Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
Chapter 1 General
Chapter 2 Admission and Registration of Trading Members, Chief Executive Officers and Trading Representatives
Chapter 3 Capital and Financial Requirements
Chapter 4 Operational Requirements
Chapter 5 Trading Practices and Conduct
Chapter 6 Designated Market-Makers
Chapter 7 Listing and Quotation
Chapter 8 Trading
Chapter 9 Settlement
Chapter 10 Requirements on Specific Securities and Futures Contracts
Chapter 11 Cancellation of Contracts and Trades
Chapter 12 Supervision and Enforcement
Chapter 13 Definitions and Interpretation
Directives
Regulatory Notices
Practice Notes
Schedule A
CDP Clearing Rules
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

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  • 3.4.6

    Qualifying Letter of Credit

    (a) For the purpose of Rule 3.4, a Trading Member may include one or more qualifying letter(s) of credit in its calculation of aggregate resources, except that where the total amount payable under the qualifying letter(s) of credit exceeds 50% of the Trading Member's total risk requirement, the amount in excess shall not be taken into account for determining the Trading Member's aggregate resources.
    (b) For the purpose of Rule 3.4.6(a), a qualifying letter of credit is a legally enforceable and irrevocable letter of credit that is:
    (i) in the case of a Trading Member that is not a Clearing Member, made in favour of SGX-ST;
    (ii) in the case of a Trading Member that is also a Clearing Member, made in favour of CDP; and
    (iii) issued by a bank approved by, and in a form acceptable to SGX-ST or CDP, as the case may be,
    but does not include any letters of credit provided by a Clearing Member to satisfy Rule 7 of the Clearing Rules or any other requirement imposed by CDP.
    (c) SGX-ST shall reserve the right to call on any of the qualifying letter(s) of credit made in favour of SGX-ST pursuant to Rule 3.4.6 and apply the proceeds thereof in respect of the Trading Member's default to SGX-ST.

    Added on 3 June 2019.