For transactions in Marginable Futures Contracts between 2 SGX-ST Trading Members which are reported to SGX-ST pursuant to the SGX-ST Rules on "Direct Business", novation under Rules 6.2.1(1)–(3) only takes place when payment of the Clearing Member Required Margins has been confirmed by both settlement bank(s) of the Clearing Members, as a result of the first margin call.

Added on 23 January 200923 January 2009.