Rulebooks: Contents

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
Regulatory Notices to CDP Clearing Rules
Practice Notes
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
Rule Amendments

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  • 3.7A Relationship Between Clearing Member and Trading Member

    • 3.7A.1 Settlement Timelines

      Unless the Trading Member has in place arrangements to settle Exchange Trades with its Clearing Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Clearing Member must make payment (whether of sale proceeds, Cash Settlement Amounts, corporate action entitlements or compensation for corporate action entitlements) or deliver securities to a Trading Member in respect of any Exchange Trade, by such time as to enable payment or delivery by the Trading Member to the Trading Member's customers within any timelines specified in the SGX-ST Rules, save that a Clearing Member may:

      (1) withhold payment of sale proceeds to a selling Trading Member until the selling Trading Member has made delivery of securities; and
      (2) withhold delivery of securities or the payment of any Cash Settlement Amount, corporate action entitlements or compensation for corporate action entitlements to a buying Trading Member until payment by the buying Trading Member has been received.

      Added on 10 December 2018.

    • 3.7A.2 Force Sale

      Subject to Rules 3.7A.3 and 3.7A.4, if a buying Trading Member fails to meet any of the timelines set out in the SGX-ST Rules for payment to its Clearing Member, the Clearing Member shall force-sell the securities of the buying Trading Member on the following Market Day.

      Added on 10 December 2018.

    • 3.7A.3

      Rule 3.7A.2 does not apply if the Clearing Member has allowed the buying Trading Member to effect a corresponding sale position after the purchase but not later than the Intended Settlement Day of the Exchange Trade for such purchase.

      Added on 10 December 2018.

    • 3.7A.4

      If the Clearing Member reasonably expects full payment from the buying Trading Member, the Clearing Member may defer force-sale for up to two Market Days.

      Added on 10 December 2018.

    • 3.7A.5

      A Clearing Member exercising its discretion under Rule 3.7A.4 must not engage in imprudent credit practices.

      Added on 10 December 2018.

    • 3.7A.6

      The following rules apply to all force-sales by a Clearing Member:

      (1) The Clearing Member has discretion as to the price and volume put up for sale, at any time;
      (2) The Clearing Member need not give notice of the force-sale to the Trading Member;
      (3) The Clearing Member is not liable to the Trading Member for any loss or damage arising out of the exercise of its discretion; and
      (4) The Clearing Member may recover the losses and expenses incurred in the force-sale from the Trading Member.

      Added on 10 December 2018.

    • 3.7A.7

      A Clearing Member shall, if informed by CDP that a right to receive securities pursuant to an Exchange Trade is to be cash settled, immediately inform the relevant buying Trading Member.

      Added on 10 December 2018.