CRYPTOCURRENCIES
BTC – Product Introduction
Bitcoin Monthly Futures – Product Introduction
Scope of Contract Specifications
This document sets out the contracts specifications, trading parameters, settlement terms and other terms of the contracts in respect of APEX Bitcoin Monthly Futures Contract (“Contract Terms”) and shall, in conjunction with the Rules, be binding on all Clearing Members and Exchange Members and constituents trading and/or clearing through them. Capitalised terms in this Contract Terms shall have meanings as set forth in Clause 5 (Definitions And Interpretation). Any capitalised terms, if undefined in these Contract Terms, shall have the meaning ascribed to it under the Rules. In the event of inconsistency between these Contract Terms and the Rules, the Rules shall prevail.
Trading Specifications
| Contract Code | BTC |
| Contract Size | 50 milliBitcoin/lot (0.05 BTC = 50 milliBitcoin) |
| Quote Currency | USD |
| Minimum Price Fluctuation | US $0.005/milliBitcoin |
| Tick Value | US $0.25 |
| Contract Series | Nearest 6 consecutive months |
| Trading Hours | Singapore time trading sessions: Monday – Friday, including Singapore Public Holidays
T Session: 06:55hr – 06:59hr (Pre-opening session) T+1 Session: 19:25hr – 19:29hr (Pre-opening session) T stands for a given Trading Day. The end of the Day Session is the end of T. |
| Last Trading Day | The Last Trading Day of a Contract shall be the last Friday of the Contract Month |
| Daily Price Limits | Unless otherwise prescribed by the Exchange, there shall be no daily price limits. |
| Daily Settlement Price | The Daily Settlement Price of a given day shall be the volume-weighted average of the traded prices of all transactions occurred during the last minute of the given day’s Day Session, or other methodology as set forth by the Clearing House. The Daily Settlement Price shall be rounded to the nearest US $0.005/milliBitcoin. |
| Final Settlement Price | The Final Settlement Price shall be equal to Compass Crypto Reference Index Bitcoin (CCRIBTC) Price published by Compass Financial Technologies SA (“Compass”) at 18:00hr (GMT+8) on the Last Trading Day. The Final Settlement Price shall be rounded to the nearest US $0.005/milliBitcoin. |
| Settlement Method | Cash Settlement in USD |
| Block Trade | Minimum 20 lots |
| Initial Margin | Based on SPAN® |
| Maximum Order Size | 500 lots |
Position Limits
A Person is deemed to have the beneficial interest in the positions of all accounts that are directly or indirectly owned or controlled by that Person. All such positions shall be treated as one position in calculating Position Limits.
| Contract | Position Limit |
| First 3 contract months | For any of the first 3 contract months, a Person shall not own or control more than 20,000 lots net long or short. |
| Last 3 contract months | For any of the last 3 contract months, a Person shall not own or control more than 10,000 lots net long or short. |
A Person may apply for an increase in its Position Limits through its Clearing Member. The grant of any such increase shall be at the sole discretion of the Exchange.
Alternative Resolution of Daily Settlement Price
Where the Daily Settlement Price is otherwise not available pursuant to Clause 2.1, the Daily Settlement Price shall be determined by such other methodology as the Clearing House may determine. The Daily Settlement Price determined by such means shall be binding and final.
Final Settlement
All open positions of an expired Contract shall be cash-settled in USD against the Final Settlement Price during the end-of-day clearing cycle on the Last Trading Day.
Governing Law
These Contract Terms shall be governed by and construed in all respects in accordance with the laws of Singapore.
Contract Modification
The Exchange may amend these Contract Terms from time to time as it deems fit, in accordance with the provisions in the Exchange Rules, including, without limitation, Rules 705, 712, 713 and 714.
Other Rules and Procedures for Clearing and Settlement
The rules and procedures for clearing and settlement that are not specifically covered in these Specifications shall be governed by the Clearing Rules and Clearing Procedures.
Compliance with Laws
The Parties shall comply with all applicable Singapore and foreign laws and regulations including administrative orders, rulings, directives and notices of all relevant authorities and regulatory bodies (including the Monetary Authority of Singapore, the Exchange and the Clearing House). Provided that if at any time any such order, ruling, directive, notice, statute or regulation conflicts with or adds to the requirements of these Contract Terms, such order, ruling, directive, notice, statute or regulation shall be construed to take precedence over and become part of these Contract Terms which shall be deemed modified to such extent as may be necessary to incorporate or give effect to the same, and all open and new Contracts shall be subject to such order, ruling, directive, notice, statute or regulation.
Arbitration
All disputes arising out of or in connection with these Contract Terms may be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre in accordance with the Arbitration Rules of the Singapore International Arbitration Centre for the time being in force, which rules are deemed to be incorporated by reference to this Clause. The seat of the arbitration shall be Singapore. The Tribunal shall consist of three arbitrator(s). The language of the arbitration shall be English.
Force Majeure
The Exchange shall not have any liability under or be deemed to be in breach of these Contract Terms for any delays or failures in performance of these Contract Terms by reason of war, fire, strikes, lock-outs, riots, civil commotion and/or any cause comprehended in the term force majeure and these Contract Terms shall be automatically terminated upon such event.
Cumulative Rights
Any specific right or remedy provided in these Contract Terms:
a) Shall not prejudice any other remedies available to the Parties under law or equity; and
b) Shall be cumulative upon all other rights and remedies set forth in these Contract Terms and allowed under applicable laws.
Severability
If any provision of these Contract Terms is held by a court or other tribunal of competent jurisdiction to be invalid or unenforceable for any reason, the remaining provisions shall continue in full force and effect without being impaired or invalidated in any way, and the Parties agree to replace any invalid provision with a valid provision which most closely approximates the intent and economic effect of the invalid provision.
Dynamic Price Banding
The Exchange may impose Dynamic Price Banding on these Contract Terms at it may determine from time to time and will provide notice of the same through Exchange Circulars.
Risk Disclosure
To retail investors: APEX Bitcoin Monthly Futures Contract is a margin product and may carry other risks such as higher price volatility arising from volatility of Bitcoin prices with sudden and unexpected upward and downward price swings. You should carefully consider whether such trading is appropriate for you in light of your risk tolerance and financial ability.
Other Information
All rights reserved. Compass has all proprietary rights with respect to the Compass Crypto Reference Index Bitcoin (“Index”). Any third party product based on or in relation to the Index (“Product”) may only be issued upon the prior written approval of Compass and upon the execution of a license agreement between Compass and the party intending to launch a Product. In no way Compass sponsors, endorses or is otherwise involved in the issue and offering of a Product or does it make any representation or warranty, express or implied, to the holders of the Products or any member of the public regarding the advisability of investing in the Product or commodities generally or in futures particularly, or as to results to be obtained from the use of the Index or from the Product. Compass disclaims any liability to any party for any inaccuracy in the data on which the Index is based, for any mistakes, errors, omissions or interruptions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the issue and offering of a Product. In no event shall Compass have any liability for any lost profits or indirect, punitive, special or consequential damages or losses, even if notified of the possibility thereof.
This is not an offer or solicitation of an offer to buy or sell any security or investment. Past performances of the Compass Crypto Reference Indices are not necessarily indicative of future results.
Definitions and Interpretation
In these Contract Terms, unless the context otherwise requires, the following words or expressions shall have the following meanings:
| Words or Expressions | Definition and Interpretation |
| APEX | Shall mean Exchange and/or Clearing House |
| Clause | Means a clause in these Contract Terms |
| Clearing House | Means Asia Pacific Clear Pte. Ltd. and its successors (if any) |
| Clearing Rules | Means the business rules of the Clearing House, including the Clearing Procedures, in force and as amended from time to time |
| Clearing Member | Shall have the meaning ascribed to it in the Exchange Rules |
| Clearing Procedures | Means the clearing procedures established by the Clearing House from time to time |
| Compass Crypto Reference Index Bitcoin | Shall have the meaning ascribed to it in Clause 2.1 |
| Contract | Means the Contract for APEX Bitcoin Perpetual Futures |
| Contract Terms | Shall have the meaning ascribed to it in Clause 1 |
| Contract Code | Shall have the meaning ascribed to it in Clause 2.1 |
| Contract Series | Shall have the meaning ascribed to it in Clause 2.1 |
| Contract Size | Shall have the meaning ascribed to it in Clause 2.1 |
| Daily Price Limit | Shall have the meaning ascribed to it in Clause 2.1 |
| Dynamic Price Banding | Shall have the meaning ascribed to it in Clause 4.9 |
| Exchange | Means Asia Pacific Exchange Pte. Ltd. and its successors (if any) |
| Exchange Rules | Means the business rules of the Exchange in force and as amended from time to time |
| Final Settlement Price | Shall have the meaning ascribed to it in Clause 2.1 |
| Initial Margin | Shall have the meaning ascribed to it in Clause 2.1 |
| Last Trading Day | Shall have the meaning ascribed to it in Clause 2.1 |
| Members | Shall have the meaning ascribed to it in the Exchange Rules |
| Minimum Price Fluctuation | Shall have the meaning ascribed to it in Clause 2.1 |
| Person | Means any individual, corporation, partnership, statutory body, government ministry, association, trust or entity as the context admits or requires |
| Position Limits | Means the maximum permitted holding in a designated Contract either by a single account or across multiple accounts that the Exchange and/or Clearing House may from time to time impose in respect of any Contract as set forth in Clause 2.2 |
| Rules | Means the Exchange Rules and/or the Clearing Rules, as the context requires |
| Trading Day | Means any day during which the Contract is available for trading on the Exchange |
| Trading Procedures | Means the trading procedures established by the Exchange from time to time |