Market Features: SGS, Money Market, Repo and Swaps Markets

Get an overview of the SGS market, money market, repo and swaps market, including their transaction size, trading hours, and settlement dates. Find out the options institutions have for funding and hedging investments.

• Trading basis: Prices quoted to two decimal places
• Transaction size: Typically S$5 million
• Trading hours: 9am to 11.30am and 2.00pm to 4.30pm Singapore time (Monday to Friday)
• Settlement date: T + 1
• Clearing system: Delivery-versus-payment (DVP) basis over the MAS Electronic Payment System (MEPS+)

Find out the Rules and Market Practices of the SGS Market (277.4 KB).

MAS has adopted the PSA/ISMA Global Master Repurchase Agreement as the standard legal documentation for the SGS repo market.

• Transaction size: Typically S$25 million
• Trading hours: 9am to 3.30pm Singapore time (Monday to Friday)
• Settlement date: T + 1

View the SGS Repo Code of Best Practices (25.4 KB).

• Transaction size: Typically S$20 million to S$50 million
• Trading hours: 9am to 4.30pm Singapore time (Monday to Friday)
• Settlement date: T + 1

• Transaction size: Typically S$20 million
• Trading hours: 8.30am to 5pm Singapore time (Monday to Friday)
• Settlement date: T + 2 for trades done before 11am and T+3 for trades done after 11am

Financial institutions in Singapore are free to extend Singapore dollar loans to residents and non-residents for use in Singapore and investment in Singapore dollar financial markets. Both foreign and local investors can transact asset swaps.

Investors can hedge their interest rate exposures through the Singapore interest rate swap, interest rate futures and bond futures markets.

Singapore has a freely traded currency and a developed foreign exchange market. Investors can hedge currency risks through Singapore dollar currency options, forwards, and other instruments.