Whole Section

  • 19.8 Management of Positions

    • 19.8.1

      A Trading Member must immediately notify SGX-ST of the details of any account carried on its books that exceeds the monitoring thresholds on positions that have not been offset, as prescribed by SGX-ST from time to time. Such monitoring thresholds may be imposed on any account or any single customer, and may include any one or a combination of the following:—

      (1) maximum number of lots of long positions that have not been offset, in gross or net, in any Marginable Futures Contract; and
      (2) maximum number of lots of short positions that have not been offset, in gross or net, in any Marginable Futures Contract.

      "single customer" in this Rule 19.8 shall have the meaning ascribed to it in Rule 11.7.5.

    • 19.8.2

      SGX-ST shall, in the interest of maintaining a fair, orderly and transparent market, monitor the total number of positions that have not been offset, of all accounts opened with all Trading Members in any Marginable Futures Contract on either side (long or short), or both sides of the market, and where appropriate, take action under Rule 19.8.3.

    • 19.8.3

      To reduce a Trading Member's risk exposure in trading and dealing in any Marginable Futures Contracts, or for the purpose of maintaining a fair, orderly and transparent market, SGX-ST shall have the right to impose on the Trading Member such measures as it deems necessary or desirable. The Trading Member must comply with all measures which are imposed by SGX-ST. These may include:—

      (1) additional margin requirements; and
      (2) offsetting existing positions.
    • 19.8.4

      In determining the monitoring thresholds prescribed under Rules 19.8.1 and 19.8.2, and the risk management measures prescribed under Rule 19.8.3, SGX-ST may consider the following factors:—

      (1) matters relating to any position, including the number of issued shares, free float, liquidity or volatility of the underlying;
      (2) the financial position of the Trading Member;
      (3) the Trading Member's credit exposure to a single customer; and
      (4) any such other factors that SGX-ST deems necessary to maintain a fair, orderly and transparent market.
    • 19.8.5

      In computing positions that have not been offset for the purpose of Rule 19.8, the positions of all accounts directly or indirectly owned or controlled by a person or persons, and the positions of all accounts of any person or persons acting in concert and the positions of all accounts in which a person or persons have a proprietary or beneficial interest, shall be accumulated and deemed to be the positions of each of such persons as if each owned or controlled all the aggregate positions individually.