The Singapore Exchange (SGX) derivatives may appear to have higher margin requirements due to SGX-specific collateral restrictions and valuation haircuts. SGX restricts the type and amount of collateral that Interactive Brokers Singapore Pte. Ltd. can accept from its clients to fulfill SGX derivatives margin requirements.
When you hold SGX derivatives positions and use non-cash assets as collateral, those assets are subject to higher valuation haircuts than Interactive Brokers' standard haircuts for other exchanges. This means more collateral value is discounted, effectively requiring you to post more margin to maintain the same position size compared to similar derivatives on other exchanges.
For detailed information on SGX acceptable collateral and valuation haircuts, please refer to the SGX Risk Management website under the header "Acceptable Margin Collateral from Customers to Clearing Members".