Rulebooks: Contents

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
Practice Notes
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Rule Amendments

BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player

  • 2.02B Eligibility Criteria for Bank Clearing Members

    • 2.02B.1

      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 the point of application, at least S$50,000,000 of base capital or net head office funds, as the case may be, and complies with such other capital and financial requirements as may be prescribed by the Clearing House from time to time;
      2.02B.1.4A it has in place the appropriate procedures and capabilities to participate in the default management activities contemplated under Chapter 7A;
      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 [Rule has been deleted.]
      2.02B.1.11 [Rule has been deleted.]

      Added on 10 August 2007 and amended on 10 May 2010, 3 November 2010, 26 April 2013, 31 December 2013, 22 April 2019 and 17 July 2019.

    • 2.02B.2

      Upon admission as a Bank Clearing Member, if there is any downgrade in the rating of the Bank Clearing Member or its parent bank such that it falls below the minimum prescribed rating, the Clearing House may, at its absolute discretion, impose additional conditions as it deems fit, for permitting the Bank Clearing Member to continue to clear Contracts through the Clearing House.

      Added on 10 August 2007.

    • 2.02B.3 [Rule has been deleted.]

      Deleted on 17 July 2019.