Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
CDP Settlement Rules
DVP Rules [Entire Rulebook has been deleted]
CDP Depository Rules
Futures Trading Rules
SGX-DC Clearing Rules
Chapter 1 Application of Rules
Chapter 2 Clearing Membership
Chapter 3 Committees
Chapter 4 Enforcement of Rules
Chapter 5 Arbitration
Chapter 6 Delivery and Related Matters
Chapter 7 Clearing and Margins
Chapter 7A Suspension and Default
Chapter 7B Payments
Chapter 8 Mutual Offset System
Chapter 9 Definitions and Interpretation
Chapter 10 Transitional Provisions
Directives
Practice Notes
Appendices
Schedules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

  Versions
(3 versions)
 

7.04.1 Relevant Market Trades

7.04.1.1 Relevant Market trades cleared by two Clearing Members

When a contract matched on a Relevant Market is cleared through the Clearing House by two Clearing Members, upon matching of the contract on the Relevant Market, the original contract between the Clearing Members shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
a. the Clearing Member who assumes the position of the buyer shall enter into a Contract with the Clearing House, which assumes the position of the seller, and
b. the Clearing Member who assumes the position of the seller shall enter into a Contract with the Clearing House, which assumes the position of the buyer.
7.04.1.2 The events described under Rule 7.04.1.1 shall be deemed not to have taken place if the Clearing House has received corrupt or unreadable data in respect of the original contract, or if the original contract is based on a series that is not eligible for clearing. Clearing Members will be notified in such instances.
7.04.1.3 Relevant Market trades cleared by a Clearing Member and a clearing member of another Relevant Market or its clearing house

Subject to Rule 7.04.1.4, when a contract matched on a Relevant Market is cleared by a Clearing Member and a clearing member of a Relevant Market or its clearing house (other than the Clearing House), the original contract shall be discharged and replaced with two separate and distinct Contracts as described below, both of which are on the same terms as the original contract:
a. a Contract between the Clearing Member and Clearing House, wherein:
i. the Clearing House assumes the position of the buyer if the Clearing Member assumes the position of the seller, and conversely,
ii. the Clearing House assumes the position of the seller if the Clearing Member assumes the position of the buyer; and
b. a Contract between the Relevant Market (or its clearing house) and the Clearing House, wherein:
i. the Relevant Market (or its clearing house) assumes the position of the buyer if the Clearing House assumes the position of the seller, and conversely,
ii. the Relevant Market (or its clearing house) assumes the position of the seller if the Clearing House assumes the position of the buyer.
7.04.1.4 The events described under Rule 7.04.1.3 shall take place only upon the occurrence of the following:
a. matching of the original contract on the Relevant Market; and
b. confirmation by the Relevant Market (or its clearing house) that it will enter into the Contract described in Rule 7.04.1.3.b.
7.04.1.5 Notwithstanding Rule 7.04.1.4, the events described under Rule 7.04.1.3 shall be deemed not to have taken place if the Clearing House has received corrupt or unreadable data in respect of the original contract, or if the original contract is based on a series that is not eligible for clearing. Clearing Members will be notified in such instances.

Amended on 27 March 2006, 22 September 2006, 26 January 2007, 3 November 2010, 8 November 2012 and 26 April 2013.