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
11.5 No-Cancellation Range
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

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  • 11.5 No-Cancellation Range

    • 11.5.1

      A no-cancellation range will be applied to all securities and futures contracts, excluding bonds, as set out in this Rule 11.5.

      Added on 3 June 2019.

    • 11.5.2

      Subject to Rule 11.4.1, SGX-ST will not review an Error Trade referred to it by a Trading Member if the Error Trade falls at or within the upper and lower limits of the applicable no-cancellation range.

      Added on 3 June 2019.

    • 11.5.3

      Notwithstanding Rule 11.5.1, SGX-ST reserves the right to apply or remove a no-cancellation range.

      Added on 3 June 2019.

    • 11.5.4

      For structured warrants:

      (a) The no-cancellation range will be the wider of the following:
      (i) a lower limit of 20 minimum bid sizes less than the Reference Price, and an upper limit of 20 minimum bid sizes higher than the Reference Price; or
      (ii) a lower limit of 75% of the Reference Price, and an upper limit of 125% of the Reference Price.
      (b) The Reference Price of the no-cancellation range for structured warrants will be determined as follows:
      (i) the average of the last quoted bid price and the last quoted offer price for the structured warrant immediately preceding the Error Trade; or
      (ii) the average of the market prices as quoted by at least three Designated Market-Makers of structured warrants. The Designated Market-Makers will be selected randomly by SGX-ST, but will not include any Designated Market-Maker who is involved in the Error Trade that is under review.
      (c) Where SGX-ST is of the view that no appropriate or reliable Reference Price is available, SGX-ST will not establish a no-cancellation range for that Error Trade.

      Added on 3 June 2019.

    • 11.5.5

      For all other securities or futures contracts, excluding bonds:

      (a) The no-cancellation range will be determined as the wider of the following:
      (i) a lower limit of 20 minimum bid sizes less than the Reference Price, and an upper limit of 20 minimum bid sizes higher than the Reference Price; or
      (ii) a lower limit of 95% of the Reference Price, and an upper limit of 105% of the Reference Price.
      (b) Subject to Rule 11.5.5(c), the Reference Price of the no-cancellation range for the security or futures contract will be the price of the last good trade.
      (c) SGX-ST may, in its discretion, use an alternative price as the Reference Price for the no-cancellation range if:
      (i) the price of the last good trade is not available; or
      (ii) SGX-ST deems the price of the last good trade to be unreliable or inappropriate as a Reference Price.
      (d) Where SGX-ST is of the view that no appropriate or reliable Reference Price is available, SGX-ST will not establish a no-cancellation range for that Error Trade.

      Refer to Practice Note 11.5.5(c).

      Added on 3 June 2019.