD FX Futures FlexC Futures
6 SGX AUD/JPY FX Futures Futures
7 SGX AUD/USD FX Futures Futures
8 SGX CNY/SGD FX Futures Futures
9 SGX CNY/USD FX Futures Futures

10 SGX EUR/CNH FX Futures Futures
11 SGX IDR/USD FX Futures Futures
12 SGX INR/USD FX Futures Futures
13 SGX KRW/JPY FX Futures Futures
14 SGX KRW/USD FX Futures Futures
15 SGX MYR/SGD FX Futures Futures
16 SGX MYR/USD FX Futures Futures
17 SGX PHP/USD FX Futures Futures
18 SGX SGD/CNH FX Futures Futures
19 SGX THB/USD FX Futures Futures
20 SGX TWD/USD FX Futures Futures
21 SGX USD/CNH FX Futures Futures
22 SGX USD/JPY (Standard) FX Futures Futures
23 SGX USD/JPY (Titan) FX Futures Futures
24 SGX USD/SGD FX Futures Futures
25 SGX INR/USD FX Options Options
26 SGX USD/CNH FX Options Options
PRODUCT WISE LISTING OF DIVIDEND INDEX:
S.NO PRODUCT NAME
DERIVATIVE
CLASS
1 SGX Nikkei Stock Average Dividend Point Index Futures Futures
PRODUCT WISE LISTING OF INTEREST RATE:
S.NO PRODUCT NAME
DERIVATIVE
CLASS
1 SGX 10 Year Full-sized Japanese Government Bond Futures Futures
2 SGX 10-Year Mini Japanese Government Bond Futures Futures
3 SGX 10-Year Mini Japanese Government Bond Options Options
4 SGX Eurodollar Futures Futures
5 SGX Euroyen TIBOR Futures Futures
6 SGX Euroyen TIBOR Options Options
PRODUCT WISE LISTING OF IRON ORE:
S.NO PRODUCT NAME
DERIVATIVE
CLASS
1 SGX Hot-Rolled Coil Steel CFR ASEAN Index Futures Futures
2 SGX Hot-Rolled Coil Steel CFR ASEAN Swap Swaps

7 SGX Option on TSI Iron Ore CFR China (62% FE Fines) Index Futures Options
8 SGX Option on TSI Iron Ore CFR China (62% FE Fines) Swap Options
9 SGX Platts Iron Ore CFR China (Lump Premium) Index Futures Futures
10 SGX Platts Iron Ore CFR China (Lump Premium) Swap Swaps
12 SGX TSI Iron Ore CFR China (58% FE Fines) Swaps Swaps
14 SGX TSI Iron Ore CFR China (62% Fe Fines) Swap Swaps
PRODUCT WISE LISTING OF FREIGHT:
S.NO PRODUCT NAME
DERIVATIVE
CLASS
5 SGX Baltic Capesize Time Charter (4 Routes) Average Futures Options Options
8 SGX Baltic Capesize Time Charter (5 Routes) Basket Futures Options Options
10 SGX Baltic Capesize Time Charter Average (5 Routes) FFA Swaps
12 SGX Baltic Capesize Time Charter Basket (4 Routes) FFA Swaps
13 SGX Baltic Handysize Time Charter Average Futures Futures
14 SGX Baltic Handysize Time Charter Average Futures Options Options
15 SGX Baltic Handysize Time Charter Basket FFA Swaps
16 SGX Baltic Handysize Time Charter Basket FFA Options Options
19 SGX Baltic Panamax Route P2E Swaps
20 SGX Baltic Panamax Route P2E Futures Futures
23 SGX Baltic Panamax Time Charter Average Futures Futures
24 SGX Baltic Panamax Time Charter Average Futures Options Options
25 SGX Baltic Panamax Time Charter Basket FFA Swaps
26 SGX Baltic Panamax Time Charter Basket FFA Options Options
27 SGX Baltic Supramax Time Charter (10 Routes) Average Futures Options Options
28 SGX Baltic Supramax Time Charter (10 Routes) Basket FFA Options Options
31 SGX Baltic Supramax Time Charter Average (6 Routes) Futures Options Options

34 SGX Baltic Supramax Time Charter Basket (6 Routes) FFA Options Options
PRODUCT WISE LISTING OF RUBBER:
S.NO PRODUCT NAME
DERIVATIVE
CLASS
1 SGX SICOM OTC TSR 20 Forwards Forwards
2 SGX SICOM RSS3 Futures Futures
3 SGX SICOM TSR20 Futures Futures
Similar listings for the energy sector have not been tabulated on account of the vast volume of data.
VOLUMES OF DERIVATIVES TRADED:

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