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

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  • 2.07 Minimum Capital and Financial Requirements of Clearing Members Incorporated in Singapore

    • 2.07.1

      Current version: effective up to Jul 16 2019.

      Each General Clearing Member incorporated in Singapore shall at all times :—

      2.07.1.1 Base Capital Requirement
      a. maintain a base capital of not less than S$5,000,000;
      b. in the case of a General Clearing Member who is also a clearing member of CDP, maintain a base capital of not less than S$8,000,000; or
      c. in the case of a General Clearing Member who wishes to clear OTCF Contracts, maintain a base capital of not less than S$50,000,000;
      or such other amount as may be prescribed by the Clearing House from time to time.
      2.07.1.2 Financial Resources Requirement

      not cause or permit its financial resources to fall below its total risk requirement;
      2.07.1.3 Aggregate Indebtedness Requirement

      not cause or permit its aggregate indebtedness to exceed 1,200% of its aggregate resources; and
      2.07.1.4 Other Requirements

      comply with the accounting, reporting, book-keeping and any other financial and operational requirements prescribed by the Clearing House.

      Amended on 27 March 2006, 10 August 2007 and 3 November 2010.

    • 2.07.1A

      Each Direct Clearing Member incorporated in Singapore shall at all times:—

      2.07.1A.1 Base Capital Requirement
      maintain a base capital of not less than S$5,000,000;
      2.07.1A.2 Financial Resources Requirement
      not cause or permit its financial resources to fall below its total risk requirement;
      2.07.1A.3 Aggregate Indebtedness Requirement
      not cause or permit its aggregate indebtedness to exceed 1,200% of its aggregate resources; and
      2.07.1A.4 Other Requirements
      comply with the accounting, reporting, book-keeping and any other financial and operational requirements prescribed by the Clearing House.

      Added on 27 March 2006 and amended on 10 August 2007.

    • 2.07.1B

      Current version: effective from Apr 22 2019 - Jul 16 2019.

      Each Bank Clearing Member incorporated in Singapore shall at all times:—

      2.07.1B.1 Base Capital Requirement
      a. maintain a base capital of not less than S$5,000,000; or
      b. in the case of a Bank Clearing Member who is also a clearing member of CDP, maintain a base capital of not less than S$8,000,000; or
      c. in the case of a Bank Clearing Member who clears only OTCF Contracts, maintain a base capital of not less than S$50,000,000;

      or such other amount as may be prescribed by the Clearing House from time to time;
      2.07.1B.2 RRA Financial Requirement

      comply with all applicable RRA Financial Requirements; and
      2.07.1B.3 [Rule has been deleted.]
      2.07.1B.4 Other Requirements

      comply with the accounting, reporting, book-keeping and any other financial and operational requirements prescribed by the Clearing House in relation to the Bank Clearing Member's business governed by this Rules.

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

    • 2.07.2 [Rule has been deleted.]

      Amended on 27 March 2006, 10 August 2007 and deleted on 10 May 2010.

    • 2.07.3

      The Clearing House may from time to time prescribe other minimum capital and financial requirements and conditions for exemptions or exceptions therefrom.

    • 2.07.4

      The Clearing House reserves the right to call on any of the letters of credit and all other forms of security furnished pursuant to this Rules and apply the proceeds thereof in respect of the Clearing Member's default to the Clearing House and/or its common bond liability under Rule 7A.05 and 7A.06.

      Amended on 10 August 2007 and 7 August 2012.

    • 2.07.5

      A Clearing Member shall immediately notify the Clearing House if it fails to meet the minimum capital and financial requirements prescribed in the preceding paragraphs or becomes aware that it will fail to comply with such requirements.

    • 2.07.6

      If the Clearing House is notified by a Clearing Member under Rule 2.07.5 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.07.5) that the Clearing Member has failed to comply with the minimum capital and financial requirements prescribed in the preceding paragraphs, the Clearing House may direct the Clearing Member to do one (1) or more of the following actions:—

      2.07.6.1 liquidate or cease any increase in positions for any account carried by the Clearing Member;
      2.07.6.2 liquidate or transfer all or part of any customer's positions, margins, collateral, assets and accounts to one (1) or more other Clearing Members. For the avoidance of doubt, reference to "customer's positions, margins, collateral, assets and accounts" in relation to a Bank Clearing Member, shall refer to customer's positions, margins, collateral, assets and accounts falling within the Bank Clearing Member's business governed by this Rules;
      2.07.6.3 operate its business or in the case of a Bank Clearing Member, its business governed by this Rules, in such manner and on such conditions as the Clearing House may impose.

      Amended on 27 March 2006 and 10 August 2007.

    • 2.07.7

      The Clearing House may prescribe for one (1) or more Clearing Members, capital, financial and other requirements in excess of the minimum prescribed under this Rules on the basis of volume, types of positions carried, margin policies, nature of business conducted or to be conducted or its membership in any exchange or market and such other criteria as deemed necessary by the Clearing House.

      Amended on 27 March 2006.

    • 2.07.8 [Rule has been deleted.]

      Deleted on 22 April 2019.