11.3 Procedures for Cancellation
When an Error Trade occurs:(a) the Trading Member that caused the Error Trade must:(i) inform SGX-ST of the Error Trade by telephone within 30 minutes from the time the Error Trade took place; and(ii) without delay contact the counterparty Trading Member and seek its agreement to cancel the Error Trade; and(b) both Trading Members must take all necessary steps to minimise any likely market impact caused by the Error Trade.
In the event that the Trading Members mutually agree to cancel an Error Trade:(a) the Trading Member that caused the Error Trade must inform SGX-ST of the agreement without delay; and(b) both Trading Members must submit the necessary trade cancellation request forms to SGX-ST.
In the event that the Trading Members cannot mutually agree to cancel an Error Trade, the Trading Member that caused the Error Trade may, provided that the procedures in Rule 11.3.1 have been complied with, request SGX-ST to review the Error Trade. Save as provided in Rules 11.3.6 and 11.4.1, SGX-ST will not review an Error Trade if the procedures in Rule 11.3.1 have not been complied with.
In making the request to SGX-ST to review an Error Trade, the following procedures shall apply:(a) the matter must be referred to SGX-ST within 60 minutes from the time the Error Trade occurred or before 18:00 hours on the day that the Error Trade occurred, whichever is earlier; and(b) the Trading Member that caused the Error Trade must notify the counterparty Trading Member that it has referred the matter to SGX-ST.
The requesting Trading Member must pay a trade review fee of S$1,000 for each referral accepted for review by SGX-ST, regardless of the outcome of the review.
11.3.6(a) the total number of Error Trades referred to SGX-ST;(b) the complexity of the circumstances surrounding the Error Trade; or(c) any other relevant factors.
Refer to Practice Note 11.3.