Whole Section

  • 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 20193 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 20193 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 20193 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 20193 June 2019.