E X C H A N G EMs.Elizabth King P"-4'8b Assaciate Dkcp-Office of Market Suptrvlsran Divislon of Market.Rigularion Securiries and & c h & 450 Fifrh S-5 N.W., (Mhl Washington, D.C.20549

I 1 I

Dear Ms.King 1

ma to Lhe U.S investors, we wrire in to 1934. Rule 3812-0 to include as "axempledsecurities" for

and medium tmq. manage riskmore efficiently. Ttus vernment Securities under Sewlily

Singapore Govmbmecli Securi

In support of qrr &licacion, arc plCasul to prov~dem ihc fallowing sscoms. supponlng infummam for your ew,cdideration and approval

Ztmsaronr Eamrncr Ilmryo~*ql*ra~rrL (1~ h o l l vo w ~ d s ~ ~ ~ d i a ~ , o l~ D O I C L l thSI 1 Qalfleb Place 867.00 OUQ Cane7 Smgaporr Tell64 836 5678 h r (65) 535 72B2

I i Urnid (SGX-ql'), which is

I range of intendonall&vsli~r)6

I

3. Remg&V~ionby (he US.

(CME) and SGX-Dx

profections fowd um rago protection. mnrkec aid adc

electronic mdjng Jj.nam.

ng facility. These derivative =st rates, stock indexes.

elecaonic trading s W m Asian exchange offer

Bond futures.canWa. arional producb has

d orher overseas

l y Fmres Mimg Commission

has received C T W s approval to make its , available to SGX;M Members and their

SGS an marfretable

Treasury bills rst w

Und1.1998, the issued bv

pan~cularly rhe bond met. schedule, the atcnsibn 01 rhc amount of SOS outstptdlnB 757) wh~ch@rs &ergn cn funds are swap& oat inlo thc

The S~ngaponQowmmtnr's c hgh quality Sisgap@e

1998. In rddidaa. trsmcodourly. The 2001, representinga

Besides thang& iniriuedby market i s largdy ngboncd msdc up of load q d m approved pnmaty prices under all m d e t

nr of Sinppore h u @ Q

ssued 3-month and l-year 10-year m d 15-yc+r govsnmant bonds. ctnnmc docs not used m borrow buds

uals and inslihnional invastDn and m as r long lemh fixed income

your informntion. Moody's

msisrsd of Singpat Govmmmc Hoiveva, sinm 1998. the MAS

growlh of the domeshc capitd mark* the inmrducbon of ihe bond auction year, a siptican1 lnaeage in the uud

lationr and re-srrictlons WAS Notice $ dmncsacally and Invest as long che Pncf used In Singspore.

and b d c n 11s wimused tramendous growlh in new

inthe Singapme government securities ly dcalcrs as well as the secondary dealer. of global rspurc. Cunenrly, there are 12

diry lo rhc SOS marlrew by quoting rweway arc 18 spprovsd secondary &slurs among

SGS,the ~ ~ m r m d i n gSGS amount, ncw lamemd a list of primary and secondary

dealers in Appendix 2.1 25 fbfy

Wirh rising demand &4 and corpcrates in Iha SOS

is I10pa 0.01point. naactirrndedG7lSGx waded a total of 47,867 ning an avenge daily

bid and offasp& and far month an 0.03and 0.06

1 and bidask wead arcpcovidedinAppndlr 3.1 -3.4.

Gwcrnmrnt Bood fu- c0nUa I W E ~ eccounm hdd 4thb &change. The

Merchants @roken) v q FuWy

reqn& at any d m , please conwt me at (65) 236 you bay +ISO contact our New York offie

dm$ SGX Amaica Ltd) at (212) 481 8080 or at

We look fuvrud to 's e d y and favounble review of our request to include the goy- c Mubhc of ~~~~ as "exem~lsds~cwilics" undu Rule 3112-8 for& ng QB SGX 5-yearSingapore Government Bond fu

Yours sincerely I

t ! I

Appcndu 1.1 LITAnd Trading Awrs (Slngaport Time)

Apndix 2 1

Appcndlx 2.2

Appendix 2.3

Appendm 2.4

Append~x2 5

Appcnd~x2.6

Appendu: 3.1 Bond Futures Contssrt

Append~x3.2 Rulu 4Chaptar 48 S i n g a y G O V ~ IBond Futures

Appendix 3.3

Appendix 3.4

I APPENDIX 2.1 i

* ZycaIbrrpchmur bad ** 9-yuf benchmark hap

!O yearbcnchmmk bond " 15-yea?bmchmarl:hind

I '-1 L I Lu- - + UI I J . I L I I\ allen n,,cn,Ln iJlJ I U 71LOL>-LN2J . ...& & ,

24/1w01 14;4;! 5 1 W LTD + SlntX UPWlU-2.w 9.- I "A". "La

In-&* &J%rsrpr 2001 :

APPENDIX 2.5

-- -- --- - , -A . . . - - . - < > , * , ,L , . . -# . --A , - , - ,- >Lc~'.>..,cd->" , .--. - .. . . . 24/ia/01 4 4 4 SLHtX Llu -r ~II'=P.w m ~ v l

.4PPEmn[ 3.1

Cl'sPEaPr~mm cdvmmmBONDP ~ ~ ~ U B E S

~

sy of the Conmcr Month Pndl01 such o

igibls bonds and rhe benchmark band for will be announced on the last Singapon

!

65 5357282 PRGE. I S

I

I

("MAS") daily firing on the Last Trnding Day

fw ~ a e hbond in the bid and offer prices the 3 highest and 3 3 lwut offerr and

n-t eight (8)

far all rht bonds in ihr selected boslrct. nearer five (5) decbmd plaas, is derived

in the basket aRer wti@ting bmd in the hcsclected basket by

ng a may be pnscribLd by ihc remaining weighnng shall be equally

mkr the d i n g yields.

emem price shall be calculated from b e wrdanoe with h e following formula

n m t two (2) decimal p l ~ c s :

~ i s t h e n u m b u d ~ ~ , = 5 C is the coupan. = 0.03 Y is the vield mmddto che n-st five(S)

going, die Exchange may, w h m ng the Final ScUlcmcnt Wce as

in the foregoing are MK availabk. m l v c hat

- -- -- - - ~- . , -,..-. --- -- . - 1 - . Y / & I*__ ____

APPENDIXa.2 JUNE 2 W I

BONDFUrmRgS"'

tim to uading in the 5-year Sinkam . Any mum relevant to the

gqwe Gov-I Bond Funutr Contact not In s q l be g o m d by thc orhn Rules of the

4801 Dcfinitionsl

Govemmcot Bond Futures IYII the. Exchange based on a

vernment Bonds with a mirumurn issuance term-lo-maturity on rhe

and/or such other isswce nze or maturity a g e where the Exchange deems ir fit and

I

Each (tcnmct shall a notibnal $-year Singapore aovcmment Bond w ~ t h

4803 F u w Cdl

wd dr such Conaacr M o n b and scheduled for as n y y be deemjned horn time to timc by h e

B. T a n gUni!

ar Singapore Govmmcnt Bond wirh a face

50.01 per SSlDO faec value

D.Daily PriceLimirs

bed by'rhe Exchange and withour prejudice ro Rule daily $rice limts. Any daily price limirs pwcnbed

"' Ls1ed 29 JU~U.?.TI.

--- -. .-. .,-.". 65 5357282 PRGE 17

I

I

rhis Rule 4M3D is subject to chanc or removal by the Ege

NOpersa, sh+ own in all Coo;nad~~onths ~xchanpd.

or the d owned c w U e d by

u n d a ~ y d i r y l *haslhavc a pnclnctmy bt Posiribns d each

. cumdarsdP~tiocui

FuhYes t m b g shall Conkam' M ~ t h .Thc shall k n f e d toas

I If thc mrmimtio singap& p@li business!day.

ma+ than 5.000 contracts net long or net ed, unless othenvise sepamf~lyapproved by thc

II

Pbsitions of at1accounu diwclly or indira;r?yd paums.d the Positions of all accm*I ent KOan exprsscd or implied agreement m

all sccounrs in which a pugon or persons inrerat, shall be cumulwd and deemedto (s) as if each owned or controlled all rhe

provide exemplions to the foregoing nspcst to any persons and whether

ate on the Ian Sin@posc business day of rhe futuccs mding terminates as aforesaid Day" of ;he Conlract Month

&md by the preading srnrencc is a ng shall ruminate on the next S ingape

ncognIwl as having and shall be deem& amcn&nmts anuor modiff&cns to the d ta p m i b e for the application of such

or nmaaively. Contingent upon and ng achewise, such hspccificstions shall be

ng a Contract. All deljveriw &dl conform Ihc tim of dclivay provided tha! if any

r body issues an ordcr, ruling, directive or the nquircmoot9 of tu~yand all applicable .such order. ruling. directive, law.

demnines (10 the extent permined by law). of rhe Rules, and all affected

g. directive or law.

OCT 24 '01 @+?:a2

4804 Delimy I Delivtry u n w rht Sing cash zcttktmb I

from thc prim. for rhc sdacted GovernmanrSecurities &&as

n g r p ' s ~~) daily hxingof Singapore

for each bond inthe basker, the arithmetic hall be calcu[ared, after &scarding the 3

3 htghcsc and 3 lowest offers,wd convcrtcd (8) decimal places.

hc 8 d d basket. rounded 10 the nearest vcd:fmm the yeld for each bond in the basket beahmark bond in the selcctsd basket by 60%

be prercribed by rhc Exchange. The y disaibuwdoverthe rrmvning yields.

he ~ i n t dJ I ) ~ ~ I shd calculated from the final yield in accordanbe w$h rhe rounded to the ncarcst two (2) decimal places:

c (5 ) kidplaces,

angc may. where h e means for preoaihd in rhe foregoing are not met shall be &Ermined by such sole d~scretiondstde. Por the

Exchange as aforesaid and the y c e final and binding upon all panies to

posiuons in thc Conma at the time or mt shall makc payment to or rrcelve

H O in ~lccordvlu with such variarion margin

AF'Pt3Rix 3.2 JUNE 2001

precondition or requ~rementof e~thcr by a strike, fk,accident. action of

the C l d a g Member n+a)cing very shall immediately notify so notified by swh Cl&og cy action m y be n-ary.

angc or the Clwing Houee Commilru: md anin enscntatiai of evldmce relating to the ernermy Pondition q h a n g r c or the Clearing House ~ 0 m r m t k c

mists, it shall lake such acnon as it d e M s and its decision shall be btnding upon all

g Member 'rh a d s l i v q commivnent fails to p d o m all acts chaw,I& that 'f2-g Member shall be dccmed as failing

ishable sa major violarion. A Cltaring ng Member to whom it was matched on

& sustained. The Exchange shall d a d n e into rcount the Settlement Prics, interest

tors ah it dactm appmpriale. 7 % ~Exchange may it &appropriate ten addition to amages

APPENDIX 3.4

C< ~757x17 P E E .23** TOTRL PRGE