Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
CDP Clearing Rules
Rule 1 — Application and Definitions
Rule 2 — Administration
Rule 3 — Membership
Rule 4 — Appointment of Chief Executive Officers and Directors
Rule 5 — Financial/Capital Requirements
Rule 5A — Position Accounts
Rule 6 — Clearing and Settlement between Clearing Members and CDP
Rule 6A — Margin Requirements
Rule 6B — Collateral
Rule 6C — Payments
Rule 7 — Clearing Fund
Rule 8 — Default Rules
Rule 9 — Suspension or Restriction of Clearing
Rule 10 — Liabilities
Rule 11 — Supervisory Rules
Rule 12 — Foreign Market Links
Rule 13 — General
Rule 14 — Transitional Provisions
Appendices
Regulatory Notices to CDP Clearing Rules
Practice Notes
Schedules
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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  • 7.9 Order of Application of Contributions

    • 7.9.1

      Subject to the provisions of Rule 7.9, payments out of the Clearing Fund shall be in the following order:—

      (1) firstly, against the Contributions made by the Defaulting Clearing Member;
      (2) secondly, against CDP Contributions;
      (3) thirdly, against the Collateralised Contributions required from all other non-Defaulting Clearing Members on a pro rata basis of each Clearing Member's required Collateralised Contribution to the aggregate required Collateralised Contributions made by all other non-Defaulting Clearing Members';
      (4) fourthly, against the Contingent Contributions required from all other non-Defaulting Clearing Members on a pro rata basis of each Clearing Member's required Contingent Contribution to the aggregate required Contingent Contributions made by all other non-Defaulting Clearing Members';
      (5) fifthly, against such policy(ies) of insurance (if any) as may be in effect at the time; and
      (6) lastly, against any other contributions to the Clearing Fund,

      (the "Order", and each stage thereof shall be referred to as a "Stage" of the Order or as a certain "Stage of the Order").

      Amended on 3 May 2011

    • 7.9.2

      Subject to Rule 7.9.2 and Rule 7.9.3, in any Relevant Period, the Order shall be followed irrespective of the number of drawings on the Clearing Fund. In such Relevant Period, in the event that a drawing on the Clearing Fund shall draw on part only of the funds available at any Stage under Rules 7.9.1(2) to (6) of the Order (the "Unexhausted Stage") (whether or not funds from a previous Stage or previous Stages have also been drawn upon for that drawing), the next drawing on the Clearing Fund in the Relevant Period shall, after exhausting the Contributions made by the Defaulting Clearing Member in the Stage under Rule 7.9.1(1), draw first from the remaining funds available at the Unexhausted Stage before drawing from the next Stage(s) of the Order.

      Amended on 3 May 2011

    • 7.9.3

      Once all the Stages of the Order have been exhausted in any Relevant Period, any current or subsequent drawing on the Clearing Fund in that Relevant Period shall revert to the strict sequence of the Order, provided always that:—

      (1) (subject to Rule 7.12) CDP shall not be required to top up the CDP Contribution, once paid out in full. Nothing in this Rule prevents CDP from topping up the CDP Contribution, in such amounts as CDP may determine, during any Relevant Period or upon commencement of a new Relevant Period; and
      (2) the policy(ies) of insurance (referred to in Rule 7.9.1(5)), once paid out in full in any Relevant Period, may have limitations on the time periods during which the insured amount, after having been fully paid out in that Relevant Period, will be next available for payment out of the Clearing Fund (whether in that Relevant Period or the next Relevant Period), and any such current or subsequent drawing will be subject to any terms and conditions of the policy(ies) of insurance.

      Amended on 3 May 2011

    • 7.9.4

      Upon the commencement of a new Relevant Period, regardless of the Stage of the Order from which the last payment out from the Clearing Fund was made in the previous Relevant Period, the first drawing on the Clearing Fund in the new Relevant Period shall revert to the first Stage of the Order in Rule 7.9.1(1) and the subsequent Stages of the Order shall follow accordingly, provided always that subject to Rule 7.12, CDP shall not be required to top up the CDP Contribution, once paid out in full. Nothing in this Rule prevents CDP from topping up the CDP Contribution, in such amounts as CDP may determine, during any Relevant Period or upon the commencement of a new Relevant Period.

      Amended on 3 May 2011

    • 7.9.5

      Notwithstanding Rule 7.9.1, CDP shall be entitled to draw upon its available lines of credit or other such liquidity resources available to CDP at any time for the purposes set out in Rule 7.8 in the event that there is any delay in obtaining payment from the Clearing Fund in any Stage of the Order, such delays arising for example, where the cash deposits of the Clearing Fund are placed in fixed deposit accounts and penalty charges may be incurred for the premature termination of the fixed deposit accounts or arising out of the realisation or disposal of the resources and assets of the Clearing Fund or delay in obtaining payment from the policies, guarantees or other facilities of the Clearing Fund or where CDP, in its absolute discretion, deems it advisable to draw upon its available lines of credit or other such liquidity resources available to CDP first.

      Amended on 3 May 2011

    • 7.9.6

      Where the CDP draws down on any lines of credit or other such liquidity resources available to CDP pursuant to Rule 7.9.5, CDP shall be entitled to be reimbursed for this amount and all costs in relation to drawing down such lines of credit or other such liquidity resources available to CDP from the moneys which are eventually obtained from any relevant Stage of the Order.

      Amended on 3 May 2011.