Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
Rule 1 — Application and Definitions
Rule 2 — Administration
Rule 3 — Membership
Rule 4 — Appointment of Chief Executive Officers and Directors
Rule 5 — Financial/Capital Requirements
Rule 5A — Position Accounts
Rule 6 — Clearing and Settlement between Clearing Members and CDP
Rule 6A — Margin Requirements
Rule 6B — Collateral
Rule 6C — Payments
Rule 7 — Clearing Fund
Rule 8 — Default Rules
Rule 9 — Suspension or Restriction of Clearing
Rule 10 — Liabilities
Rule 11 — Supervisory Rules
Rule 12 — Foreign Market Links
Rule 13 — General
Rule 14 — Transitional Provisions
Appendices
Regulatory Notices to CDP Clearing Rules
Practice Notes
Schedules
CDP Settlement Rules
DVP Rules [Entire Rulebook has been deleted]
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

Rule 3 — Membership

Rule Violation Whether composition may be offered Composition Amount which may be Offered by CDP, where CDP has Determined the Clearing Member to be Liable Mandatory minimum penalty imposable by the DC
Rule Chapter/Number Brief Description of Rule 1st Violation 2nd Violation 3rd Violation
Rule 3 — Membership
3.5 General Obligations of a Clearing Member
3.5.1(1) Clearing Member to comply with the applicable eligibility criteria [Unless otherwise specified in this Schedule]
Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(2) Clearing Member to in this Schedule] clear and settle Exchange Trade transacted by it in accordance with Clearing Rules and Clearing Directives [Unless otherwise specified in this Schedule]
Not Compoundable Not Compoundable $10,000
3.5.1(3) Clearing Member to clear and settle Exchange Trade transacted by a Trading Member qualified by it as a principal obligor and not merely as guarantor through CDP in accordance with Clearing Rules and Clearing Directives [Unless otherwise specified in this Schedule]
Not Compoundable Not Compoundable $10,000
3.5.1(4) Clearing Member to in this Schedule] comply with the Clearing Rules and Clearing Directives [Unless otherwise specified in this Schedule]
Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(5) Failure to grant CDP all rights and remedies as set forth in Clearing Rules and the Clearing Directives [Unless otherwise specified in this Schedule]
Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(6) Failure to pay all fees, charges, costs, compensation and other sums as provided in Clearing Rules and Clearing Directives [Unless otherwise specified in this Schedule]
Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(7) Failure to make contributions or payments to the Clearing Fund as required in Clearing Rules Not Compoundable Not Compoundable $10,000
3.5.1(8) Failure to take or refrain from taking such action as may be required in relation to the Clearing Fund [Unless otherwise specified in this Schedule]
Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(9)(a) Clearing Member to have proper procedures and systems for its business to prevent any violations by its directors and officers Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(9)(b) Clearing Member to have in place sufficient resources and maintain adequate internal controls and risk management systems for its business Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(9)(c) Clearing Member's employees or agents to reasonably discharge their duties and obligations in enforcing procedures and systems for business Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(10) Clearing Member to comply with the clearing limits as CDP may prescribe from time to time Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(11) Clearing Member to maintain bank accounts in the currencies as necessary, and with banks acceptable to CDP, to facilitate payments and/or settlement as may be required under these Clearing Rules. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(12) Clearing Member to ensure its Memorandum and Articles of Association or its constitution shall at all times conform to Clearing Rules and Clearing Directives Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.1(13) Clearing Member to take such steps, including without limitation procedural steps (whether of a technical or non-technical nature or otherwise), as CDP may require to ensure the orderly clearing and settlement of Exchange Trades qualified by the Clearing Member. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.2(1) Clearing Member to promptly submit to CDP and/or such party as directed by CDP such information, electronic records, returns or documents as and when such information, electronic records, returns or documents are required by CDP. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.3(1) Clearing Member to maintain complete and accurate records, or in the case of a Bank Clearing Member, records in relation to the Bank Clearing Member's business governed by this Clearing Rules, in accordance with the SFA and/or Regulations Not Compoundable Not Compoundable $10,000
Clearing Member to maintain complete and accurate records, or in the case of a Bank Clearing Member, records in relation to the Bank Clearing Member's business governed by this Clearing Rules, in accordance with the Clearing Rules and Clearing Directives Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.3(2) Making or causing to be made false or misleading entry in books, records, reports etc Not Compoundable Not Compoundable $10,000
3.5.3(3) Omitting to make material entry in any books, records, reports etc Not Compoundable Not Compoundable $10,000
3.5.3(4) Altering or destroying any books, records, reports etc without a valid reason Not Compoundable Not Compoundable $10,000
3.5.4 Business Continuity Requirements
3.5.4(1) Clearing Member to assess business and operational risks and maintain adequate business continuity arrangements Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.4(2) Clearing Member to document its business continuity requirements in a business continuity plan Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.4(3) Clearing Member to demonstrate sufficient awareness of the risks, mitigating measures and state of readiness by way of an attestation to the Board of Directors Compoundable $500 $1,000 $2,000 N.A.
3.5.4(4) Clearing Member to review and test its business continuity plan regularly Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.5.4(5) Clearing Member to appoint emergency contact person Compoundable $500 $1,000 $2,000 N.A.
Clearing Member's emergency contact persons to be contactable at all times Compoundable $500 $1,000 $2,000 N.A.
Clearing Member to immediately notify CDP in the event of an emergency Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.7A Relationship Between Clearing Member and Trading Member
3.7A.1 Where relevant, Clearing Member to make payment or deliver securities to a Trading member in respect of any Exchange Trade, within prescribed timelines. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.7A.2 Subject to Rules 3.7A.3 and 3.7A.4, if a buying Trading Member fails to meet any of the timelines set out in the SGX-ST Rules for payment to its Clearing Member, Clearing Member to force-sell securities of the buying Trading Member within prescribed timelines. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.7A.5 Clearing Member not to engage in imprudent credit practices when exercising discretion with regards to deferment of force-sale. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.7A.7 Clearing Member, if informed by CDP that a right to receive securities pursuant to an Exchange Trade is to be cash settled, to immediately inform the relevant buying Trading Member. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8 Reporting Requirements
3.8(1) Clearing Member to notify CDP of violations of laws and regulations or conduct which is detrimental to the financial integrity, reputation or interests of CDP Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(2) Clearing Member to notify CDP if any of its directors, employees or agents is investigated, arrested, charged, convicted suspended or pleads guilty to any criminal offence involving fraud or dishonesty Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(3) Clearing Member to notify CDP if any of its directors, employees or agents is the subject of any written complaint of any offence involving fraud or dishonesty, which may have a material impact on the financial position on the Clearing Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(4) Clearing Member to notify CDP when any of tis directors, employees or agents is the subject of any investigation, disciplinary proceeding or action taken by the Clearing Member in respect of the specified matters Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(4A) Clearing Member to notify CDP if any of its directors, employees or agents engages in conduct which circumvents the SFA, SFR, this Clearing Rules or Clearing Directives, or which is inconsistent with the principles of good business practice Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(4B) Clearing Member to notify CDP if it is insolvent or is engaged in bankruptcy or winding up proceedings Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(4C) Clearing Member to notify CDP if the Clearing Member is experiencing an emergency or potentially debilitating situation that threatens its operations. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(5) Clearing Member to notify CDP of changes to its name Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(6) Clearing Member to notify CDP of changes which may have the effect of altering control in the Clearing Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(7) Clearing Member to notify CDP of any transactions resulting in the change of ownership of the specified proportion of the Clearing Member's share capital, or an increase of the specified proportion of the Clearing Member's share capital. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(8) Clearing Member to notify CDP of any change in the composition of its board of directors or of any director Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(9) Clearing Member to notify CDP of any change or amendment to its constitutive documents Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(10) Clearing Member to notify CDP of any death or bankruptcy of any of its directors Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(11) Clearing Member to notify CDP of any engagement or involvement in any new business or any change in the Clearing Member's business Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(12) Clearing Member to notify CDP of any change in the Clearing Member's senior management Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.8(13) Clearing Member to notify CDP of any breach of director's duties Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9 Qualification of Trading Members
3.9.1(1) Clearing Member to inform CDP of the qualification of a Trading Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
Clearing Member to provide such details as requested by CDP Not Compoundable Not Compoundable $10,000
3.9.1(2) Clearing Member to pay such administrative fees as CDP may levy Compoundable $500 $1,000 $2,000 N.A.
3.9.1(3) Clearing Member to have in place adequate internal control measures and risk management systems to monitor the Trading Member's Exchange Trades Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.1(4) Clearing Member to enter into a written agreement with the Trading Member setting out the terms and conditions governing their relationship Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.1(5) Clearing Member to inform CDP if it believes that a Trading Member qualified by it has defaulted or may default Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.1(6) Clearing Member to have proper separation of front and back office functions Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.2(1) Clearing Member to give not less than the time period specified by CDP of its intention to cease qualifying a Trading Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.2(2) Clearing Member to satisfy CDP that it has taken proper steps to disable the Trading Member from entering into Exchange Trades Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.2(3) Clearing Member to satisfy CDP that it has taken proper steps for the orderly clearing and settlement of the Trading Member's Exchange Trades Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.2(4) Clearing Member to comply with the directions of CDP in relation to the orderly cessation of the qualification of the Trading Member's Exchange Trades Not Compoundable Not Compoundable $10,000
3.9.2(5) Clearing Member to take steps as CDP may deem appropriate to ensure that none of the Trading Member's Exchange Trade will be cleared and settled through the Clearing Member by the proposed date of cessation Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.2A(1)(a) Clearing Member to notify CDP of its decision to suspend its qualification of a Trading Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.9.2A(1)(b) Clearing Member to comply with any reasonable direction of CDP in relation to the suspension of the qualification of a Trading Member Not Compoundable Not Compoundable $10,000
3.9.2A(2) Clearing Member to notify CDP in writing within the specified period, of its intention to resume or cease qualification of a Trading Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.10 Resignation by Clearing Member
3.10.1 Failure to comply with procedures for resignation as a Clearing Member Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.
3.10.5(1) Clearing Member shall not transact or accept for clearing and settlement, Exchange Trades that are due for settlement after the tenth Settlement Day from the date of the resignation notice. Compoundable $2,000 – $4,000 $4,000 – $7,000 $7,000 – $10,000 N.A.

Added on 16 May 2011 and amended on 18 September 2012, 1 July 2016 and 10 December 2018.