Singapore Exchange

SGX Petrochemical Derivatives

November 15, 2019

Deepa Aggarwal, Chief Representative

SGX India Office

Introduction to Singapore Exchange - SGX

1

Integrated Securities and Derivatives Exchange In Singapore

Listed on SGX Securities Market Main Board in 2000 (Stock Code: S68)

Operates South East Asia’s largest stock market with a market capitalisation of over S$1 trillion

Offers the most comprehensive range of Asian stock index, currencies and

commodities derivatives Regulated by the Monetary Authority of Singapore (MAS)

Recognized Clearing House in US and EU

US FBOT CFTC ESMA

Our Global Footprint

2

London

Tokyo

Mumbai

Singapore

Hong Kong Shanghai Beijing

SGX is headquartered in Singapore, with overseas offices in Beijing, Chicago, Hong Kong, London, Mumbai, Shanghai and Tokyo.

Chicago

Iron Ore & Steel

Iron Ore (CFR China) 62% Iron Ore (CFR China) 65% Iron Ore (CFR China) 58%

Lump Premium Hot-Rolled Coil Steel (CFR ASEAN)

Coal M42 Coal Futures (4200 GAR

Indonesian Thermal Coal) CFR Australia Premium Coking

Coal FOB

Oil, Gas & Petrochemicals

Fuel Oil 180cst, Fuel Oil 380cst Gasoil Naphtha

Aromatics: BZ, PX, SM MEG Polyolefin: LLDPE and PP

Dry Bulk Freight

Time Charter Averages (Capesize, Panamax, Supramax and

Handysize)

• Single Routes (C5, C7, 2A, 3A, 2E)

Rubber TSR 20 RSS 3

OTC Rubber

Electricity Electricity Futures

SGX Commodities Products

3

Introduction to Petchem Derivatives

4

SGX Petrochemical Derivatives

A financial instrument that allows traders to exchange (or swap) their floating price risk for a fixed price or vice-versa.

The swap price quoted/traded is the “fixed’ price while the Final Settlement Price (FSP) derived from the average of all daily or weekly spot prices is the “floating” price.

The daily or weekly spot prices are assessed and published by index providers such as Platts and ICIS.

The swap Daily Settlement Price (DSP) or Forward Curve is compiled and published by SGX.

5

Fixed Price

Floating Price

SGX Petchemical Derivatives Products

Aromatics: Platts Paraxylene CFR China Platts Benzene FOB Korea Platts PX-Naphtha Spread Platts BZ-Naphtha Spread SM/MEG: ICIS Styrene Monomer CFR China ICIS Monoethylene Glycol CFR China Polyolefin: ICIS Polypropylene CFR China ICIS Linear Low Density Polyethylene (LLDPE) CFR China

6

SGX Aromatics, SM, MEG Swap & Futures

7

SGX Platts Paraxylene CFR Taiwan/China

SGX Platts Benzene FOB Korea

SGX ICIS Styrene Monomer CFR China

SGX ICIS MEG CFR China

Contract Symbol

Swap: PX Futures: PXF

Swap: BZ Futures: BZF

Swap: SMC Futures: SMCF

Swap: MEG Futures: MEGF

Contract Size (per lot)

Swap: 500 metric tons Futures: 100 metric tons

Minimum Tick

US$0.01 per MT

Contract Months

24 consecutive months

Block Threshold

Swap: None Futures: 5 lots

Trading & Clearing Hours (SGT)

T-Session: 7.25am to 8.00pm (All) T+1 Session: 8.00.01pm to 4.45am (Swaps & Block Futures)

T+1 Session: 8.15pm to 4.45am (Screen Futures) Last Trading Day: 7.25am to 8.00pm (All)

Final Settlement Price (FSP)

Arithmetic average of all Platts daily spot price assessments in the expiring month, rounded to 2 decimal places.

Arithmetic average of all Platts daily spot price assessments in the expiring month, rounded to 3 decimal places.

Arithmetic average of all the ICIS SM CFR China (Price Range For The Week) index assessments for the expiring Contract Month, rounded to 3 decimal places.

Arithmetic average of all the ICIS MEG CFR China

Main Ports index assessments for the

expiring Contract Month, rounded to 3 decimal

places.

SGX Aromatics Spreads

8

SGX PX-MOPJ Naphtha Spread SGX BZ-MOPJ Naphtha Spread

Contract Symbol Swap: PXN

Futures: PXNF Swap: BZN

Futures: BZNF

Contract Size (per lot) Swap: 500 metric tons

Futures: 100 metric tons

Minimum Tick US$0.01 per mt

Contract Months 24 consecutive months

Block Threshold Swap: None

Futures: 5 lots

Trading & Clearing Hours (SGT)

T-Session: 7.25am to 8.00pm (All) T+1 Session: 8.00.01pm to 4.45am (Swaps & Block Futures)

T+1 Session: 8.15pm to 4.45am (Screen Futures) Last Trading Day: 7.25am to 8.00pm (All)

Final Settlement Price (FSP)

Arithmetic difference between the FSPs of SGX Platts PX CFR Taiwan/China and the SGX Platts Naphtha CFR Japan in the contract month, rounded to 3 decimal places.

Arithmetic difference between the FSPs of Platts BZ FOB Korea and the SGX Platts Naphtha CFR Japan in the contract month, rounded to 3 decimal places.

SGX Polyolefin Swap & Futures

9

SGX ICIS LLDPE CFR China (All origin)

SGX ICIS PP Flat Yarn (Raffia) CFR China (All Origins)

Contract Symbol Swap: PEC

Futures: PECF Swap: PPC

Futures: PPCF

Contract Size (per lot)

Swap: 50 metric tons Futures: 10 metric tons

Minimum Tick US$0.01 per MT

Contract Months 12 consecutive months

Block Threshold Swap: None

Futures: 5 lots

Trading & Clearing Hours (SGT)

T-Session: 7.25am to 8.00pm (All) T+1 Session: 8.00.01pm to 4.45am (Swaps & Block Futures)

T+1 Session: 8.15pm to 4.45am (Screen Futures) Last Trading Day: 7.25am to 8.00pm (All)

Final Settlement Price (FSP)

Arithmetic average of all ICIS LLDPE film (All Origins) CFR China Index reference prices in the expiring Contract Month, rounded to two (2) decimal places.

Arithmetic average of all ICIS PP Flat Yarn (Raffia) (All Origins) CFR China Main Port Index reference prices in the expiring Contract Month, rounded to

two (2) decimal places.

Difference Between Swaps and Futures

10

Swaps Futures

Contract Size • PX, BZ, SMC, MEG = 500 mt • PP and LLDPE = 50 mt • PX-Naphtha Spread = 500mt • BZ-Naphtha Spread = 500mt

• PXF, BZF, SMCF, MEGF = 100 mt • PP and LLDPE = 10 mt • PX-Naphtha Spread = 100mt • BZ-Naphtha Spread = 100mt

Trading Method OTC only • SGX electronic market^ • OTC via NLT (block futures)

Daily Settlement Price Same

Final Settlement Price Same

Rules SGX Derivatives Clearing Rules SGX Derivatives Trading Rules SGX Derivatives Clearing Rules

Broker Licensing Requirement

Not required at the moment Capital Market Services Licence required

Transacted Prices Information

Not published

On SGX NLT Page

^Currently petchem futures are not liquid enough to be traded on screen. Hence both swaps and futures are done OTC.

SGX Petrochemical Derivatives Volume

11

0

100

200

300

400

500

600

700

800

900

1000

VO

LUM

E (

'00

0 M

T )

SGX PETCHEM VOLUME

BZ BZN MEG PEC PPC PX PXN SMC

SGX Petrochemical Derivatives Open Interest

12

0

200

400

600

800

1000

1200

1400

OP

EN IN

TER

EST

( '0

00

MT)

SGX PETCHEM OPEN INTEREST

BZ BZN MEG PEC PPC PX PXN SMC

Spot Price and Final Settlement Price

13

Source: Platts

Date

Daily Spot Marker

02/10/2017 845 03/10/2017 843 04/10/2017 842.5 05/10/2017 849 06/10/2017 855 09/10/2017 848 10/10/2017 846 11/10/2017 844.33 12/10/2017 845 13/10/2017 850.33 16/10/2017 857.5 17/10/2017 856.17 19/10/2017 851.67 20/10/2017 852.67 23/10/2017 853.33 24/10/2017 852.33 25/10/2017 853.33 26/10/2017 849.33 27/10/2017 849.33 30/10/2017 857.33 31/10/2017 858.67

FSP for Oct 2017 Swaps

850.47

Marker 856.33 – 858.33 * 857.33

H1 Nov 851.00 – 853.00 852.00

H2 Nov 851.00 – 853.00 * 852.00

H1 Dec 859.00 – 861.00 * 860.00

H2 Dec 859.00 – 861.00 * 860.00

H1 Jan 866.00 – 868.00 867.00

Assessment for 30 October 2017: CFR Taiwan / China LC 30-45 days $/mt

Final Settlement Price of swap: Arithmetic average of all Platts daily spot price assessments in the expiring month, rounded to 2 decimal places.

Spot price is the price of the underlying commodities now

SGX ICIS MEG Swaps & Futures Final Settlement Price

14

Date MEG CFR China Daily (low end)

MEG CFR China Daily (high end)

25 Sep 2017 864.00 892.00

26 Sep 2017 871.00 890.00

27 Sep 2017 875.00 896.00

28 Sep 2017 870.00 890.00

29 Sep 2017 884.00 890.00

Average of all daily low ends

872.80

Average of all daily high ends

891.60

Weekly Assessment 873 – 892 Rounded to the nearest whole number

Index Assessment for week ending 29 Sep 2017

882.50 Mid point of weekly assessment

Weekly index assessment by ICIS:

Date Weekly Index Assessments

01 Sep 2017 913.00

08 Sep 2017 966.00

15 Sep 2017 930.00

22 Sep 2017 917.00

29 Sep 2017 882.50

ICIS MEG MSP for Sep 2017 Swaps and Futures

921.700

ICIS Monthly Settlement Price (MSP):

Source: ICIS

FSP is the ICIS MEG MSP: Arithmetic average of all the weekly index assessments for the expiring Contract Month, rounded to 3 decimal places.

SGX ICIS SM Swaps & Futures Final Settlement Price

15

Date SM CFR China Day Low

SM CFR China Day High

4 Sep 2017 1,460.00 1,480.00

5 Sep 2017 1,435.00 1,455.00

6 Sep 2017 1,405.00 1,420.00

7 Sep 2017 1,400.00 1,425.00

8 Sep 2017 1,405.00 1,425.00

Weekly Price Range 1,400.00 to 1,480.00

Index Assessment for week ending 8 Sep 2017

1,440.00 Mid-point of weekly price range

Weekly index assessment by ICIS:

Source: ICIS

Date Weekly Index Assessments

01 Sep 2017 1355.00

08 Sep 2017 1440.00

15 Sep 2017 1,357.50

22 Sep 2017 1,350.00

26 Sep 2017 1,295.00

ICIS SM MSP for Sep 2017 Swaps and Futures

1,359.500

ICIS Monthly Settlement Price (MSP):

FSP is the ICIS SM MSP: Arithmetic average of all the weekly index assessments for the expiring Contract Month, rounded to 3 decimal places.

Uses of Petchem Derivatives

16

Possible Uses of SGX Petchem Derivatives

Convert a Floating Price Cargo into Fixed Price (Or Vice Versa) Buy or sell swap to establish a fixed price and let it cash settle against

monthly average of index Lock in Refining Margins

Eg: Buy Naphtha and sell PX Sell PX-Naphtha (PXN) spread contract Buy PX and sell PTA Buy BZ and sell SM

Calendar Spread

Buy one calendar month and sell another in anticipation of change in seasonal demand-supply situation

Arbitrage With Physical Market

Sell swap and buy physical to lock in temporary market mispricing

17

Example #1: Using PX Swaps To Lock In a Fixed Price

18

700

750

800

850

900

950

Platts PX CFR Taiwan/China

Platts PX CFR Taiwan/China as on 18 Dec 2017

Source: Platts

Where is the market heading? Up / Down/ Sideways?

Example #1:

On 18 Dec 2017 A PX importer contracted with a producer to buy 5kt per month of PX in Q1 2018 based on

monthly average of Platts PX CFR Taiwan/China.

Based on price chart, he believed that PX prices would continue its uptrend in Q1 2018 and decided to hedge his exposure.

He called his PX swap broker for a quote and bought 5kt of PX CFR China Q1 2018 swap at US$909 per MT

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Buy PX Swap to Establish a Fixed Price For Index Linked Cargoes

Swap Contract Month

(Q1 ‘18)

Swap Traded Price (US$/mt)

Swap Final Settlement Price = Physical Purchase

Price (US$/mt)

Profit or Loss of Swap Positions

(US$/mt)

Net Purchase Price for Physical

(US$/mt)

Jan ’18 909 964.79 +55.79 964.79 - 55.79 = 909

Feb ’18 909 969.52 +60.52 969.52 – 60.52 = 909

Mar ’18 909 955.63 +46.63 955.63 – 46.63 = 909

Example #1:

20

Buy PX Swap to Establish a Fixed Price For Index Linked Cargoes

750

800

850

900

950

1000

4/1/2017 5/1/2017 6/1/2017 7/1/2017 8/1/2017 9/1/2017 10/1/2017 11/1/2017 12/1/2017 1/1/2018 2/1/2018 3/1/2018 4/1/2018

Platts PX CFR Taiwan/China

964.79

18 Dec ‘17 Decision to hedge at 909/mt

969.52

955.63

Source: Platts

Jan ‘18 Feb ‘18

Mar ‘18

Q1 ‘18 Average = 963.31

Example #2: Using MEG Swaps To Lock In Profit Margin

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ICIS MEG CFR China as on 4 May 2018

Source: ICIS

800.0

850.0

900.0

950.0

1000.0

1050.0

1100.0

ICIS MEG CFR China Where is the market heading? Up / Down/ Sideways?

Example #2:

On 4 May 2018 An MEG producer contracted with a polyester maker to sell 5kt per month of MEG in Q3

2018 based on monthly average of ICIS MEG CFR China. Based on price chart, he believed that MEG prices have peaked and would start to go

down in Q3 2018 and decided to lock in his profit margin. He called his MEG swap broker for a quote and sold 5kt of MEG CFR China Q3 2018 swap

at US$980 per MT.

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Sell MEG Swap to lock in profit margin

Swap Contract Month

(Q3 ‘18)

Swap Traded Price (US$/mt)

Swap Final Settlement Price =

Physical Selling Price (US$/mt)

Profit or Loss of Swap Positions

(US$/mt)

Net Selling Price for Physical

(US$/mt)

Jul ’18 980 902.63 +77.37 902.63 + 77.37 = 980

Aug ’18 980 932.50 +47.50 932.50 + 47.50 = 980

Sep ’18 980 913.75 +66.25 913.75 + 66.25 = 980

Example #2:

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Sell MEG Swap to lock in profit margin

Source: ICIS

800.0

850.0

900.0

950.0

1000.0

1050.0

1100.0

ICIS MEG CFR China

4 May ‘18 Decision to hedge at 980/mt

Jul ’18: 902.63

Aug ’18: 932.50 Sep ’18:

913.75

Q3 ‘18 Average = 916.29

Example #3: Benefits For Trading and Clearing SGX Aromatics Spreads

Conveniently trade and hedge refining margin of Naphtha to downstream PX and BZ with a single transaction

Efficiently execute PX-Naphtha and BZ-Naphtha spreads as price differentials without legging risks

Significant margin savings for clearing PX-Naphtha and BZ-Naphtha on SGX as compared to clearing as individual legs in 2 different clearing houses

Flexibility to trade in small contract sizes

Up to 24 contract months for trading and hedging

24

Significant Margin Savings For Clearing SGX Aromatics Spread

25

Initial Margin Required (US$)

Sell 1,000mt of Apr ‘19 PX CFR Taiwan/China Futures (on SGX)

23,100 x 2 lots = 46,200

Buy 1,000mt of Apr ’19 Naphtha MOPJ Futures (on another clearing house)

38,500

Total Margin Required (For clearing in 2 different clearing houses)

46,200 + 38,500 = 84,700

Clear PX and Naphtha at 2 different clearing houses:

Initial Margin Required (US$)

Sell 1,000mt of Apr ‘19 SGX PX-Naphtha Spread (PXN)

25,300 x 2 lots = 50,600

Clear PX-Naphtha Spread (PXN) on SGX:

Margin Saving of US$34,100 (40% lower)

PX

In 2 clearing houses

As a spread on SGX

PXN

40% margin savings

Margin requirement as of 1 Apr 2019

Nap

Example #3:

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

(US$)

PX

Nap PXN

Clearing and Its Benefits

26

What is Clearing?

27

Various parties trade with each other and register their trades with a Clearing House.

The Clearing House acts as Central Counterparty, eliminating counterparty risk

Various parties trade directly with each other Counterparty risk builds up as direct multilateral

transactions between parties get complicated

Uncleared OTC Trades Cleared OTC Trades

Clearing and Its Benefits

28

Reduced Counterparty Risks

Automatic Netting of Long and Short Positions

Single Clearing Arrangement to Trade and Clear with Multiple Counterparties

Better Risk Management Though Daily Mark-to-Market Using a Neutral Daily Forward Curve

No Accumulation of Large Losing Positions Through Margining System

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Trade Flow & Registration

SGX

Clearing

Member B

Position Limits Margin Limits

Price Band

Trader A IDB (Inter-Dealer Broker) Trader B

SGX

Clearing

Member A

1. Customers must first have clearing accounts with SGX Clearing Members. Trade registration accounts must then be created, authorised (for products and IDBs), and assigned position and margin limits in SGX Titan OTC.

2. Inter-Dealer Brokers (IDBs) can then broker transactions between customers.

3. When successfully matched, IDBs or Clearing Members themselves enter the trade into SGX Titan OTC system.

4. Trades that pass respective limit checks will be accepted and novated to SGX.

5. Positions are then cleared – marked-to-market and margined based on the daily settlement prices. Clearing Members will liaise with customers to provide statements and to ensure accounts are sufficiently funded.

6. On the last trading day, open positions are cash-settled based on the underlying spot price.

SGX TITAN OTC

SGX Derivatives Clearing (Clearing House)

30

SGX Clearing Members For Commodities

1. ABN AMRO Clearing Bank NV

2. Barclays Capital Futures (S) Pte Ltd

3. BNP Paribas Securities (S) Pte Ltd

4. CGS-CIMB Securities (S) Pte Ltd

5. Citigroup Global Markets Securities (S) Pte Ltd

6. Credit Suisse Securities (S) Pte Limited

7. DBS Vickers Securities (Singapore) Pte Ltd

8. Deutsche Bank AG

9. Goldman Sachs Futures Pte Ltd

10. JP Morgan Securities Singapore Pte Ltd

11. KGI Futures (Singapore) Pte Ltd

12. Macquarie Futures (Singapore) Pte. Limited.

13. Merrill Lynch (Singapore) Pte Ltd

14. Mizuho Securities (Singapore) Pte Ltd

15. Morgan Stanley Asia (S) Securities Pte Ltd

16. Nomura Securities Singapore Pte Ltd

17. OCBC Securities Pte Ltd

18. Phillip Futures Pte Ltd

19. SG Securities (S) Pte. Ltd.

20. The Hongkong and Shanghai Bank Corp Ltd

21. UBS Futures Singapore Limited

Margin Requirements

31

SGX Margining System

Initial Margin Amount of funds required in an account before initiating a new trade This is set at 1.1x of Maintenance Margins Maintenance Margin Minimum amount of funds required to be in an account after the daily

mark-to-market of open positions Daily Mark-to-Market The daily revaluation of an open position to the daily settlement price Unrealised profits & losses are adjusted in the trader’s account

32

SGX Margin Schedule (As of 1 Oct 2019)

33

Contract Code

Contract Name

Tier Contract Month (From)

Contract Month (To)

Maint. Margin (USD)

Initial Margin (USD)

BZ SGX Platts BZ FOB Korea Swap 1 201909 201910 21,000 23,100 2 201911 202108 21,000 23,100

BZN SGX BZ-Naphtha Spread Swap 1 201909 201910 16,000 17,600 2 201911 202108 16,000 17,600

PX SGX Platts PX CFR Taiwan/China Swap 1 201909 201910 17,000 18,700 2 201911 202108 18,000 19,800

PXN SGX PX-Naphtha Spread Swap 1 201909 201910 22,000 24,200 2 201911 202108 22,000 24,200

MEG SGX ICIS MEG CFR China Swap 1 201909 201910 16,000 17,600 2 201911 202108 16,000 17,600

SMC SGX ICIS SM CFR China Swap 1 201909 201910 27,000 29,700 2 201911 202108 27,000 29,700

PEC SGX ICIS LLDPE CFR China Swap 1 201909 201910 2,000 2,200 2 201911 202008 2,000 2,200

PPC SGX ICIS PP Flat Yarn (Raffia) CFR China Swap

1 201909 201910 2,600 2,860 2 201911 202008 2,300 2,530

NJ SGX Naphtha Swap CFR Japan 1 201909 201910 37,000 40,700 2 201911 202108 39,000 42,900

For more details on the margin schedule, please click here

34

Example Of Margin Calculation

Initial Margin US$23,100

Maintenance Margin US$21,000

Margin call +US$3,600

US$27,000

US$23,500

US$19,500

Day 1 Day 2 Day 3

Settlement Price (DSP) US$1084 (↑US$4) US$1077 (↓US$7) US$1069 (↓US$8)

Unrealized gains/losses (1084 – 1080) x 500 = US$2,000

(1077 – 1084) x 500 = - US$3,500

(1069 – 1077) x 500 = - US$4,000

Account Balance US$25,000 + US$2,000 = US$27,000 *No margin call as balance is above US$21,000 maintenance margin

US$27,000 – US$3,500 = US$23,500 *No margin call as balance is above US$21,000 maintenance margin

US$23,500 – US$4,000 = US$19,500 *Margin call is received as balance is below US$21,000 maintenance margin Top-up amount = US$3,600

On 1 March 2019 • Assuming that 1 lot of Apr 2019 PX Swap

(500mt) is bought @ US$1080 per MT Initial and Maintenance Margin are

US$23,100 and US$21,000 respectively Trader deposit US$25,000 to start trading Account Opening

Deposit US$25,000

Top

up

SGX Petchem Trading Stats and Updates

35

SGX Petrochemical Derivatives Daily Settlement Price

Available at sgx.com

Bloomberg and Thomson Reuters

36

Product Bloomberg Reuters

SGX Platts PX CFR China Futures PFRA COMB Comdty SPCF

SGX Platts BZ FOB Korea Futures ZZBA COMB Comdty SBZF

SGX Platts PX-Naphtha Spread Futures PXIA COMB Comdty SPXN

SGX Platts BZ-Naphtha Spread Futures BNRA COMB Comdty SBZN

SGX ICIS SM CFR China Futures IMCA COMB Comdty SSMCF

SGX ICIS MEG CFR Futures MEIA COMB Comdty SMEGF

SGX ICIS LLDPE CFR China Futures PECA COMB Comdty SPECF

SGX ICIS PP Flat Yarn (Raffia) CFR China Futures PCCA COMB Comdty SPPCF

SGX Petrochemical Forward Curve

37

Trading stats for trade date 20 Jun 2018

38

SGX Weekly Petchem Watch

Please contact us if you wish to be on our distribution list.

39

Contact

Deepa Aggarwal Vice President, Global Sales & Origination Tel: +91 98203 44454 Email: deepa.aggarwal@sgx.com

William Prajogo Associate Director, Commodities Tel: +65 6236 8743 Mobile: +65 9833 5001 Email: william.prajogo@sgx.com Wechat: wpsgx1

sgx.com

Thank you

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