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
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Appendices
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SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

2.02B.1

Past version: effective from Apr 26 2013 - Dec 30 2013.
To view other versions open the versions tab on the right.

Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a Bank Clearing Member, an applicant must satisfy the Clearing House that:—

2.02B.1.1 it is authorised to conduct banking business in Singapore pursuant to section 4 of the Banking Act (Chapter 19);
2.02B.1.2 it or its parent bank has obtained:
a. a long term credit rating that indicates, at least, a strong overall creditworthiness supporting the fulfilment of its financial obligations; and
b. a credit rating that indicates, at least, adequate intrinsic safety and soundness, excluding external credit support, and a limited ability to withstand adverse business or economic conditions, from any rating agency registered with an appropriate authority.
c. [Rule has been deleted.]
d. [Rule has been deleted.]
2.02B.1.3 [Rule has been deleted.]
2.02B.1.4 it or its parent bank has at least S$1,000,000,000 of paid-up ordinary share capital and unappropriated profit or loss;
2.02B.1.5 it has, and upon admission will maintain, minimum capital and financial requirements pursuant to Rule 2.07.1B or Rule 2.08.1B;
2.02B.1.6 its managerial or executive staff have a high standard of integrity and a level of knowledge (as may be deemed acceptable by the Clearing House) on the nature, risks and obligations in respect of the market or contracts that it wishes to clear;
2.02B.1.7 it must have in place sufficient resources and establish and maintain adequate systems for preserving a sound liquidity and financial position at all times including the maintaining of adequate staff and facilities for monitoring its cashflow and funding requirements and maintaining sufficient liquidity for its day to day operations governed by this Rules;
2.02B.1.8 it must maintain segregated and adequate back-office functions in respect of its operations governed by this Rules;
2.02B.1.9 it satisfies any and all other requirements and criteria for such Clearing Membership, which the Clearing House may from time to time hereafter prescribe; and
2.02B.1.10 unless otherwise exempted under Rule 2.02B.3, where it is incorporated in Singapore,
a. it has a base capital of not less than S$5,000,000; or
b. in the case of an applicant admitted as a clearing member of the Clearing House and CDP, it has a base capital of not less than S$8,000,000;
or such other amount as may be prescribed by the Clearing House hereafter and from time to time; or
2.02B.1.11 unless otherwise exempted under Rule 2.02B.3, where it is incorporated outside Singapore,
a. it has deposited, as security for its obligations to the Clearing House, cash and/or acceptable government securities of not less than S$5,000,000 with the Clearing House; or
b. in the case of an applicant admitted as a clearing member of the Clearing House and CDP, it has deposited, as security for its obligations to the Clearing House, cash and/or acceptable government securities of not less than S$8,000,000 with the Clearing House;
or such other amount as may be prescribed by the Clearing House hereafter and from time to time, PROVIDED ALWAYS THAT:—
i. if the Bank Clearing Member has deposited S$8,000,000 with CDP or such other amount as prescribed, pursuant to the corresponding provision in the CDP Clearing Rules, it need not deposit a further S$8,000,000 with the Clearing House or such other amount as may be prescribed by the Clearing House; and
ii. the Clearing House shall have the discretion to utilize or apportion in any manner, the S$8,000,000 or such other amount as may be prescribed by the Clearing House and/or CDP, to satisfy the Bank Clearing Member's obligations to the Clearing House and/or CDP under this Rules and the CDP Clearing Rules respectively. In deciding on the apportionment, the Clearing House may, in consultation with CDP, take into account factors, including but not limited to, the amount owed by the Bank Clearing Member to the Clearing House and CDP respectively;
     or
c. it has net head office funds of not less than S$5,000,000 or in the case of an applicant admitted as a clearing member of the Clearing House and CDP, it has net head office funds of not less than S$8,000,000, or such other amount as may be prescribed by the Clearing House hereafter and from time to time, PROVIDED ALWAYS THAT the Clearing House has the discretion to decide if an applicant may seek to rely on its net head office funds pursuant to this Rule 2.02B.1.11.c instead of depositing cash and/or acceptable government securities pursuant to Rule 2.02B.1.11.a or b.

Added on 10 August 2007 and amended on 10 May 2010 and 3 November 2010 and 26 April 2013.