Singapore Exchange Limited To Award Top Traders For Middle East Crude Oil (MECO) Futures

Singapore Exchange Limited (SGX) today announced the introduction of a Top Trader Incentive Scheme for its MECO Futures contract, which will be launched on 12 November 2002.

The customer or SGX Local with the highest volume (min 500 lots) between 12 November 2002 and end February 2003 will receive two return economy class air tickets to Tokyo (inclusive of 3 nights' accommodation) and an organised visit to the Tokyo Commodity Exchange.

Additionally, five SGX derivatives Member Firms - Fimat Asia, OCBC Bullion & Futures, Philip GNI Futures, Refco Singapore and Sassoon Futures - will be giving out awards for the highest volumes traded in the first month following the contract's launch. The customer or SGX Local with the highest volume (min 100 lots) with each of the five Member Firms, will receive US$1,000 from the respective firm.

Further, the Exchange will award a 4 days/3 nights Bintan Lagoon Golf and Beach Resort vacation for 4 persons to the customer or SGX Local with the second highest volume (min 80 lots) with each of the 5 respective Member Firms.

Mr Jimmy Ang, Executive Vice President of Derivatives Trading in SGX, said, "We are very pleased to be launching the SGX MECO Futures contract and look forward to develop the contract into a successful international trading and risk management tool for both the international oil trading community and the financial industry. Consequently, we are introducing the Top Trader incentive scheme to encourage and reward traders who participate actively in contributing liquidity during the initial stages of the Contract's life."