10-Share Lots See Immediate Uptake in First 11 Stocks

On 5 October, $SGX(S68.SI)$ implemented the first phase of its revised board lot framework, reducing the minimum trading size from 100 shares to 10 shares for $DBS(D05.SI)$ $Great Eastern(G07.SI)$ $Haw Par(H02.SI)$ $JMSEA(C07.SI)$ $JMH USD(J36.SI)$ $Keppel(BN4.SI)$ $OCBC Bank(O39.SI)$ $Prudential USD(K6S.SI)$ $SGX(S68.SI)$ $UOB(U11.SI)$ $Venture(V03.SI)$.

The initiative enhances both accessibility and trading flexibility by reducing minimum transaction sizes for higher-priced securities, allowing investors to build and adjust positions in smaller increments. For example, an investor seeking a 100-share position in DBS on Monday could have accumulated that position through multiple 10-share transactions over the trading day rather than a single 100-share trade. This provides greater flexibility to stage entries, average costs, rebalance portfolios and manage capital deployment more precisely.

Based on Bloomberg trade data analysed for 5 October, the first 11 stocks selected for SGX's reduced 10-share board lot initiative saw immediate adoption of smaller trade sizes on 5 October. Across the 11 stocks, more than 20,000 trades were executed in 10-share lots, exceeding the more than 13,000 trades executed in 100-share lots.

Ten-share lots were the most common trade size in 9 of the 10 actively traded stocks, led by DBS with around 5,000 trades. Keppel was the exception, although 10-share lots were a close second, with around 1,000 trades executed in both 100-share and 10-share lots. Jardine Matheson Holdings recorded the strongest adoption, with approximately one-third of its trades executed in 10-share lots and a median trade size of 20 shares.

The most common trade sizes extended beyond 10 shares, with 20-share lots ranking as the second most popular trade size for DBS and Jardine Matheson Holdings. Across the trade data analysed for the 11 stocks, around 55% of trades on 5 October were executed in trade sizes below the previous 100-share board lot.

Liquidity trends for the inaugural cohort were relatively resilient. As at 5 October, 8 of the 11 stocks recorded higher 2H26 average daily turnover than on 2 October, namely Prudential PLC, Venture Corporation, Jardine Matheson Southeast Asia, Singapore Exchange, Keppel, United Overseas Bank, Jardine Matheson Holdings and Haw Par Corporation. While the aggregate 2H26 average daily turnover across the 11 stocks eased 0.07% over the period, the decline was about half the 0.14% reduction recorded across all 571 SGX-listed stocks. Liquidity in the inaugural cohort remained broadly stable despite softer market-wide trading activity, with the majority of constituents recording higher turnover over the period.

The first-day data indicate that investors utilised the additional flexibility provided by the revised board lot structure. While aggregate 2H26 average daily turnover across the 11 stocks was little changed from 2 October, 10-share lots emerged as the most common trade size across most of the inaugural cohort, with more than half the trades analysed executed in trade sizes below the previous 100-share board lot.

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