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



  • Chapter 13 Definitions and Interpretation

    • 13.1 Definitions

      The following terms have the following meanings unless the context requires otherwise:

      Term Meaning
      A
      "acceptable collateral" The meaning ascribed to it in Regulation 24(6) of the SFR (Financial and Margin Requirements).
      "Accredited Investor" The meaning ascribed to it in the Securities and Futures Act.
      "Adjust Phase" The trading phase as described in Regulatory Notice 8.2.1.
      "adjusted net head office funds" The meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
      "aggregate indebtedness" The meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
      "aggregate resources"
      (1) In the case of a Trading Member incorporated in Singapore, this means the sum of its financial resources (including qualifying letters of credit referred to in Rule 3.5.6) less its total risk requirement; and
      (2) In the case of a Trading Member incorporated outside Singapore that holds a Capital Markets Services Licence, this means the sum of its adjusted net head office funds (including qualifying letters of credit referred to in Rule 3.5.6) less its total risk requirement.
      "American Depository Receipt" A U.S. product that represents ownership of shares in an organisation.
      "Appeals Committee" The appeals committee appointed by the SGX RegCo Board to exercise the powers in Chapter 12.
      "Approval Conditions" Any condition or restriction to which SGX-ST subjects an approval of an application to be a Trading Member, and includes any condition or restriction imposed under Rule 2.2.4.
      "Associated Corporation" Any body corporate formed in or out of Singapore in which a Trading Member and its related corporations hold directly or indirectly a beneficial interest of not less than 20% of the issued share capital.
      "Authority" The Monetary Authority of Singapore or other body responsible for the administration of the Securities and Futures Act.
      "average aggregate resources" The average of the aggregate resources on the last day of each of the three months preceding the previous month.
      B
      "banking day" The meaning ascribed to it under Rules 9.4.2 and 9.6.3.
      "base capital"
      (1) in the case of a Trading Member that holds a Capital Markets Services Licence, the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
      (2) in the case of a Remote Trading Member, this means the sum of its paid-up ordinary share capital and unappropriated profit or loss.
      "Board" Board of Directors of SGX-ST.
      "broker-linked balance" A sub-balance, in a Securities Account maintained directly with CDP, that is linked to a Trading Member and gives the Trading Member such control and rights over the securities contained in the sub-balance as CDP shall specify.
      "buying-in market" The market operated by SGX-ST for the sale and purchase of securities to be bought-in by CDP pursuant to the Clearing Rules.
      C
      "Capital Markets Services Licence" The meaning ascribed to it in the Securities and Futures Act.
      "Cash Settlement Amount" The meaning ascribed to it in Rule 9.6.2.
      "CDP" The Central Depository (Pte) Limited.
      "CDP Settlement Facility" The settlement facility operated by CDP for settlement pursuant to the CDP Settlement Rules.
      "CDP Settlement Rules" CDP Settlement Rules as the same may be amended, modified, supplemented or replaced from time to time.
      "Chief Executive Officer" The meaning ascribed to it in the Securities and Futures Act.
      "Circuit Breaker" In relation to a security or futures contract, such maximum allowable price advance or decline from a reference price for the security or futures contract during the trading phase. The maximum allowable price advance or decline from a reference price and the reference price shall be determined by SGX-ST.
      "Clearing Member" A Clearing Member in accordance with the Clearing Rules.
      "Clearing Rules" CDP Clearing Rules as the same may be amended, modified, supplemented or replaced from time to time.
      "Closing Auction Price" In relation to a security on a Market Day, refers to the single price at which orders were matched at the end of the closing routine, as described in Regulatory Notice 8.2.1, for that security on that day.
      "collective investment scheme" The meaning ascribed to it in the Securities and Futures Act.
      "common banking day" The meaning ascribed to it under Rule 9.2.3.
      "Companies Act" Companies Act, Chapter 50 of Singapore.
      "Connected Person" The meaning ascribed to it in the Securities and Futures Act.
      "Constitution" The meaning ascribed to it in the Companies Act.
      "Contract Specifications" The commercial and technical terms of a Marginable Futures Contract, including the contract size, contract month, underlying security, Last Trading Day and settlement basis. Unless otherwise stated, Contract Specifications are not subject to the rule amendment procedures specified under the Securities and Futures Act.
      "Cooling-Off Period" A period prescribed by SGX-ST during which trading in a particular securities or futures contract will be restricted in a manner prescribed by SGX-ST.
      "Corporation" The meaning ascribed to it in the Companies Act.
      "customer" A person whose account is carried on the books of a Trading Member except where such person is the Trading Member itself with respect to the Trading Member's proprietary account.
      D
      "Dealer" A Trading Representative who is employed by a Trading Member or its group of companies to deal in capital markets products.
      "Depository Agent" An entity registered as a Depository Agent with CDP for the purpose of maintaining sub-accounts for its own account and for the account of others.
      "derivatives contracts" The meaning ascribed to it in the Securities and Futures Act.
      "Designated Instrument" The meaning ascribed to it in Rule 8.11.1.
      "Designated Market-Maker" A market-maker registered with SGX-ST.
      "Direct Business" A trade in any security or futures contract listed or quoted on SGX-ST that is executed outside the Trading System, in accordance with the minimum size or value and other procedures prescribed by SGX-ST.
      "Directive" A binding notice directing Trading Members and/or other Registered Persons to take corrective or other actions in the interests of a fair, orderly and transparent market or to address investor protection concerns, as the same may be amended, modified, supplemented or replaced from time to time.
      "Direct Market Access" Direct access to the Trading System, via an SGX-ST provided or SGX-ST approved order management system through which orders are routed to the Trading System. Direct access does not include Internet Trading.
      "Director" The meaning ascribed to it in the Companies Act.
      "Disciplinary Committee" The disciplinary committee appointed by the SGX RegCo Board to exercise the powers in Chapter 12.
      E
      "Error Trade" The meaning ascribed to it in Rule 11.2.1.
      "Expert Investor" The meaning ascribed to it in the Securities and Futures Act.
      F
      "financial resources" The meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
      "Force Key" The meaning ascribed to it in Regulatory Notice 11.4.2(g).
      "futures contract" The meaning ascribed to it in the Securities and Futures Act.
      G
      "GlobalQuote" A quotation board operated by SGX-ST.
      I
      "Institutional Investor" The meaning ascribed to it in the Securities and Futures Act.
      "Intended Settlement Day" In relation to a trade that is executed on the Trading System or reported to SGX-ST, the day on which the trade is first due for settlement.
      "Internet Trading" Trading access to SGX-ST through internet broking services provided by a Trading Member.
      "irredeemable and non-cumulative preference share capital" The meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
      "Issuer" An entity or a trust that is quoted or listed on SGX-ST.
      L
      "Last Trading Day" The last day on which a Marginable Futures Contract may be traded prior to its expiration.
      M
      "main balance" The balance in a Securities Account maintained directly with CDP that is not a broker-linked balance.
      "Manager" A manager appointed by SGX-ST pursuant to Rule 2.22.4(c).
      "Marginable Futures Contract" A futures contract approved for listing on SGX-ST and that is subject to margin requirements.
      "Market Day" A day on which SGX-ST is open for trading in securities or futures contracts.
      N
      "net head office funds" The meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
      "Non-Listed Security" Refers to any security that is not listed on SGX-ST but is approved by SGX-ST for quotation and trading and includes:
      (a) a security listed on an overseas exchange; or
      (b) Singapore government securities.
      O
      "Officer" The meaning ascribed to it in the Companies Act.
      "organised market" The meaning ascribed to it in the Securities and Futures Act.
      P
      "Position Account" The same meaning ascribed to it in the Clearing Rules.
      "Practice Notes" Guidelines that seek to explain the application and interpretation of a Rule, as the same may be amended, modified, supplemented or replaced from time to time.
      "Prescribed Instrument" The meaning ascribed to it in Rule 8.3.1.
      "Prescribed Person" The meaning ascribed to it in Rule 5.7.2.
      "product financing" The meaning ascribed to it in the Securities and Futures Act.
      Q
      "qualification" The guarantee of a Clearing Member to accept liability for all contracts executed on SGX-ST by a Trading Member that it has qualified.
      "qualifying subordinated loan" The meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
      R
      "RBC Notice" Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences [Notice No. SFA 04-N13] issued by the Authority.
      "ready market" The established principal market operated by SGX-ST wherein bona fide buy and sell orders for securities are made that allow for price discovery and where trade settlement is made within a reasonable period of time.
      "recognised group A securities exchange" An overseas securities exchange regulated by a financial services regulatory authority of a country or territory specified in Table 4 of the Fourth Schedule of the SFR (Financial and Margin Requirements).
      "Registered Person" Each of the Trading Members, Designated Market-Makers and their market-making representatives, Chief Executive Officers of Trading Members and Trading Representatives registered by SGX-ST in accordance with the Rules.
      "Regulatory Notice" A binding notice issued by SGX-ST on regulatory matters regarding the organised markets operated by SGX-ST, as the same may be amended, modified, supplemented or replaced from time to time.
      "Relevant Regulatory Authority"
      (a) An authority or regulatory body that regulates a Trading Member's or its Trading Representatives' activities in the country where it is carrying on such activities and from which it has applied for membership or registration with SGX-ST; and
      (b) where the Trading Member or its Trading Representatives are carrying on regulated activities in Singapore, the Authority.
      "Remisier" A Trading Representative who has an agency arrangement with a Trading Member that holds a Capital Markets Services Licence for any regulated activity in Singapore that it engages in.
      "Remote Trading Member" A Trading Member referred to under Rule 2.1.2.
      "Rules" SGX-ST Rules, including Directives and Regulatory Notices, and excluding Practice Notes or any notes or other annotations to the SGX-ST Rules, as the same may be amended, modified, supplemented or replaced from time to time.
      S
      "securities"
      (a) shares, units in a business trust or any instrument conferring or representing a legal or beneficial ownership interest in a corporation, partnership or limited liability partnership;
      (b) debentures;
      (c) units in a collective investment scheme;
      (d) derivative contracts that are not futures contracts and of which the underlying instrument or any of the underlying instruments are any of the instruments set out in (a), (b) or (c) or an index on any of those instruments; or
      (e) any other product or class of products as SGX-ST or CDP may prescribe;

      whether or not they are classified as "securities" under the SFA, but excludes:

      (i) bills of exchange;
      (ii) certificates of deposit issued by a bank or finance company, whether situated in Singapore or elsewhere; or
      (iii) any product or class of products as SGX-ST or CDP may prescribe.

      For the avoidance of doubt, "securities" include (but are not limited to) warrants, transferrable subscription rights, options to subscribe for stocks or shares, convertibles, depository receipts and exchange traded funds.

      "Securities Account" In relation to any person, an account maintained directly with CDP or through a Depository Agent or the Central Provident Fund Board for holding securities for on behalf of that person.
      "Securities and Futures Act" or "SFA" Securities and Futures Act, Chapter 289, or any statutory modification, amendment or re-enactment thereof for the time being in force, or any statute that may replace it, and unless the context otherwise requires, includes any subsidiary legislation or regulations made pursuant thereto.
      "Settlement Committee" The committee referred to in Rule 8.12.3.
      "SFR (Financial and Margin Requirements)" Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations or any statutory modification, amendment or re-enactment thereof for the time being in force, or any regulations that may replace it.
      "SFR (Licensing and Conduct of Business)" Securities and Futures (Licensing and Conduct of Business) Regulations or any statutory modification, amendment or re-enactment thereof for the time being in force, or any regulations that may replace it.
      "SGX" Singapore Exchange Limited.
      "SGX Catalist" The Catalist Board operated by SGX-ST.
      "SGX-DT" Singapore Exchange Derivatives Trading Limited.
      "SGX Mainboard" SGX-ST Mainboard.
      "SGX RegCo" Singapore Exchange Regulation Pte. Ltd.
      "SGX RegCo Board" Board of directors of SGX RegCo.
      "SGX-ST" Singapore Exchange Securities Trading Limited.
      "SGX-ST approved order management system" An order management system that has passed conformance testing and meets appropriate technical specifications as required by SGX-ST.
      "Short Sell Order" The meaning ascribed to it in Rule 8.7.3.
      "Specified Capital Markets Products" The meaning ascribed to it in Rule 8.7.3.
      "Specified Instruments" Securities or futures contracts that SGX-ST prescribes for trading by a Designated Market-Maker.
      "Specified Product" The meaning ascribed to it in the Securities and Futures Act.
      "Sponsored Access" A form of Direct Market Access in which a Trading Member permits its customer and any other persons to use its member ID to transmit orders for execution directly to SGX-ST without using the Trading Member's infrastructure.
      "Stock Account" The Securities Account maintained by a Trading Member to house its proprietary securities.
      T
      "total risk requirement" The meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
      "Trade at Close" A trade executed in the trade at close trading phase as described in Regulatory Notice 8.2.1.
      "Trading Account" An account used for sending orders to the Trading System through an SGX-ST provided or SGX-ST approved order management system.
      "Trading Member" An entity that has been approved as Trading Member in accordance with the Rules.
      "Trading Representative" A person who is employed by or acts for or by arrangement with a Trading Member to deal in capital markets products on SGX-ST.
      "Trading System" Any electronic trading system for the automatic matching of orders designated and approved by SGX-ST for transactions on SGX-ST.
      U
      "unit share market" The securities market operated by SGX-ST in which an order may be matched in any quantity of less than one board lot.

      Added on 3 June 2019 and 3 June 2019.

    • 13.2 Interpretation

      • 13.2.1

        Unless the context requires otherwise:

        (a) terms not defined in the Rules have the same meaning as in the Securities and Futures Act or the Companies Act;
        (b) a reference to any Singapore statute or statutory provision is to that statute or provision as so modified, amended or re-enacted or contained in any subsequent Act or regulations. A reference to a Singapore statute shall include the regulations, notices, directives, orders, guidelines, circulars and codes issued thereunder;
        (c) the singular includes the plural and vice versa;
        (d) a reference to currency, whether in word or symbol, is to Singapore dollar;
        (e) a reference to a day is to a calendar day;
        (f) a reference to a time of day is a reference to Singapore time; and
        (g) any word signifying any gender shall include all genders.

        Added on 3 June 2019.

      • 13.2.2

        Notwithstanding anything to the contrary, any reference in the Rules to "discretion" shall be construed to refer to SGX-ST's "sole and absolute discretion"; any determination to be made by the SGX-ST or any exercise by the SGX-ST of any rights or entitlement may be made at the SGX-ST's sole and absolute discretion and, in every case, shall be conclusive and binding. The word "includes" or "including" as used in the Rules shall be construed to mean "includes without limitation" or, as the case may be, "including without limitation".

        Added on 3 June 2019.