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
Chapter 1 General Matters
Chapter 2 Access and Membership
Chapter 3 Conduct of Members, Approved Traders and Representatives
Chapter 4 Listing and Trading of Contracts
Chapter 5 Physical Delivery
Chapter 6 Dispute Resolution and Arbitration
Chapter 7 Adverse Events, Rule Violations and Disciplinary Action
Chapter 8 Definitions and Interpretation
Chapter 9 Transitional Provisions
Regulatory Notices
Practice Notes
Schedules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments

8.1 Definitions

Past version: effective from Apr 26 2013 - Mar 31 2014.
To view other versions open the versions tab on the right.

Capitalized terms used herein and not otherwise defined shall have the meaning set forth herein below.

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

Term Meaning
A
Act Refers to the Securities and Futures Act (Cap.289) and accompanying regulations issued pursuant thereto;
Acceptable Government Securities Refers to securities issued by a government with a Moody's Investors Service sovereign rating of at least Aaa, Standard & Poor's Corporation sovereign rating of at least AAA, Fitch, Inc sovereign rating of at least AAA or such other rating or such other government security as may otherwise be prescribed by and acceptable to the Exchange from time to time.
Accredited Investor Shall have the meaning ascribed to it under the Act;
Adjusted Net Head Office Funds When used in reference to:—
(a) a General Trading Member incorporated outside Singapore, shall bear the meaning ascribed thereto in paragraph 2 of the Second Schedule of the SFR (Financial and Margin Requirements); and
(b) a Bank Trading Member incorporated outside Singapore which has satisfied the Net Head Office Funds requirement in Rule 2.5.2(c)(i), shall bear the meaning ascribed thereto in paragraph 2 of the Second Schedule of the SFR (Financial and Margin Requirements), less the capital requirements for its banking business;
Adverse Events Shall have the meaning ascribed to it in Rule 7.1.1;
Affiliate Refers to a Person who:
(a) owns 75% or more of a Clearing Member; or
(b) is owned 75% or more by a Clearing Member; or
(c) is owned 75% or more by a third party who also owns 75% or more of a Clearing Member;
Agency Trade Refers to a trade executed on a Customer Account;
Aggregate Indebtedness Shall have the meaning ascribed to it under the Financial and Margin Regulations;
Aggregate Resources When used in reference to:—
(a) a Trading Member incorporated in Singapore which has satisfied Rule 2.5.2(b)(i) or Rule 2.5.2(c)(i) by meeting the Base Capital requirement, means its Financial Resources less its Total Risk Requirement;
(b) a Trading Member incorporated outside Singapore which has satisfied Rule 2.5.2(b)(i) or Rule 2.5.2(c)(i) by meeting the Net Head Office Funds requirement, means its Adjusted Net Head Office Funds less its Total Risk Requirement; and
(c) a Bank Trading Member incorporated outside Singapore which has satisfied Rule 2.5.2(c)(i) by means of cash and/or acceptable government securities deposited with the Clearing House or CDP;
American Style Option Shall have the meaning ascribed to it in Rule 4.3.6;
Alternative Delivery Procedure Shall have the meaning ascribed to it under the relevant Contract Specifications;
Appeals Committee Refers to a committee established pursuant to this Rules to hear appeals against the decisions of the Disciplinary Committee;
Approved Exchange Shall have the meaning ascribed to it under the Act;
Approved Trader Refers to an individual who is either:
(a) an employee or agent of a corporate Member and is duly authorised to execute House Trades or Agency Trades as the case may be; or
(b) an individual Trading Member;
Arrears Notice Shall have the meaning ascribed to it in Rule 2.12.2;
B
Bank Refers to a bank licensed under the Banking Act (Cap.19);
Bank Trading Member Refers to a Bank which is admitted as a Trading Member, with such rights and obligations as set out in Chapter 2 of this Rules. For the avoidance of doubt, a reference to a Bank Trading Member incorporated outside Singapore shall refer to the branch located in Singapore, of a parent bank incorporated outside Singapore.
Base Capital Shall have the meaning ascribed to it under the Financial and Margin Regulations;
Board Refers to the Board of Directors of the Exchange;
Business Day Refers to any day other than a Saturday, Sunday or public holiday in Singapore;
Business Governed by this Rules When used in reference to:—
(a) a Bank Trading Member incorporated in Singapore or a Bank Trading Member incorporated outside Singapore which has satisfied the net head office funds requirement under Rule 2.5.2(c)(i), shall mean its business involving all derivatives and securities contracts traded on any exchange and OTC contracts novated to any clearing facility; and
(b) a Bank Trading Member incorporated outside Singapore which has satisfied Rule 2.5.2(c)(i) by depositing cash and/or government securities with the Clearing House, shall mean its business involving derivatives and securities contracts traded on the Exchange and SGX-ST and OTC contracts novated to the Clearing House and CDP;
Buyer Refers to:
(a) the direct buying counterparty in a cash-settled Futures Contract;
(b) the direct buying counterparty in an Option Contract; or
(c) the direct counterparty responsible for taking delivery of the underlying Commodity in a deliverable Futures Contract;
Buying Member Shall have the meaning ascribed to it in Rule 6.3.4;
Bypass Letter of Credit [Deleted]
Bypass Privileges [Deleted]
Bypass Subordinated Loan [Deleted]
C
CDP Refers to The Central Depository (Pte) Limited;
CDP Clearing Rules Refers to the clearing rules adopted by The Central Depository (Pte) Limited, as applied, interpreted and implemented by circulars, practice notes and directives issued by The Central Depository (Pte) Limited;
Change of Control Shall have the meaning ascribed to it in Rule 2.14.1;
Circular Refers to informational notices issued by the Exchange;
Clearing House Refers to the Singapore Exchange Derivatives Clearing Limited, which clears trades executed on the Markets;
Clearing Member Refers to any corporation granted clearing privileges by the Clearing House as contemplated in the Clearing Rules;
Clearing Rules Refers to the collection of rules governing the organisation and operation of the Clearing House, and adopted by the Clearing House, as applied, interpreted and implemented by circulars, practice notes and directives issued by the Clearing House;
Closing Out To extinguish an Open Position by matching it with an offsetting position and "Close(d) Out" shall have the correlative meaning;
CMS Licence Refers to the capital markets services licence held by a party for the conduct of such business as contemplated under the Act;
Committee Member Refers to any constituent member of any of the committees established and operated by the Exchange;
Commodities Refers to any commodities including metals, energy or agricultural commodities;
Commodity Futures Contract Refers to any Futures Contract where the Underlying is a Commodity;
Conduct of Business Regulations Refers to the Securities and Futures (Licensing and Conduct of Business) Regulations;
Confidential Information Shall have the meaning ascribed to it in Rule 1.4.1;
Contract Refers to an instrument, contract or transaction, or class of instruments, contracts or transactions approved by MAS for listing and trading on the Markets;
Contract Month Shall have the meaning ascribed to it in the Clearing Rules;
Contract Specifications Refers to the commercial and technical terms of a Contract, including the Contract size, Contract Month, trading hours, Underlying, exercise price, minimum price fluctuation, Last Trading Day, settlement basis and method of exercise;
Unless otherwise stated, Contract Specifications are distinct and separate documents which are not part of this Rules.
Cooling Off Period Shall have the meaning ascribed to it in Rule 4.1.15;
Counterparty Risk Requirement Shall have the meaning ascribed to it under the Financial and Margin Regulations;
Customer Refers to a Person whose account is carried on the books of a Member except where such Person is the Member itself with respect to the Member's House Account;
Customer Account Refers to an account carried on the books of a Member for a Customer;
D
Daily Settlement Price Refers to the daily price at which a Contract is settled at the end of each Trading Day or at such other time as may be provided in the relevant Contract Specifications;
Defalcation Shall have the meaning ascribed to it in Rule 1.5.1;
Delivery Default Shall have the meaning ascribed to it under the relevant Contract Specifications;
Designated Clearing House Shall have the meaning ascribed to it under the Act;
Designated Port Shall have the meaning ascribed to it in Rule 5.2;
Directives Shall have the meaning ascribed to it in Rule 1.10.2;
Direct Market Access Shall have the meaning ascribed to it in Rule 2;
Disciplinary Committee Refers to a committee established pursuant to this Rules to hear and adjudicate on violations to this Rules;
Dual Member Shall have the meaning ascribed to it in Rule 2.2.4 and "Dual Membership" shall have the correlative meaning;
E
Effective Date Refers to 22 September 2006;
Emergency Refers to any circumstances which in the opinion of the Exchange calls for an emergency action and shall include an excessive trading position or unwarranted speculation in any of the Markets, a state of war or threatened hostilities, the introduction of official controls affecting any of the Markets or the performance of any Contract or any change in such controls, a breakdown or failure of QUEST or any other communication, equipment or market facilities operated by the Exchange or any other undesirable situation or practice that adversely affects market integrity or investor rights;
Escrow Asset Shall have the meaning ascribed to it in the Clearing Rules;
European Style Option Shall have the meaning ascribed to it in Rule 4.3.6;
Excess Margins Refers to credits in excess of Initial Margins;
Exchange Refers to the Singapore Exchange Derivatives Trading Limited, an Approved Exchange under the Act;
Exchange-approved OMS Shall have the meaning ascribed to it in Rule 2.1.1;
Exchange Examiners Refers to persons appointed by the Exchange to assist in its investigations under Rule 7.4.5;
Exchange Systems Shall have the meaning ascribed to it in Rule 1.6.1;
Expiration Day With respect to Option Contracts, refers to the day on which Open Positions are Closed Out with reference to the Final Settlement Price;
F
Final Settlement Price Refers to the price at which a Contract is settled at maturity pursuant to any procedure prescribed by the Clearing House or the relevant Contract Specifications, as the case may be;
Financial and Margin Regulations Refers to the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations;
Financial Resources When used in reference to:—
(a) a General Trading Member, shall bear the meaning ascribed thereto in paragraph 1 of the Second Schedule of the SFR (Financial and Margin Requirements); and
(b) a Bank Trading Member which has satisfied the Base Capital or Net Head Office Funds requirement under Rule 2.5.2(c)(i), shall bear the meaning ascribed thereto in paragraph 1 of the Second Schedule of the SFR (Financial and Margin Requirements) less the capital requirements for its banking business;
Force Majeure Refers to any event beyond the control of a Member, Buyer or Seller as the case may be, including acts of a civil or military authority, labour disputes, strikes, fires, floods, epidemic diseases, accidents, wars (whether declared or undeclared), acts of the public enemy, riots, perils of the sea, embargoes, restrictions imposed by any governmental authority (including allocations, priorities, requisitions, quotas and price controls) or any acts of God, or as may otherwise be provided in the Contract Specifications;
Foreign Branch Refers to an overseas branch of a corporate Member as contemplated under Rule 3.3.32;
Free Financial Resources Shall have the meaning ascribed to it under the Financial and Margin Regulations;
Futures Contract Refers to any Contract, over any Underlying, designated by the Exchange as a futures contract;
G
General Trading Member Refers to a Trading Member with such rights and obligations as set out in Chapter 2 of this Rules. For the avoidance of doubt, a reference to a General Trading Member shall not include a Bank Trading Member.
H
Honorary Member Shall have the meaning ascribed in Rule 2.2.5;
House Account Unless otherwise indicated in a particular Rule, refers to an account in which only the Member is the legal and beneficial owner;
House Trades Refers to trades executed by Members on their House Account and "House Traders" shall have the correlative meaning.
I
Index Contracts Shall have the meaning ascribed to it in Rule 1.6.4;
Index Provider Shall have the meaning ascribed to it in Rule 1.6.4;
Initial Margins Shall have the meaning ascribed to it in Rule 3.3.12;
Inter-exchange Cross Margining Shall have the meaning ascribed to under Rule 3.3.14;
Internet Trading Trading access to the Markets through internet broking services provided by a Member.
L
Last Trading Day Refers to the last day on which a Futures Contract may be traded prior to its expiration;
M
Maintenance Margins Shall have the meaning ascribed to it in Rule 3.3.12;
Market Refers to a market as contemplated under the Act that is operated by the Exchange;
MAS The Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap.186);
Member Refers to either a Trading Member or a Clearing Member with trading privileges and "Membership" shall have the correlative meaning;
Members' Affairs Shall have the meaning ascribed to it in Rule 1.4.2;
N
Negotiated Large Trades or NLTs Refers to large trades executed outside QUEST between and among Accredited Investors and Members pursuant to the minimum thresholds and other procedures prescribed by the Exchange;
Net Head Office Funds When used in reference to:—
(a) a General Trading Member incorporated outside Singapore, shall have the meaning ascribed to it under the Financial and Margin Regulations; and
(b) a Bank Trading Member incorporated outside Singapore, shall have the meaning ascribed to it under the Financial and Margin Regulations, provided that its net liability shall include, without limitation, the liability of its Asian Currency Unit;
O
Old Rules Shall have the meaning ascribed to it Rule 1.12.3;
OMS Shall have the meaning ascribed to it in Rule 2.1.1;
Omnibus Account Refers to a single account with one (1) or more sub-accounts, each held by Persons beneficially entitled to positions established under such account;
Open Position An open position exists where a contract held by a party has not been closed out or where the obligations under a contract are yet to be performed;
Operational Risk Requirement Shall have the meaning ascribed to it under the Financial and Margin Regulations;
Option Contract Refers to a Contract which grants an option in respect of an Underlying or a Futures Contract;
Order Form Shall have the meaning ascribed to it in Rule 3.3.8;
P
Partner Market Shall have the meaning ascribed to it in Rule 2.1.3;
Person Refers to any individual, corporation, partnership, statutory body, government ministry, association, trust or entity as the context admits or requires;
Performance Deposit Refers to the amount, as prescribed in the relevant Contract Specifications, posted by the Clearing Members with the Clearing House, to secure the due delivery and acceptance of the underlying Commodity in a deliverable Futures Contract by their respective Sellers and Buyers. Such deposit shall be in cash or in the form of an irrevocable Letter of Credit or any other security in a form and issued by a bank acceptable to the Clearing House;
Practice Notes Shall have the meaning ascribed to it under Rule 1.10.2;
Price Limit Refers to the maximum price advanced or declined from the previous Trading Day's settlement price permitted during any trading session(s), as provided under the relevant Contract Specifications;
Proprietary Trades Refers to trades executed by a Person for its own account;
Public Register of Representatives Refers to the records of appointed representatives, provisional representatives and temporary representatives kept by the Authority in accordance with the Securities and Futures Act;
Q
Qualifying Letter of Credit Shall have the meaning ascribed to it under the Financial and Margin Regulations;
Qualifying Subordinated Loan Shall have the meaning ascribed to it under the Financial and Margin Regulations;
QUEST Refers to any Exchange operated electronic platform, comprising (a) an order matching engine; (b) order routing interfaces; and (c) market data interfaces, that facilitates trading on the Markets;
R
Registered Representative Refers to:
(a) an individual sponsored by a corporate Member acting or holding himself out as a sales representative in the name of the Member;
(b) an employee of a Bank acting or holding himself out as a sales representative in the name of a Member which is a Related Corporation of that Bank; or
(c) a trading representative of a SGX-ST member provided that such SGX-ST member is a Related Corporation of the Member and the Member sponsors the trading representative's application to act as a Registered Representative;
Regulated Activity Shall have the meaning ascribed to it in Rule 2.4.1;
Regulatory Notices Shall have the meaning ascribed to it in Rule 1.10.2;
Register Refers to a register of all Members maintained by the Exchange;
Related Corporation Shall have the meaning ascribed to it under the Companies Act
(Cap.50);*
* This refers to (a) common parent company; (b) holding company; or (c) subsidiary of a holding company. Subsidiary in return refers to one whereby the holding company has (a) board control; (b) more than 50% equity; or (c) more than 50% voting power.
Resignation Notice Refers to a Member's written notice of resignation as contemplated under Rule 2.15.1;
Rules Refers to the collection of rules and accompanying annexes set forth in this rulebook, as applied, interpreted or implemented by Directives, Regulatory Notices and Practice Notes;
Rule Violation Includes any breach, contravention, default or failure to comply with the Act or the Rules and includes deemed rule violations;
S
Sanction Refers to expulsion, suspension, reprimand or such other sanctions that the Disciplinary Committee or Appeals Committee may impose on a Member, Approved Trader or Registered Representative found guilty of a Rule Violation or other misconduct, as contemplated under Rule 7.6.2 or Rule 7.9.5 respectively;
Secondary Requirement Shall have the meaning ascribed to it under the Financial and Margin Regulations;
Secretary Shall have the meaning ascribed to it in Rule 7.5.2 or Rule 7.9.2, as the context requires;
Securities Rules Refers to the collection of rules governing the organisation and operation of securities market, adopted by SGX-ST, as applied, interpreted and implemented by circulars, practice notes and directives issued by SGX-ST;
Seller Refers to:
(a) the direct selling counterparty in a cash-settled Futures Contract;
(b) the direct selling counterparty in an Option Contract; or
(c) the direct counterparty responsible for making delivery of the underlying Commodity in a deliverable Futures Contract;
Selling Member Shall have the meaning ascribed to it in Rule 6.3.4;
Settlement In relation to a Contract, refers to the procedures for cash settlement or physical delivery as set out in the relevant Contract Specifications and in accordance with the Clearing Rules;
SGX Board Means the board of directors for the time being of Singapore Exchange Limited or such number of them as have authority to act for the SGX Board;
SGX-DT Market Refers to the Market owned and operated by the Exchange;
SGX-ST Refers to Singapore Exchange Securities Trading Limited;
SI AC Refers to the Singapore International Arbitration Centre;
Sponsored Access A form of Direct Market Access in which a Member permits its Customer and any other persons to use its member ID to transmit orders for execution directly to the Exchange without using the Member's infrastructure.
Sufficient Credit [Deleted]
Summary Referral Shall have the meaning ascribed to it in Rule 7.2.5;
T
Title Documents Shall have the meaning ascribed to it in Rule 5.1.1;
Total Net Equity Refers to the ledger balance of a Customer Account, including adjustments to the account arising from unrealized gains or losses on open positions, and margins deposited by the Customer;
Total Risk Requirement When used in reference to:—
(a) a General Trading Member, shall bear the meaning ascribed thereto in paragraph 1 of the Third Schedule of the SFR
(Financial and Margin Requirements);
(b) a Bank Trading Member which has satisfied the Base Capital or Net Head Office Funds requirement under Rule 2.5.2(c)(i), shall bear the meaning ascribed thereto in paragraph 1 of the Third Schedule of the SFR (Financial and Margin Requirements) except that such Bank Trading Member shall only compute the total risk requirement for all customers' and proprietary positions in derivatives and securities contracts traded on any exchange and OTC contracts novated to any clearing facility; and
(c) a Bank Trading Member which has satisfied Rule 2.5.2(c)(i) by depositing cash and/or government securities with the Clearing House, shall bear the meaning ascribed thereto in paragraph 1 of the Third Schedule of the SFR (Financial and Margin Requirements) except that such Bank Trading Member shall only compute the total risk requirement for all customers' and proprietary positions in derivatives and securities contracts traded on the Exchange and SGX-ST, and OTC contracts novated to the Clearing House and CDP;
Trading Day Any day on which the Exchange is open for trading or deliveries;
Trading Member Refers to an individual or corporation granted trading privileges by the Exchange, as contemplated in this Rules, and shall include a General Trading Member and a Bank Trading Member;
U
Underlying Refers to any asset, Commodity, instrument, index, reference rate or any other thing whose price movement determines the value of the Contract;
User Information Shall have the meaning ascribed to it under the Act.

Amended on 5 December 2006, 26 January 2007, 26 November 2007, 25 August 2009, 22 February 2010, 29 November 2010, 16 July 2012, 15 March 2013 and 26 April 2013.