Rulebooks: Contents

Rulebooks
Mainboard Rules
Catalist Rules
SGX-ST Rules
Chapter 1 General
Chapter 2 Admission and Registration of Trading Members, Chief Executive Officers and Trading Representatives
Chapter 3 Capital and Financial Requirements
Chapter 4 Operational Requirements
Chapter 5 Trading Practices and Conduct
Chapter 6 Designated Market-Makers
Chapter 7 Listing and Quotation
Chapter 8 Trading
Chapter 9 Settlement
Chapter 10 Requirements on Specific Securities and Futures Contracts
Chapter 11 Cancellation of Contracts and Trades
Chapter 12 Supervision and Enforcement
Chapter 13 Definitions and Interpretation
Directives
Regulatory Notices
Practice Notes
Schedule A
CDP Clearing Rules
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

BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player



  • 9.6 Relationship Between Trading Member and Buying Customer

    • 9.6.1

      A buying customer must look only to its Trading Member, who executes the trade, in relation to all obligations in connection with that trade, including delivery of securities or in the case of deliverable futures contracts, the relevant underlying. A buying customer must pay its Trading Member who executes the trade.

      Added on 3 June 2019.

    • 9.6.2

      A Trading Member shall, if informed by CDP or its Clearing Member that a right to receive securities pursuant to an Exchange Trade is to be replaced with a right to receive a monetary sum ("Cash Settlement Amount") pursuant to the Clearing Rules, immediately inform the relevant buying customer.

      Added on 3 June 2019.

    • 9.6.3

      Unless a buying customer has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Trading Member must:

      (a) deliver securities to the buying customer on the same day that the securities are delivered by CDP; and.
      (b) make payment, of any Cash Settlement Amount, corporate action entitlements or compensation for corporate settlement entitlements pursuant to the Clearing Rules, to the buying customer, on the banking day after the day that CDP makes payment to the Trading Member, save that the Trading Member may withhold delivery of securities or the payment of any Cash Settlement Amount, corporate action entitlements or compensation for corporate action entitlements until payment by the buying customer has been cleared and the proceeds received by the Trading Member.

      In this Rule, "banking day" means a day on which the bank(s) used by the Trading Member for payment to its customer is(are) open for settlement.

      Added on 3 June 2019.

    • 9.6.4

      A buying customer must pay its Trading Member for its trade as follows:

      (a) In the case of a buying customer who has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the buying customer must:
      (i) submit delivery-versus-payment settlement instructions to CDP in time to make payment for the trade on Intended Settlement Day; and
      (ii) make payment for the trade when required by CDP under the CDP Settlement Rules.
      (b) In the case of any other buying customer, the buying customer must pay the Trading Member for its trade on Intended Settlement Day, regardless of whether securities have been delivered.

      Refer to Practice Note 9.6.4(b).

      Added on 3 June 2019.

    • 9.6.5

      Subject to Rule 9.6.6, if a buying customer fails to meet any of the timelines in Rule 9.6.4, the Trading Member shall force-sell the securities of the buying customer on the following Market Day.

      Added on 3 June 2019.

    • 9.6.6

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

      Added on 3 June 2019.

    • 9.6.7

      Rule 9.6.5 does not apply if the Trading Member has allowed the buying customer to effect a corresponding sale position after the purchase but not later than the Intended Settlement Day of the purchase contract.

      Added on 3 June 2019.

    • 9.6.8

      A Trading Member exercising its discretion under Rules 9.6.6 and 9.6.7 must not engage in imprudent credit practices.

      Added on 3 June 2019.

    • 9.6.9

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

      (a) The Trading Member has discretion as to the price, and volume put up for sale, at any time;
      (b) A Trading Member need not give notice of the force-sale to the buying customer;
      (c) A Trading Member is not liable to the buying customer for any loss or damage arising out of the exercise of its discretion; and
      (d) A Trading Member may recover the losses and expenses incurred in the force-sale from the buying customer.

      Added on 3 June 2019.