Singapore Exchange Derivatives Clearing Limited

Company Reg No. 200005878M

(A wholly-owned subsidiary of Singapore Exchange Limited)

2 Shenton Way, #02-02 SGX Centre 1, Singapore 068804

main: +65 6236 8888 fax: +65 6535 0775

sgx.com

19 June 2017

Mr. Christopher J. Kirkpatrick

Secretary

Commodity Futures Trading Commission

Three Lafayette Center

1155 21st St., N.W.

Washington, DC 20581

United States of America

Dear Mr. Kirkpatrick,

Self-certification of Amendments to SGX-DC Clearing Rules

1 Introduction

1.1 Singapore Exchange Derivatives Clearing Limited (“SGX-DC”), a derivatives clearing 

organisation (“DCO”) registered with the Commodity Futures Trading Commission (the 

“Commission”), hereby submits a self-certification for amendments to its Clearing Rules (the 

“Amendments”) pursuant to Commission regulation 40.6(a).

2 Intended Implementation Date

2.1 The Amendments are proposed to be implemented on 3 July 2017, but will not be 

implemented prior to the Commission’s 10 business day review period.

3 Explanation and Analysis

3.1 The Amendments are in respect of SGX-DC’s revision of the clearing fees for the i) SGX Iron 

Ore CFR China (62% Fe Fines) Swap and ii) SGX Option on Iron ore CFR China (62% Fe Fines) 

Swap contracts (“Contracts”). SGX-DC is proposing to revise the clearing fees downwards for 

the Contracts from 3 July 2017.

3.2 The proposed changes are intended to ensure that SGX-DC’s fee structure in relation to the 

Contracts remains competitive in the light of growing competition.
Singapore Exchange Derivatives Clearing Limited

Company Reg No. 200005878M

(A wholly-owned subsidiary of Singapore Exchange Limited)

2 Shenton Way, #02-02 SGX Centre 1, Singapore 068804

main: +65 6236 8888 fax: +65 6535 0775

sgx.com

3.3 SGX-DC is registered as an approved clearing house under the Securities and Futures Act of 

Singapore and regulated by the Monetary Authority of Singapore (“MAS”). The 

Amendments have been acknowledged by the MAS on 19 June 2017.

4 Description of Amendments

4.1 The table below summarizes the fee structure changes to the OTCF Clearing Members’ 

House trades:

Clearing Fee Type Fee Rate for 

Swaps/ Options on Swap

Cf 1 Trading Member (Individual) US$ 10.00

Cf 2 Clearing Member House Account US$ 10.00

Cf 3 Trading Member (Broker) House Account US$ 10.00

Cf 5 Clearing Member Customer Account US$ 12.00

US$10.00

Cf 6 Trading Member (Broker) Customer Account US$ 12.00

US$10.00

Cf 7 Trading Member (Proprietary) (Customer) US$ 10.00

Cf 8 Clearing Member Related Company House Account US$ 10.00

Cf E Trading Member’s Trading Representatives (House) US$ 10.00

Cf F Trading Member’s Trading Representatives (Customer) US$ 10.00

Cf G Clearing Member’s Trading Representatives (House) US$ 10.00

Cf K Trading Member (Proprietary) (House) US$ 10.00

5 Certification of Compliance with Core Principles

5.1 The Amendments have been promulgated in respect of SGX-DC’s compliance with Core 

Principle B on financial resources.

5.2 SGX-DC hereby certifies to the Commission that the Amendments comply with the 

Commodity Exchange Act, as amended, and the regulations promulgated thereunder.
Singapore Exchange Derivatives Clearing Limited

Company Reg No. 200005878M

(A wholly-owned subsidiary of Singapore Exchange Limited)

2 Shenton Way, #02-02 SGX Centre 1, Singapore 068804

main: +65 6236 8888 fax: +65 6535 0775

sgx.com

6 Public Notice of Pending Certification

6.1 SGX-DC has made publicly available a notice of the Amendments’ pending certification with 

the Commission, together with a copy of this submission on its website at the following 

address:

http://www.sgx.com/wps/portal/sgxweb/home/regulation/consult_pub/dco_submissions.

7 Opposing Views

7.1 There were no opposing views expressed to SGX-DC by its board or committee members, 

SGX-DC Clearing Members or market participants that were not incorporated into the 

Amendments. If any opposing views are received by SGX-DC during the Commission’s review 

period, such views will be communicated to the Commission accordingly. 

8 Contact Details

8.1 Please do not hesitate to contact the undersigned at william.ng@sgx.com or +65 236 8762 

should you require any clarification.

Yours sincerely,

William Ng

Senior Associate

Compliance