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

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  • Chapter 2 Access and Membership

    • 2. Overview of Access and Membership

      Unless otherwise indicated, the Exchange operates wholly electronic Markets. Electronic trading access to the Markets is solely via the Trading System. Subject to this Rules, Direct Market Access is available to all customers and is not conditioned on Membership. "Direct Market Access" refers to direct access to the Trading System via an Exchange-provided or Exchange-approved OMS. Direct Market Access does not include Internet Trading.

      Amended on 15 March 2013 and 14 November 2016

      • 2.1 Access and Trading

        • 2.1.1 Access to the Trading System

          A Member or Customer may access the Trading System via:

          (a) an Exchange-provided OMS; or
          (b) an Exchange-approved OMS developed by a Member or an independent software vendor (commonly referred to as ISVs).

          "OMS" refers to an order management system through which orders are routed to the Trading System. "Exchange-approved OMS" refers to an OMS that has passed conformance testing and meets appropriate technical specifications as required by the Exchange.

          Amended on 15 March 2013 and 14 November 2016.

        • 2.1.2 Conditions Governing Direct Market Access

          (1) With respect to each Customer for which the Member has authorised Direct Market Access, the Member must have measures in place for each Customer to:
          (a) meet minimum standards including standards on financial standing, credit history and criminal records, adverse records or pending court proceedings relating to prohibited market conduct;
          (b) have appropriate procedures in place to assure that all relevant persons:—
          (i) are familiar with and comply with these Rules;
          (ii) have knowledge and proficiency in the use of the order management system;
          (c) be provided information concerning its access to the Trading System and applicable laws:
          (d) be subject to a legally binding agreement governing the terms and conditions for such Direct Market Access;
          (e) have security arrangements in place to ensure that unauthorised persons are denied such Direct Market Access; and
          (f) assist the Exchange in any investigation into potential violations of this Rules and applicable laws. Such assistance shall be timely and shall include, but is not limited to, the provision of information to the Exchange relating to the identity and address of any person who may be responsible for the execution of an order or trade.
          (2) Where a Member permits the delegation of Direct Market Access by its authorised Customer and any other persons, the Member must include in the legally binding agreement referred to in Rule 2.1.2(1)(d) the requirement for such Customer and any other persons delegating Direct Market Access to ensure that all persons with Direct Market Access are subject to the requirements set out in Rules 2.1.2(1)(a) to (f).
          (3) The Exchange may require a Member to provide to the Exchange a report by an independent reviewer on the Member's compliance with Rules 2.1.2, 2.1.2A and 2.1.2B.

          Amended on 15 March 2013 and 14 November 2016.

        • 2.1.2A Conditions Governing Sponsored Access

          (1) Where a Member authorises Sponsored Access for its Customers, in addition to the requirements set out in Rule 2.1.2, the Member must:—
          (a) maintain a register recording the identity and address of all Customers with Sponsored Access;
          (b) produce to the Exchange the register referred to in Rule 2.1.2A(1)(a) at such time as the Exchange requires; and
          (c) have measures in place for each Customer to comply with the requirements set out in Rule 2.6.2A, Rule 2.6.4, Regulatory Notice 2.6.4, Regulatory Notice 2.6.2A and any other requirement set out by the Exchange relating to the OMS.
          (2) Where a Member permits the delegation of Sponsored Access by its authorised Customer and any other persons: —
          (a) the Member must have measures to ensure that the authorised Customer and any other persons delegating Sponsored Access:
          (i) are persons regulated by a recognised regulatory authority in respect of any regulated activity; or
          (ii) where such persons are not regulated in accordance with Rule 2.1.2A(2)(a)(i), that such persons are Members of the Exchange, and that such persons shall only be permitted to delegate Sponsored Access to their Related Corporations; and
          (b) the Member must include in the legally binding agreement referred to in Rule 2.1.2(1)(d) the requirement for such Customer and any other persons delegating Sponsored Access to ensure that all persons with Sponsored Access are included in the register referred to in Rule 2.1.2A(1)(a) and subject to the requirements set out in Rule 2.1.2A(1)(c).

          For the purpose of this Rule 2.1.2A, "recognised regulatory authority" refers to a signatory to the International Organization of Securities Commissions' Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information, and "regulated activity" shall have the same meaning as in the Securities and Futures Act.

          Added on 15 March 2013.

        • 2.1.2B Suspension and Termination of Direct Market Access

          (a) The Exchange may suspend or terminate, or direct a Member to suspend or terminate a person's Direct Market Access:
          (i) where the person has failed to assist the Exchange with an investigation in accordance with Rule 2.1.2(1)(f);
          (ii) in the interest of a fair, orderly and transparent market; or
          (iii) where the person has caused the Member to breach requirements in the Rules.
          (b) A Member must have the ability to immediately suspend or terminate a person's Direct Market Access when necessary for the fulfillment of its duties under Rule 3.2.1 or any other reason.

          Added on 15 March 2013.

        • 2.1.3 Access to Partner Market

          The Exchange may provide access facilities to enable Persons to execute trades on contracts listed on a Partner Market. Such Persons accessing the Partner Market are required to comply with this Rules as well as applicable rules, laws and regulations governing trading in the Partner Market. "Partner Market" refers to another exchange or market, in Singapore or elsewhere, accessible via the Trading System or such other means as approved by the Exchange.

          Amended on 14 November 2016

        • 2.1.4 Trading Capacity — House and Agency

          (a) Subject to Rule 2.1.4(b), a Member may execute House Trades, Agency Trades or both.
          (b) A Member that holds a licence specified in Rule 2.4.1(b) shall not execute Agency Trades for Customers domiciled in Singapore.

          Amended on 1 April 2014.

      • 2.2 Classes of Membership

        • 2.2.1 Overview

          Membership shall:

          (a) comprise such classes of membership as provided under this Rules; and
          (b) be granted pursuant to and subject to this Rules.

        • 2.2.2 Trading Member

          There are 2 classes of Trading Members:

          (i) General Trading Members; and
          (ii) Bank Trading Members.

          A Trading Member shall observe this Rules and any requirements as prescribed by the Exchange from time to time.

          Amended on 25 August 2009.

        • 2.2.3 Clearing Member

          To the extent that a Clearing Member has trading privileges, it is required to observe this Rules, the Clearing Rules and any requirements as prescribed by the Exchange or the Clearing House from time to time.

        • 2.2.4 Dual Member

          A Dual Membership entitles a Member to certain Membership privileges and subjects it to certain additional Membership obligations as set out in the applicable rules, including this Rules, the Clearing Rules, the CDP Clearing Rules and the Securities Rules. A "Dual Member" refers to a Member of more than one (1) Approved Exchange or more than one (1) Designated Clearing House owned by the Singapore Exchange Limited, as the case may be.

        • 2.2.5 Honorary Member

          The Exchange reserves the right to confer the distinction of Honorary Member to any person who has made a significant contribution to the promotion and development of a Market or Markets.

      • 2.3 Admission Criteria for Members

        • 2.3.1 Licensing, Financial, Integrity, Clearing and Other Requirements

          To be eligible for admission as a Member, an applicant shall satisfy the Exchange of its ability to satisfy the following requirements, where relevant, both at the time of admission as well as on a continuous basis until the termination of the Membership:

          (a) in the case of a General Trading Member, licensing requirements as set forth in Rule 2.4.1;
          (b) in the case of a Bank Trading Member, credit rating requirements as set forth in Rule 2.4.2;
          (c) financial requirements as set forth in Rule 2.5;
          (d) technical matters and risk management controls as set forth in Rule 2.6;
          (e) fit and proper requirements as set forth in Rule 2.12;
          (f) clearing arrangement with a Clearing Member as set forth in Rule 2.10; and
          (g) other requirements as prescribed under the Act, this Rules and applicable laws.

          Amended on 25 August 2009.

        • 2.3.2 Membership in Other Exchanges

          The following requirements apply in relation to membership in other exchanges:

          (a) the Exchange may consider an application from a member of another exchange if such applicant is able to satisfy the Exchange that it meets the requirements set forth in Rule 2.3.1; and
          (b) a Member engaging in Agency Trades shall notify the Exchange at the time of submission of its application for concurrent membership in another exchange. The Exchange may impose such additional requirements and conditions on the Member as it deems necessary.

          Amended on 24 January 2011.

      • 2.4 Licensing and Credit Rating Requirements for Members, their Employees and Agents

        • 2.4.1 Licensing and Registration Requirements for General Trading Members

          A General Trading Member and its employees and agents are required to procure and maintain the requisite licence(s) and registration(s) with the Relevant Regulatory Authority to conduct regulated activities. The General Trading Member and its employees and agents shall independently satisfy such licensing and registration requirements as follows:

          (a) where the General Trading Member or its employees and agents engage in any Regulated Activity in Singapore, procure and maintain the requisite licence(s) and registration(s) with MAS. "Regulated Activity" refers to any activity that requires a CMS Licence, registration in the Public Register of Representatives, financial adviser's licence or such other licence or registration as required under the Act or Financial Advisers Act (Cap 110); and
          (b) where the General Trading Member or its employees and agents do not engage in regulated activities in Singapore and such General Trading Member is not incorporated in Singapore and does not carry on a business in Singapore, hold the requisite licence and registration from a Relevant Regulatory Authority in the country where it is engaging in such regulated activities. If the Exchange is of the view that the regulatory requirements arising from the licence and registration are not comparable to those contemplated under the Act and this Rules, it shall have the discretion to prescribe additional requirements.

          Amended on 25 August 2009, 29 November 2010 and 1 April 2014.

        • 2.4.2 Credit Rating Requirements for Bank Trading Members

          A Bank Trading Member is required to satisfy the Exchange that it, or its parent bank, has obtained 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.

          Added on 25 August 2009 and amended on 26 April 2013.

        • 2.4.3 Downgrades in Credit Rating of Bank Trading Members

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

          Added on 25 August 2009.

      • 2.5 Financial Requirements for Members

        • 2.5.1 Overview of Base Capital, Total Risk Requirement and Statutory Requirements

          A Member is required to comply with the financial requirements set forth in Rule 2.5, including, where applicable, requirements for Base Capital, Net Head Office Funds, Adjusted Net Head Office Funds, Financial Resources and Aggregate Resources. "Financial Resources", "Base Capital", "Net Head Office Funds", "Adjusted Net Head Office Funds", "Total Risk Requirement", "Aggregate Indebtedness", and "Aggregate Resources" shall have the meanings ascribed to them under Chapter 8 of this Rules.

          Amended on 25 August 2009, 1 April 2014 and 22 April 2019.

        • 2.5.2 Trading Members

          The following requirements apply in relation to Trading Members:

          (a) except for Rule 2.5.4, a Trading Member that engages solely in House Trades and Proprietary Trades of its Related Corporations is not subject to any financial requirements under Rule 2.5. However, in deciding whether to admit such Trading Member, the Exchange shall take into account matters such as the prospective Trading Member's financial standing, pending court proceedings and criminal records;
          (b) a General Trading Member that holds a licence to engage in a Regulated Activity, shall at all times:
          (i) maintain a Base Capital or Net Head Office Funds, as the case may be, of not less than $1 million;
          (ii) not cause or permit its Financial Resources or Adjusted Net Head Office Funds, as the case may be, to fall below its Total Risk Requirement; and
          (iii) not cause or permit its Aggregate Indebtedness to exceed 1200% of its Aggregate Resources.
          (b1) a General Trading Member that holds a licence specified in Rule 2.4.1(b) shall at all times maintain a Base Capital of not less than $1 million;
          (c) a Bank Trading Member shall at all times:
          (i) maintain a Base Capital of not less than $1 million; and
          (ii) comply with all applicable RRA Financial Requirements.

          Amended on 25 August 2009, 1 April 2014 and 22 April 2019.

        • 2.5.3 [Rule has been deleted.]

          Deleted on 25 August 2009.

        • 2.5.4 Additional Financial, Capital and Other Requirements Imposed by the Exchange or the Clearing House

          The Exchange or the Clearing House may from time to time prescribe additional financial and capital requirements for any Member or category or group of Members. Without limiting the foregoing, the Exchange may prescribe with respect to particular Members, capital, financial and other requirements in excess of the requirements prescribed under the Act, relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities, or this Rules with respect to volume, risk exposure of positions carried, risk concentration, margin policies, nature of business conducted or to be conducted, their memberships in any exchange or market, and such other matters as deemed fit by the Exchange.

          Amended on 1 April 2014.

        • 2.5.5 Calculation of Financial Resources

          In the calculation of Financial Resources, a corporate Member may include Qualifying Subordinated Loan(s), subject to such conditions and restrictions as prescribed under the Financial and Margin Regulations and in such form as prescribed by the Exchange or the Clearing House.*

          * Refer to Annex A — Deed of Subordination (Term Loan) and Annex B — Deed of Subordination (Revolving Credit Facility).

          Amended on 25 August 2009, 7 February 2014 and 29 December 2014.

        • 2.5.6 Notification Requirements of General Trading Members

          The following requirements apply in relation to material changes to Financial Resources or Adjusted Net Head Office Funds:

          (a) a General Trading Member is required to immediately notify the Exchange in the event of any material changes to its Financial Resources or Adjusted Net Head Office Funds, as the case may be, including:
          (i) an initial notification if its Financial Resources or Adjusted Net Head Office Funds, as the case may be, fall below 150% of its Total Risk Requirement;
          (ii) a warning notification if its Financial Resources or Adjusted Net Head Office Funds, as the case may be, fall below 120% of its Total Risk Requirement;
          (iii) if its Aggregate Indebtedness exceeds 600% of its Aggregate Resources; or
          (iv) if its Financial Resources or Adjusted Net Head Office Funds, as the case may be, is reduced by more than 20% from the previously submitted monthly financial statement;
          (b) if the Exchange is notified by a General Trading Member under this Rule 2.5.6 or otherwise becomes aware that a General Trading Member's Financial Resources or Adjusted Net Head Office Funds, as the case may be, has fallen or will fall below 120% of its Total Risk Requirement or such higher percentage as the Exchange may have imposed under Rule 2.5.4, the Exchange may direct that Member to comply with any or all of the requirements described under Regulation 7(3) of the Financial and Margin Regulations;
          (c) if the Exchange is notified by a General Trading Member under this Rule 2.5.6 or otherwise becomes aware that a General Trading Member's Financial Resources or Adjusted Net Head Office Funds, as the case may be, has fallen or will fall below 150% of its Total Risk Requirement or such higher percentage as the Exchange may have imposed under Rule 2.5.4, the Exchange shall be entitled to require that Member to:
          (i) submit its statements of assets and liabilities, Financial Resources, Total Risk Requirement, Aggregate Indebtedness, and such other statements as required by the Exchange at such interval and for such time frame as determined by the Exchange; and
          (ii) operate its business in such manner and on such conditions as the Exchange may impose;
          and
          (d) if the Exchange is notified by a General Trading Member under this Rule 2.5.6 or otherwise becomes aware that a General Trading Member's Aggregate Indebtedness exceeds or will exceed 600% of its Aggregate Resources, or such lower percentage as the Exchange may have imposed under Rule 2.5.4, the Exchange may direct that Member to comply with any or all of the requirements described under Regulation 17(2) of the Financial and Margin Regulations.

          Amended on 25 August 2009 and 22 April 2019.

        • 2.5.6A Notification requirements of General Trading Members that hold a licence specified in Rule 2.4.1(b)

          The following requirements apply in relation to material changes to the Base Capital requirements specified in Rule 2.5.2(b1):

          (a) a General Trading Member that holds a licence specified in Rule 2.4.1(b) shall immediately notify the Exchange if it fails to meet or becomes aware that it will fail to meet the Base Capital requirements referred to in Rule 2.5.2(b1), or such higher Base Capital requirements as the Exchange may have imposed under Rule 2.5.4; and
          (b) if the Exchange is notified by a General Trading Member that holds a licence specified in Rule 2.4.1(b) under this Rule or otherwise becomes aware that such General Trading Member has failed to meet the Base Capital requirements referred to in Rule 2.5.2(b1), or such higher Base Capital requirements as the Exchange may have imposed under Rule 2.5.4, the Exchange may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to all or any of the following, as the Exchange deems fit and appropriate:—
          (1) require the General Trading Member to operate its business activities on the Exchange subject to such restrictions or conditions as the Exchange decides;
          (2) suspend the General Trading Member's business activities on the Exchange for a period the Exchange decides. The suspension may be announced to all General Trading Members. During the suspension, the General Trading Member:—
          (a) must not enter into a new transaction without the approval of the Exchange;
          (b) remains liable to settle all contracts outstanding at the time of suspension. However, it must not settle any transaction without the approval of the Exchange.
          (3) require a Director to step down from day-to-day conduct of the business affairs of the General Trading Member on the Exchange; or
          (4) appoint a person or persons (which may include a firm of auditors) as Manager to manage the business of the General Trading Member on the Exchange. The Exchange will fix the remuneration of the Manager, which must be paid by the General Trading Member. The General Trading Member is solely responsible for the Manager's acts and defaults. The Manager must carry out directions given by the Exchange in relation to the business of the General Trading Member, including carrying on the business of the General Trading Member in accordance with instructions.

          Added on 1 April 2014 and amended on 22 April 2019.

        • 2.5.6B Notification Requirements of Bank Trading Members

          The following requirements apply in relation to material changes to the capital and financial requirements specified in Rule 2.5.2(c):

          (a) a Bank Trading Member shall immediately notify the Exchange if it fails to meet or becomes aware that it will fail to meet the capital and financial requirements referred to in Rule 2.5.2(c), or such higher capital and financial requirements as the Exchange may have imposed under Rule 2.5.4, or if any event in relation to its regulatory capital and liquidity ratios that is required to be reported to its Relevant Regulatory Authority has occurred; and
          (b) if the Exchange is notified by the Bank Trading Member under this Rule or otherwise becomes aware that a Bank Trading Member has failed to meet the capital and financial requirements referred to in Rule 2.5.2(c), or such higher capital and financial requirements as the Exchange may have imposed under Rule 2.5.4, or that a reportable event in relation to its regulatory capital and liquidity ratios has occurred, the Exchange may direct that Bank Trading Member to comply with any or all of the requirements described under Regulation 7(3) of the Financial and Margin Regulations, in respect of the Bank Trading Member's business that is governed by this Rules.

          Added on 22 April 2019.

        • 2.5.7 Requirements Relating to Preference Shares, Unsecured Loans and Others for General Trading Members

          The following additional financial requirements apply to General Trading Members:

          (a) a General Trading Member that holds a licence to engage in a Regulated Activity shall comply with the obligations under the Financial and Margin Regulations relating to the issue of any preference share and repurchase or redemption of any preference share (other than any paid-up irredeemable and non-cumulative preference share capital), drawing down and repayment in part or in full of any Qualifying Subordinated Loan principal, making of any unsecured loan or advance, payment of any dividend or director's fees or increase in any director's remuneration, with the additional condition that in relation to the repurchase or redemption of any preference share (other than any paid-up irredeemable and non-cumulative preference share capital), repayment in part or in full of any Qualifying Subordinated Loan principal, making of any unsecured loan or advance, payment of any dividend or director's fees or increase in any director's remuneration, a General Trading Member shall ensure that the sum of its Financial Resources or Adjusted Net Head Office Funds, as the case may be, are more than 150% of its Total Risk Requirement; and
          (b) a General Trading Member that holds a licence to engage in a Regulated Activity shall not reduce its paid-up ordinary share capital or paid-up irredeemable and non-cumulative preference share capital without the prior written approval of the Exchange.
          (c) A General Trading Member that holds a licence specified in Rule 2.4.1(b) shall notify the Exchange immediately of any action taken that has or may have a financial or capital impact on the General Trading Member and required to be reported to the Relevant Regulatory Authority, or in relation to the events set out in (a) and (b).

          Amended on 25 August 2009, 1 April 2014 and 29 December 2014.

      • 2.6 Technical Matters and Risk Management Controls

        • 2.6.1 Overview

          A Member shall comply with such technical, operational, information technology, security, risk management and other requirements or restrictions as specified in this Rule 2.6 or as prescribed by the Exchange from time to time.

        • 2.6.2 Controlling Access

          A Member shall have security arrangements in place to ensure that unauthorised persons are denied access to the Markets.

          Amended on 15 March 2013.

        • 2.6.2A Adequacy of Systems

          A Member must ensure that its systems and connections to the Markets operate properly, and have adequate and scalable capacity to accommodate trading volume levels.

          Refer to Regulatory Notice 2.6.2A.

          Added on 15 March 2013.

        • 2.6.3 Risk Management and Financial Controls

          (1) A corporate Member is required to have written policies and procedures on risk management controls and demonstrate compliance in the following areas:
          (a) monitoring the credit risks arising from the acceptance of all orders on at least a daily basis;
          (b) monitoring all account activity on an intraday basis;
          (c) ensuring that:
          (i) automated pre-execution risk management control checks are conducted on all orders, including credit control checks on all orders;
          (ii) there are appropriate internal controls for the setting and modification of any parameters of such automated pre-execution risk management control checks;*
          (d) having "error-prevention alerts" to bring attention to possible erroneous entries of quantity, price and other data fields;^

          ^ Refer to Practice Note 2.6.3(1)(d).
          (e) defining and managing the Member's sources of liquidity to ensure that there are sufficient liquidity facilities to meet increased settlement obligations;
          (f) limiting the impact of significant market movements through the use of tools such as cash flow projection, stress testing or position limits; and
          (g) maintaining a strict separation between the credit control, trading, dealing and marketing departments so as to ensure independence and mitigate the risks and consequences of conflicts of interests.#

          #Refer to Practice Note 2.6.3(1)(g).
          (2) A Member referred to in Rule 2.6.3(1) must have automated processes in place to monitor at the firm level if the Member is at risk of breaching capital and financial requirements and prudential limits on exposures to a single Customer and a single Contract, so as to restrict trading activity or inject additional capital if necessary.

          Refer to Practice Note 2.6.3(2).

          Amended on 15 March 2013 and 14 November 2016.

        • 2.6.4 Audit Trails and Records

          A Member is required to:—

          (a) maintain complete and accurate records and audit trails to evidence compliance with this Rules, and in accordance with the requirements in this Rules and;
          (i) for a General Trading Member that holds a licence specified in Rule 2.4.1(b), in accordance with the requirements of the Relevant Regulatory Authority. The Trading Member shall immediately notify the Exchange on any changes to such requirements. Notwithstanding the foregoing, the Exchange shall have the discretion to prescribe additional requirements; and
          (ii) for other Members, in accordance with the requirements of the Act;
          (b) not make, or cause to be made, a false or misleading entry, in hardcopy, or electronic form, in any books, records, slips, documents, statements relating to the business, affairs, transactions, conditions, assets or accounts ("the Documents") of a Member;
          (c) make all material entries in any of the Documents;
          (d) not alter or destroy any of the Documents without a valid reason; and
          (e) make records available to the Exchange at such time as the Exchange requires.

          Refer to Regulatory Notice 2.6.4.

          Amended on 15 March 2013 and 1 April 2014.

        • 2.6.5 Accounting and Book-keeping

          A corporate Member shall comply with such accounting, reporting and book-keeping requirements as prescribed by the Exchange from time to time.

        • 2.6.6 Business Continuity Requirements

          The following requirements apply:

          (a) a Member must assess its business and operational risks and maintain adequate business continuity arrangements.
          (b) a Member must document its business continuity arrangements in a business continuity plan.
          (c) a Member's senior management shall be responsible for the Member's business continuity plan. Sufficient awareness of the risks, mitigating measures and state of readiness must be demonstrated by way of an attestation to the Member's Board of Directors. A General Trading Member that holds a licence specified in Rule 2.4.1(b) shall comply with such requirements established by the Relevant Regulatory Authority, if any, and principles of good business practice in relation to this subparagraph.
          (d) a Member must review and test its business continuity plan regularly.
          (e) a Member must appoint emergency contact persons, and furnish the contact information of such persons to the Exchange. The Member's emergency contact persons must be contactable at all times, and must immediately notify the Exchange in the event of emergencies.

          Added on 22 January 2009 and amended on 1 April 2014.

      • 2.7 Fit and Proper Requirements

        • 2.7.1 Directors, Chief Executive Officer and Other Personnel

          A corporate Member shall demonstrate to the reasonable satisfaction of the Exchange that it employs and appoints fit and proper persons* as:

          (a) directors and chief executive officer;
          (b) key personnel who are suitably qualified and experienced to implement, oversee and maintain adequate internal procedures and risk management controls as contemplated under this Rules; and
          (c) Approved Traders and Registered Representatives.

          * The Exchange shall evaluate "Fit and proper" criteria in this Rule 2.7.1 in a manner similar to the MAS Guidelines on Fit and Proper Criteria.

        • 2.7.2 Exchange Approval for Chief Executive Officer and Deputy Chief Executive Officer of General Trading Member

          A corporate General Trading Member shall procure the prior approval of the Exchange with respect to the appointment of its chief executive officer and deputy chief executive officer.

          Amended on 25 August 2009.

        • 2.7.3 Notification of Appointment of Chief Executive Officer or Deputy Chief Executive Officer for Bank Trading Member

          A Bank Trading Member shall notify the Exchange at least seven (7) days prior to the appointment of its chief executive officer or deputy chief executive officer.

          Added on 25 August 2009.

      • 2.8 [Deleted]

        Deleted on 15 March 2013.

      • 2.9 Member Register and Nomenclature

        • 2.9.1 Member Register

          The Exchange shall maintain a register of all Members (the "Register"). The names of Members on the Register which are undertaking Agency Trades or clearing activities shall be available for public inspection. Members on the Register may refer to themselves as "Members of SGX-DT Limited".

        • 2.9.2 Trading Member

          (a) A General Trading Member may describe itself as a "Trading Member of SGX-DT Limited".
          (b) A Bank Trading Member may describe itself as a "Bank Trading Member of SGX-DT Limited".

          Amended on 25 August 2009.

        • 2.9.3 [Rule has been deleted.]

          Deleted on 25 August 2009.

      • 2.10 Clearing Arrangement

        • 2.10.1 Clearing House and Clearing Member Guarantee

          All trades executed on the Markets shall be cleared exclusively by the Clearing House through a Clearing Member pursuant to the Clearing Rules. A Trading Member shall be required to have the requisite clearing arrangement with a Clearing Member.

        • 2.10.2 Revocation of Access Rights

          If a Clearing Member notifies the Exchange that it has suspended or revoked its clearing arrangement with a Trading Member, such Trading Member shall be denied trading access to the Trading System until its clearing arrangement is reinstated with a Clearing Member.

          Amended on 14 November 2016.

      • 2.11 Membership Application

        • 2.11.1 Application

          An application for Membership shall be made to the Exchange in writing and the applicant shall pay the requisite fees prior to admission as a Member. The Exchange may require from the applicant such information, and may institute such investigation to verify information submitted by the applicant, as it deems fit. The Exchange may require the applicant, or one (1) or more representatives of the applicant, to attend an interview by the Exchange.

        • 2.11.2 Publication of Successful Applicants

          Save for individual Trading Members, the Exchange shall publish from time to time the names of successful applicants for Membership by means of a Circular or such other means as the Exchange may determine.

        • 2.11.3 Rejection of Application

          If the Exchange is of the view that the requirements for admission are not met or that the applicant is otherwise not fit for Membership, the Exchange is entitled to reject the application for Membership.

        • 2.11.4 Deemed Domicile

          A Member shall be deemed to have elected domicile at the address stated by it in its application or at the last address subsequently specifically notified by it in writing to the Exchange, as the case may be.

      • 2.12 Fees, Levies and Charges

        • 2.12.1 Imposition of Fees and Notification of Changes to Fees

          The Exchange may, from time to time, impose fees, levies and charges to be paid by Members on such terms as the Exchange may prescribe. The Exchange shall give notice of any changes to fees, levies and charges by means of a Circular or by posting a schedule of fees, levies and charges on the Exchange's website.

        • 2.12.2 Late Interest

          A Member which fails to pay any fees, levies or charges within thirty (30) days of such fees, levies or charges becoming payable shall be notified in writing by the Exchange of such arrears ("Arrears Notice"). Late interest charges at the prevailing interest rate may be imposed by the Exchange on late payments by Members.

        • 2.12.3 Suspension of Rights

          If the arrears are not paid by the Member within ten (10) days of the date of dispatch of an Arrears Notice, the Exchange may suspend Membership rights until all monies for the time being owed by it to the Exchange, together with any other sums that shall accrue due and payable by it and remain unpaid during the period of suspension, have been paid.

      • 2.13 Registration of Approved Traders and Registered Representatives

        • 2.13.1 Registration Criteria for Approved Traders and Registered Representatives

          A Member shall register with the Exchange any person acting on its behalf as an Approved Trader or a Registered Representative. To qualify for registration with the Exchange as an Approved Trader or Registered Representative, each applicant:

          (a) shall be sponsored by its respective corporate Member. If the applicant is an individual Trading Member this requirement shall not apply. For the avoidance of doubt an applicant may only be sponsored by a single corporate Member;
          (b) shall be at least twenty-one (21) years old and be a fit and proper* person;
          (c) shall not have been convicted of any offence involving fraud or dishonesty;
          (d) shall not be an undischarged bankrupt in Singapore or elsewhere;
          (e) where required by the Exchange, shall have completed the relevant training and the Trading Member or the individual applicant shall certify that the applicant is competent to undertake the proposed activities;
          (f) shall hold a licence from or be registered with the Relevant Regulatory Authority for the conduct of relevant regulated activities, unless exempted, and whose license or registration is not suspended, revoked, or expired; and
          (g) shall comply with such other additional requirements as the Exchange deems fit.

          * The Exchange shall evaluate "fit and proper" criteria in this Rule 2.13.1 in a manner similar to the MAS Guidelines on Fit and Proper Criteria.

          Amended on 8 August 2008, 25 August 2009, 29 November 2010 and 1 April 2014.

        • 2.13.1A

          In approving an application to be an Approved Trader or a Registered Representative, the Exchange may consult the Relevant Regulatory Authority.

          Added on 1 April 2014.

        • 2.13.2 Registration of Approved Traders

          Every Approved Trader shall be required to register with the Exchange before he acts or holds himself out as having the authority to execute trades on the Markets for:

          (a) his own account, in the case of an individual Trading Member;
          (b) the House Account of his sponsoring corporate Member;
          (c) a Customer Account on the instruction of a Registered Representative; or
          (d) a Customer Account on the instruction of a Customer, if the Approved Trader is also registered as a Registered Representative.

          For the avoidance of doubt, an Approved Trader shall not hold himself out as a sales representative of the respective Member or undertake any activities of a Registered Representative unless he is so registered with the Exchange as contemplated under this Rules.

        • 2.13.3 Registration of Registered Representatives

          Every Registered Representative shall be required to register with the Exchange before he acts or holds himself out as a sales representative of the respective Member. A Registered Representative shall not act or hold himself out as having the authority to execute trades on the Markets, unless he is registered as an Approved Trader with the Exchange as contemplated under this Rules. Upon being registered as a Registered Representative with the Exchange, a Registered Representative may, in the name of such Member:

          (a) subject to Rule 2.1.4, solicit Customers, solicit or accept orders from Customers, and give advice to Customers for the purchase or sale of contracts; and
          (b) in connection with the purchase or sale of contracts provide feedback on market sentiment or market conditions, quote prices, and provide confirmation to Customers regarding orders which have been executed.

          Amended on 29 November 2010 and 1 April 2014.

        • 2.13.4 Register of Approved Traders and Registered Representatives

          The Exchange shall maintain a register of Approved Traders and Registered Representatives.

        • 2.13.5 Approved Traders and Registered Representatives Obligations

          Approved Traders and Registered Representatives are required to comply with the relevant provisions and other safeguards as prescribed under the Act, this Rules and applicable laws.

        • 2.13.6 Revocation of Registration of Approved Traders and Registered Representatives

          A Member shall immediately notify the Exchange if:

          (a) the licence from or registration with the Relevant Regulatory Authority for the conduct of relevant regulated activities for any of its Approved Traders or Registered Representatives has been revoked, or has expired;;
          (aa) the exemption from the requirement to hold a licence from or to register with the Relevant Regulatory Authority for the conduct of relevant regulated activities for any of its Approved Trader or Registered Representative is withdrawn;
          (ab) the Relevant Regulatory Authority imposes conditions or restrictions on the Approved Trader or Registered Representative in respect of the relevant regulated activities;
          (b) any of its Approved Traders or Registered Representatives is of unsound mind;
          (c) any of its Approved Traders or Registered Representatives is bankrupt;
          (d) any of its Approved Traders or Registered Representatives is subject to a composition or scheme of arrangement with his creditors, whether in or out of Singapore;
          (e) a judgment debt entered against any of its Approved Traders or Registered Representatives remains unsatisfied in whole or in part; or
          (f) the Approved Trader (other than an individual Trading Member) or a Registered Representative ceases to transact business through the Member or ceases to be sponsored by the Member.

          The Exchange may terminate the registration of an Approved Trader or a Registered Representation upon notification under Rule 2.13.6(ab) The registration of an Approved Trader or a Registered Representative shall automatically lapse upon such other notification under Rule 2.13.6, or the cessation of his sponsoring Member's Membership.

          Amended on 25 August 2009, 29 November 2010 and 1 April 2014.

        • 2.13.7 Summary Powers of Suspension of Registration of Approved Traders and Registered Representatives

          Notwithstanding and without prejudice to the powers of the Appeals Committee or the Disciplinary Committee, the Exchange may suspend in whole or in part the privileges of any Approved Trader or a Registered Representative for a period of up to one (1) year upon the occurrence of any of the following events:

          (a) the sponsoring Member's trading privileges are suspended pursuant to Rule 2.15.2;
          (b) an application by an Approved Trader or a Registered Representative for registration contains material errors or omissions or is misleading in a material respect;
          (c) an Approved Trader or a Registered Representative is found guilty in a court of law of misconduct or willful neglect in a manner contrary to the Act or other relevant applicable laws and regulatory requirements relating to the regulation of markets and licenced entities;
          (d) an Approved Trader or a Registered Representative is convicted of an offence involving fraud or dishonesty;
          (e) an Approved Trader or a Registered Representative files a petition for bankruptcy;
          (f) an Approved Trader or a Registered Representative's licence from or registration with the Relevant Regulatory Authority is suspended;
          (fa) in the case of an Approved Trader or Registered Representative who is exempted from licensing or registration, the Relevant Regulatory Authority imposes conditions or restrictions on the Approved Trader or Registered Representative in respect of the relevant regulated activities;
          (g) an Approved Trader or a Registered Representative fails to pay any fee, levy or charge as prescribed by the Exchange from time to time; or
          (h) an Approved Trader or a Registered Representative acts in a manner which in the Exchange's opinion:
          (i) impairs the goodwill or reputation of the Exchange or any Markets; or
          (ii) impairs the operation of a fair, orderly and transparent market by the Exchange.

          Amended on 25 August 2009, 29 November 2010 and 1 April 2014.

        • 2.13.7A Duty to Notify the Exchange of Matters Concerning Approved Traders and Registered Representatives

          A Member shall immediately notify the Exchange upon the occurrence of any of the events in Rule 2.13.7(c), (d), (e), (f) and (fa).

          Added on 25 August 2009 and amended on 29 November 2010.

        • 2.13.8 Liability of Members

          A Member is responsible for all trades done through it. A corporate Member is responsible for the conduct and execution of trades by its Approved Traders and Registered Representatives and shall monitor and ensure that its Approved Traders and Registered Representatives comply with this Rules. For the avoidance of doubt, the Exchange retains disciplinary and supervisory authority over Approved Traders and Registered Representatives as contemplated in this Rules and applicable laws.

        • 2.13.9 Registration Form

          A Member shall submit an application to register a person as an Approved Trader or a Registered Representative in such form as the Exchange may prescribe from time to time. The Exchange may require from the Member or the prospective Approved Trader or Registered Representative such information, and may institute such investigation to verify information submitted by the Member or the prospective Approved Trader or Registered Representative, as it deems necessary. Registration as an Approved Trader or a Registered Representative of the Member takes effect upon the grant of approval by the Exchange.

      • 2.14 Change of Control of Members

        • 2.14.1 Notification to Exchange

          Unless otherwise provided in this Rules, a corporate Member shall notify, or, where practicable, pre-notify, the Exchange in writing of any Change of Control. "Change of Control" refers to:

          (a) any change in the legal or beneficial ownership of 20% or more of the Member's share capital and any subsequent increase of 5% or more of the Member's share capital;
          (b) any change in circumstances, which will have or may have the effect of altering the control of the Member;
          (c) any change of any director of the Member; or in the case of a Bank Trading Member, any change in the composition of its board of directors or of any director, who is resident in Singapore and/or responsible for its Business Governed by these Rules, due to the appointment, removal or resignation of any of its directors. For the purpose of this Rule 2.14.1(c), a change of director includes a change in the director's appointment from a non-executive director to an executive director;
          (d) the death or bankruptcy of any of its directors, or in the case of a Bank Trading Member, its directors who are resident in Singapore and/or responsible for its Business Governed by this Rules;
          (e) any change in its senior management, or in the case of a Bank Trading Member, its senior management responsible for the Bank Trading Member's Business Governed by this Rules;
          (f) any alteration to the memorandum and articles of association or constitutive documents of the Member, notice of which should be given at least seven (7) days prior to alterations being effected, except in the case of a Bank Trading Member, notification shall be furnished to the Exchange within such time that the Bank Trading Member is required to notify MAS of such alteration under the Banking Act, or any other regulation or directive issued thereunder;
          (g) the engagement or involvement or proposed engagement or involvement in any new business or any change in any of its business(es), or in the case of a Bank Trading Member, any Business Governed by this Rules; and
          (h) any change in its name.

          Amended on 25 August 2009.

        • 2.14.2 Reviewing Suitability

          Upon receipt by the Exchange of any notice of Change of Control from a corporate Member the Exchange shall review the suitability of that Member for Membership in the Exchange. The Exchange may require that Member to furnish such additional information as the Exchange may from time to time consider material in the course of such review.

        • 2.14.3 Suspension of Rights

          If, upon completion of the review referred to in Rule 2.14.2, the Exchange is not satisfied that the corporate Member continues to satisfy the applicable criteria for Membership set forth in Rule 2.3, it may suspend the rights of the corporate Member for up to a period of one (1) year.

          Refer to Exchange's obligation to refer a suspended Member, Approved Trader or Registered Representative to the Disciplinary Committee within 14 days under Rule 7.2.5.

      • 2.15 Resignation, Suspension and Termination of Members

        • 2.15.1 Member's Suspension or Resignation

          The following requirements apply in relation to a Member's suspension or resignation:

          (a) a Member may request the Exchange to temporarily suspend its Membership. A Member shall provide reasons for its request for voluntary suspension. For the avoidance of doubt, an individual Trading Member shall, in all cases, make a request to the Exchange to suspend his Membership, if he intends to act as an Approved Trader for a corporate Trading Member. The Exchange may grant to the requesting Member a temporary suspension of up to twenty-four (24) months, upon such terms and conditions as the Exchange deems fit;
          (b) a Member may cease to be a Member by virtue of giving the Exchange written notice of its wish to resign from Membership (a "Resignation Notice");
          (c) a Member which gives the Exchange a Resignation Notice must provide the Exchange with such information concerning the circumstances of the resignation as, in the opinion of the Exchange, is necessary for the Exchange to determine whether:
          (i) to accept the resignation;
          (ii) to postpone the effective date of the resignation; or
          (iii) without prejudice to the courses of action available to the Exchange under subparagraphs (i) and (ii) above, any other measures should be taken by the Exchange before or after the resignation takes effect;
          and
          (d) notwithstanding anything to the contrary herein, the Exchange may, in its absolute discretion, refuse to accept a Resignation Notice given by a Member or may postpone the effective date if it considers it necessary for the protection of Customers, or otherwise in the interests of the Markets. If the Exchange does so, the Exchange may waive the Member's liability for some or all Exchange fees, levies and charges arising in respect of the period following the date on which its Resignation Notice would otherwise have taken effect.

        • 2.15.2 Summary Powers of Suspension of Trading Privileges of Members

          Notwithstanding and without prejudice to the powers of the Appeals Committee and the Disciplinary Committee, the Exchange may suspend in whole or in part a Member's trading privileges for up to a period of one (1) year upon the occurrence of any of the following events:

          (a) a Member's failure to pay any fees, levies or charges as contemplated under Rule 2.12;
          (b) a Member's application for Membership contains material errors or omissions or is misleading in a material respect;
          (c) a Member fails to satisfy the Exchange that it meets such financial requirements, licensing, risk management or other material obligations as required under this Rules or by the Exchange from time to time; or
          (d) if, in the Exchange's opinion, it is necessary or desirable to protect the financial integrity, reputation or interest of the Markets or to promote the operation of a fair, orderly and transparent market.

        • 2.15.3 Termination of Membership

          The Exchange shall have the power to terminate any Membership upon the occurrence of any of the following events:

          (a) upon the death, mental incapacity, bankruptcy or filing of a bankruptcy petition by any individual Trading Member;
          (b) if a corporate Member becomes insolvent or calls a meeting of its creditors, or enters into an arrangement or composition under insolvency laws or suffers winding up, dissolution or other similar event;
          (c) revocation of a licence by the Relevant Regulatory Authority with respect to the Member's engagement in any Regulated Activity; or
          (d) in the case of a Bank Trading Member, revocation of its licence under the Banking Act or removal of its exemption from holding a CMS licence under the Act.

          Amended on 25 August 2009, 16 July 2012 and 1 April 2014.

        • 2.15.4 Effect of Suspension or Termination

          In the event of suspension or termination of trading privileges, the Exchange may direct the affected Member to Close Out any Open Positions or take such other steps that the Exchange deems fit for the protection of Customers or the maintenance of a fair, orderly and transparent market. The affected Member shall cooperate fully with the Exchange with respect to such directions. A suspension or termination of trading privileges does not in any way affect the liabilities of the Member to the Exchange and other Members and all such liabilities shall subsist until satisfied or discharged.

        • 2.15.5 Accrued Obligations Survive

          A Member which ceases to be a Member shall remain subject to this Rules and to the jurisdiction of the Exchange in respect of acts and omissions while it was a Member and in respect of any investigation or disciplinary proceedings relating thereto (including the application of any Sanction imposed) as if it was a Member.

        • 2.15.6 Exchange to Inform Clearing House

          The Exchange shall promptly inform the Clearing House of the resignation, termination or suspension, as well as of the lifting of such suspension, of the Membership of any Member.