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

7.04.2 Off Market Trades

7.04.2.1 Non-Relevant Market Transactions, EFP transactions, EFS transactions and NLT transactions cleared by two Clearing Members

When a Non-Relevant Market Transaction, EFP transaction, EFS transaction or NLT transaction that is eligible for registration pursuant to Rule 7.02A.1.1 and that is registered pursuant to Rule 7.02A.2 between two Clearing Members is cleared through the Clearing House, upon the Clearing House issuing to the Clearing Members a Notice of Novation that the transaction has been accepted for clearing, 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.
A "Notice of Novation" for the purpose of Rule 7.04.2 means a "BD4" message or such other message that the Clearing House may inform Clearing Members will be used in place of a "BD4" message.
7.04.2.2 [Deleted]
7.04.2.3 [Deleted]
7.04.2.4 EFP transactions, EFS transactions and NLT transactions cleared by a Clearing Member and a clearing member of another Relevant Market (or its clearing house)

When an EFP transaction, EFS transaction or NLT transaction that is eligible for registration pursuant to Rule 7.02A.1.1 and that is registered pursuant to Rule 7.02A.2 between a Clearing Member and a clearing member of a Relevant Market or its clearing house (other than the Clearing House) is cleared through the Clearing House, upon the Clearing House issuing to the Clearing Member and clearing member a Notice of Novation that the transaction has been accepted for clearing, 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.
7.04.2.5 [Deleted]

Amended on 1 October 2009, 26 April 2013, 19 September 2016 and 17 July 2019.