2.21 Action against Defaulters
SGX-ST may declare a Trading Member to be a defaulter if, in its opinion, the Trading Member:(a) has failed, is unable or is unwilling, to fulfil its obligations to SGX-ST or its customers; or(b) is apparently insolvent, is or is presumed or deemed insolvent or unable to pay its debts.
A Trading Member that commits an act that may result in it being declared a defaulter under Rule 2.21.1 must inform SGX-ST immediately. A Trading Member against whom any such act is committed must also inform SGX-ST immediately.
A Trading Member's access to organised markets established or operated by SGX-ST will cease pursuant to Rule 2.20.1 if it is declared a defaulter. Such access may be reinstated by SGX-ST in its absolute discretion.
SGX-ST will notify all Trading Members of the declaration of default and the reinstatement (if applicable).
SGX-ST may allow an open transaction with a defaulter to be closed as SGX-ST directs.