SGX cuts board lots for 11 stocks, including the three Singapore banks

Smaller board lots took effect on the Singapore Exchange (SGX) on 5 October for an initial group of 11 stocks. The change lowers the minimum trading quantity on the market’s most expensive and most actively traded shares.

The new rules

Under rules first proposed by Singapore Exchange Regulation (SGX RegCo) and confirmed in July, the standard board lot is now:

• 10 units, down from 100, for instruments priced above S$10 and up to S$100
• 1 unit, down from 100, for instruments priced above S$100

The change applies to:

• stocks (excluding preference shares)
• stapled securities
• REITs
• business trusts
• company warrants (excluding SPAC warrants)
• depository receipts and depository shares

The first 11 stocks

The Straits Times reported that the first group comprises:

• DBS, OCBC and UOB
• Great Eastern Holdings
• Haw Par Corporation
• Jardine Cycle & Carriage and Jardine Matheson Holdings
• Keppel
• Prudential
• SGX itself
• Venture Corporation

SGX said these stocks accounted for 35% of trading activity in the first half of 2026.

DBS closed at S$77.83 on the first day, so one board lot fell from about S$7,800 to under S$800.

Quarterly reviews

SGX will check every calendar quarter whether more instruments qualify. The next review is in January 2027 and will use daily closing prices from July to December 2026. Any changes will be announced within the first five trading days after the end of a quarter and implemented within the first five trading days of the second month after the quarter.

The reductions are permanent. Lot sizes will not revert if a stock falls back below S$10 or S$100.

Part of a wider package

The board lot cut is the last of three changes in SGX RegCo’s market-structure package, which was rolled out in stages.

• 15 July: omnibus custody. Depository agents may now hold SGX securities for clients in omnibus broker custody accounts, a move SGX said brings Singapore into line with global practice. Six broker custody accounts were opened for every direct CDP account between October 2024 and April 2026. Minimum service standards for depository agents, covering corporate actions and shareholder meetings, are due by the end of the year.
• 15 July: minimum bid sizes. Minimum bid sizes for HKD-, RMB- and JPY-denominated securities listed on SGX-ST stopped tracking their home markets.

Why it matters

The exchange presents the change as making shares more affordable for retail investors. The Straits Times reported that SGX also launched a Youth Stock Ambassadors Programme on the same day.

For trading desks, the immediate effects are in the microstructure:

• Order sizes: smaller minimum orders will reduce the average displayed size on the banks’ order books.
• Queues: the number of resting orders at each price level may rise.
• Algorithms: child-order sizing logic built on 100-share lots needs recalibrating.

Brokers will also need to check order-entry validation, odd-lot handling and any surveillance thresholds expressed in lots instead of value. The quarterly review means the list of affected stocks will change over time, so lot-size reference data should be refreshed at least every quarter.

Sources

• Singapore Exchange, “SGX custody structure enhancements to take effect from July, board lot reduction in October”, 1 July 2026 — https://links.sgx.com/FileOpen/20260701%20SGX%20custody%20structure%20enhancements%20to%20take%20effect%20from%20July%20board%20lot%20reduction%20in%20October.ashx?App=Announcement&FileID=895053
• The Straits Times, “SGX board lot reduction kicks in for 11 stocks, including the three Singapore banks”, 5 October 2026 — https://www.straitstimes.com/business/companies-markets/sgx-board-lot-reduction-kicks-off-for-11-stocks-including-the-three-spore-banks