6.7.4 Buying-In Procedures
(1) CDP shall schedule a time for commencement of buying-in and inform Clearing Members of the scheduled time via circular. On the day of buying-in, CDP shall, as far as practicable, by the scheduled time for commencement of buying-in, notify Clearing Members of the securities for buying-in via the SGX website or through such other medium as CDP may consider appropriate. CDP shall, at least 3 working days before changing the scheduled time for commencement of buying-in, inform Clearing Members of the details of such change via circular.
(1A) If CDP is of the opinion that, due to an emergency on a particular day, buying-in is unlikely to commence at the scheduled time, CDP shall, via circulars or such other medium as CDP may consider appropriate, inform Clearing Members of the following matters:
(a) that buying-in will not commence at the scheduled time; and
(b) when it can be determined, the estimated time at which the delayed buying-in will commence.
In any case where the commencement of buying-in is delayed, the delayed buying-in shall only commence at least 15 minutes after the original scheduled time.
(2) [Rule has been deleted.]
(3) [Rule has been deleted.]
(4) [Rule has been deleted.]
(5) The buying-in bid price, as determined by CDP, will be 2 minimum bids above the highest of the following:
(a) the closing price of the previous day;
(b) the reference transacted price,
(c) the reference bid price; and
(d) in respect of a trade in the buying-in market on the previous Market Day for which delivery failed, the transacted price of that trade.
For the purpose of this Rule, the reference transacted price and the reference bid price will be any of the last transacted prices and bid prices within the 1 hour preceding the commencement of buying-in, as determined by CDP.
(5A) Where necessary, CDP shall have the discretion to make adjustments to any of the prices described in 6.7.4(5) to cater for corporate actions on the particular security.
(6) [Rule has been deleted.]
(7) If the securities are not obtained after the commencement of buying-in, CDP shall have absolute discretion to raise the buying-in price bid by 2 minimum bids, as determined by SGX-ST, from the following, in order to facilitate the successful buying-in of the securities:
(a) the prevailing buying-in bid price;
(b) the transacted price in the ready market; or
(c) the bid price in the ready market,
at such time as determined by CDP, from time to time throughout the buying-in session until the securities are bought-in.
(8) Subject to Rule 6.7.12(1), i
f the securities to be bought-in are not bought-in on
the first day scheduled for buying-in
and unless the securities are withdrawn from buying-in or the short Clearing Member makes the securities available for delivery to CDP by such time as specified by CDP on the following Market Day
, the buying-in shall continue on the following Market Day with the buying-in bid price at the commencement of buying-in determined in accordance with 6.7.4(5) and 6.7.4(5A), and CDP shall have absolute discretion to raise the buying-in bid price after the commencement of buying-in in accordance with 6.7.4(7).
See Practice Note 6.7.2(1A), 6.7.4(8), 6.7.7A and 6.7.11.
(9) [Rule has been deleted.]
(10) [Rule has been deleted.]
(11) [Rule has been deleted.]
(12) [Rule has been deleted.]
Amended on 27 March 2007, 3 April 2008, 20 November 2009, 15 June 2011, 22 April 2013 and 10 December 2018.