1.1
In these DVP Rules, unless there is something in the subject or context inconsistent therewith:—
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
| Term | Meaning |
| A | |
| "Act" | means the Companies Act, Cap. 50 and any amendment, modification and re-enactment thereof; |
| "adjustment of daily balances" | means the process in CDP Systems whereby the total net debit or net credit balance are automatically adjusted for settlement of matched and validated transactions; |
| "advance affirmation" | [Rule has been deleted.] |
| "affirmed transactions" | [Rule has been deleted.] |
| "Authorised Signatory" | means a person authorised by the Participant for the purposes of Rule 21.3.1; |
| B | |
| "Bank" | means a Bank within the definition of Section 2 of the Banking Act, Cap 19 and any amendment, modification and re-enactment thereof; |
| "Block Trade" | has the meaning ascribed to it in Rule 13.2.1; |
| "Block Trade Value" | has the meaning ascribed to it in Rule 13.3.1; |
| "buying Principal" | [Rule has been deleted.] |
| C | |
| "CDP" | means The Central Depository (Pte) Limited; |
| "CDP Systems" | means the systems operated and maintained by or on behalf of CDP for the purpose of, inter alia, earmarking securities, Net Debit Cap adjustment and settlement of securities; |
| "Circular" | means a binding notice issued by CDP regarding regulatory and non-regulatory matters pertaining to Participants. |
| "Clearing Account" | [Rule has been deleted.] |
| "Clearing Bank" | means a bank appointed by CDP to: (a) guarantee the payment of and indemnify CDP against the non-payment of the Net-Net Debit Balance of a Settlement Bank on any Settlement Day in accordance with these DVP Rules; and (b) function as the paying and collecting agent for a Principal pursuant to Rule 11.7.2, and includes any substitute or additional banks appointed by CDP from time to time; |
| "Clearing Bank Deed" | means the Clearing Bank Deed of Guarantee and Indemnity entered into between CDP and the Clearing Bank pursuant to which the Clearing Bank undertakes, inter alia, to guarantee the payment of and indemnify CDP against the non-payment of the Net-Net Debit Balances of the Settlement Banks who have a Net-Net Debit Balance on any Settlement Day and to pay the Net-Net Credit Balances to the Settlement Banks who have a Net-Net Credit Balance on any Settlement Day and any amendment or supplement to the same entered into from time to time; |
| "Clearing Member" | means a Clearing Member of CDP as defined in the CDP Clearing Rules; |
| "Common Banking Day" | in relation to settlement in a foreign currency means a day on which CDP is open for business and both the central bank in Singapore and the central bank for that foreign currency are open for settlement. |
| "Cut-off Time for DVP Validation" | shall be the time as specified in the Timetable or as otherwise prescribed by CDP; |
| D | |
| "day" | means calendar day; |
| "defaulting Principal" | has the meaning ascribed to it in Rule 8.7.2; |
| "defaulting SB" | has the meaning ascribed to it in Rule 11.2.1; |
| "Default Notice" | has the meaning ascribed to it in Rule 8.7.1; |
| "delivery instruction" | means an instruction to deliver securities from the Designated Securities Account via DVP settlement; |
| "delivering Principal" | means a Principal who has submitted a delivery instruction; |
| "Depository Agent" or "DA" | has the meaning ascribed to it in the Act; |
| "DA Termination Notice" | has the meaning ascribed to it in Rule 4.5.1; |
| "Designated Securities Account" | has the meaning ascribed to it Rule 3.2.5. For the avoidance of doubt, the term "Designated Securities Account" shall include a sub-account maintained with a DA; |
| "Directives" | means binding notices directing Participants to take corrective or other actions in light of investor protection concerns; |
| "due date" | [Rule has been deleted.] |
| "DVP-FB" | [Rule has been deleted.] |
| "DVP instruction" | means an instruction submitted by a Clearing Member, a receiving Principal or a delivering Principal for DVP Settlement and shall include a DVPT Instruction and FDVP Instruction; |
| "DVP Payment Cut-off Time" | [Rule has been deleted.] |
| "DVP Procedures Handbook" | means the handbook issued by CDP prescribing the operational procedures for DVP Settlement (as the same may be varied, amended or supplemented from time to time); |
| "DVP Rules" | means the rules as set out herein (as the same may be varied, amended or supplemented from time to time), and includes the DVP Procedures Handbook; |
| "DVP Settlement" | means the system and process of settlement of transactions whereby CDP ensures that payment is made against the transfer of securities, details of which are given in the DVP Procedures Handbook; |
| "DVP transaction" | means a DVPT transaction and/or a FDVP transaction; |
| "DVP Validation" | means the process in CDP Systems of validating matched DVP instructions, comprising the adjustment of daily balances and where applicable, earmarking of securities; |
| "DVPT instruction" | means an instruction submitted by a Clearing Member, a receiving Principal or a delivering Principal to settle trades executed on SGX-ST via DVP Settlement and such instruction shall correspond to the actual trade executed by the Trading Member on SGX-ST for the same or lesser quantity of securities; |
| "DVPT transaction" | means a trade executed on SGX-ST that is to be settled via DVP Settlement and for which DVPT instructions have been submitted, matched and validated; |
| E | |
| "Eligible Person" | means a person who is eligible to apply for admission as Principal as enumerated in Rule 2.2.1; |
| F | |
| "FDVP instruction" | means an instruction submitted by a receiving Principal or delivering Principal for the transfer of securities between sub-accounts via DVP Settlement; |
| "FDVP transaction" | means the transfer of securities between sub-accounts that is to be settled via DVP Settlement and for which FDVP instructions have been submitted, matched and validated; |
| "foreign broker sub account" | [Rule has been deleted.] |
| G | |
| "Guaranteed Value" | has the meaning ascribed to it in Rule 8.6.3; |
| I | |
| "IDAS" | [Rule has been deleted.] |
| "Interbroker Settlement System" | means the clearing and settlement system maintained by CDP for the clearance and settlement of Clearing Members' money obligations in respect of transactions effected on the SGX-ST; |
| L | |
| "Letter of Guarantee and Indemnity" | means the letter of guarantee and Indemnity issued in favour of CDP from the Settlement Bank in the form as set out in Annex AAnnex A of these DVP Rules or from the Clearing Bank in the form as set out in Annex BAnnex B of these DVP Rules; |
| M | |
| "matched" or "matching" | means the process in PSMS where an instruction submitted by a Clearing Member or Principal is paired with the corresponding instruction of a Clearing Member or Principal which is acting for or is the counterparty; |
| "matched and validated in advance" or "matching and validating in advance" on any Settlement Day | means (a) matching of corresponding instructions; and (b) adjusting the Principal's daily balances for a transaction that is not yet due for DVP Settlement on that Settlement Day; and (c) where applicable, earmarking the corresponding securities; |
| "matched and validated transaction" on any Settlement Day | means a transaction where (a) the corresponding instructions have been matched; and (b) the Principal's daily balances have been adjusted for DVP Settlement on that Settlement Day, and (c) where applicable, the corresponding number of securities have been earmarked; |
| "Member Company" | [Rule has been deleted.] |
| N | |
| "Net Credit Balance" | has the meaning ascribed to it in Rules 3.3.1 and 7.2.3; |
| "Net Debit Balance" | has the meaning ascribed to it in Rules 3.3.1 and 7.2.3; |
| "Net-Net Credit Balance" | has the meaning ascribed to it in Rules 8.2.1 and 8.3.3; |
| "Net-Net Debit Balance" | has the meaning ascribed to it in Rules 8.2.1 and 8.3.3; |
| P | |
| "Participant" | means the persons referred to in Rule 2.1.1; |
| "Practice Note" | means non-binding guidelines that seek to explain the application and interpretation of any of these DVP Rules; |
| "prescribed form" | means the forms as set out herein in the DVP Procedures Handbook |
| Q | |
| "qualifying Clearing Member" | means a Clearing Member who qualifies a Trading Member pursuant to Rule 3.9 of the CDP Clearing Rules; |
| R | |
| "receiving instruction" | means an instruction to receive securities in the Designated Securities Account via DVP settlement; |
| "receiving Principal" | means a Principal who has submitted a receiving instruction; |
| "Regulatory Notices" | means binding notices issued by CDP regarding regulatory matters pertaining to Participants; |
| S | |
| "SB Default Notice" | has the meaning ascribed to it in Rule 11.1.1 |
| "SB Net Debit Cap" | in relation to a Settlement Bank, has the meaning ascribed to it in Rule 10.3; |
| "SB Termination Notice" | has the meaning ascribed to it in Rule 11.4.1; |
| "securities" | means: (a) shares, units in a business trust, or any instrument conferring or representing a legal or beneficial ownership interest in a corporation, partnership, or limited liability partnership; (b) debentures; (c) units in a collective investment scheme; (d) derivative contracts (as defined in the Act) that are not futures contracts and of which the underlying instrument or any of the underlying instruments are any of the instruments set out in (a), (b) or (c) or an index on any of those instruments; or (e) any other product or class of products as SGX-ST or CDP may prescribe; whether or not they are classified as "securities" under the Act, but excludes: (i) bills of exchange; (ii) certificates of deposit issued by a bank or finance company, whether situated in Singapore or elsewhere; or (iii) any product or class of products as SGX-ST or CDP may prescribe. For the avoidance of doubt, "securities" include (but are not limited to) warrants, transferrable subscription rights, options to subscribe for stocks or shares, convertibles, depository receipts and exchange traded funds. |
| "selling Principal" | [Rule has been deleted.] |
| "SGX-ST" | means the Singapore Exchange-Securities Trading Limited; |
| "SGX-ST Rules" | means the Rules of the SGX-ST (as the same may be varied amended or supplemented from time to time); |
| "Settlement Bank" | means a Bank approved by CDP to be a paying and collecting agent for the Principal in respect of monies due and owing between CDP and the Principal in DVP Settlement; |
| "Settlement Day" | means a day on which DVP Settlement of a matched and validated transaction occurs; |
| "short Clearing Member" | means a Clearing Member who has failed to deliver securities on the Settlement Day; |
| T | |
| "Termination Notice" | has the meaning ascribed to it in Rule 8.8.1; |
| "Timetable" | has the meaning ascribed to it in Rule 5.1; |
| "total net balance" | has the meaning ascribed to it in Rule 7.5.2; |
| "Trading Member" | means an entity that has been approved as a Trading Member of SGX-ST in accordance with the SGX-ST Rules; |
| Z | |
| "Zero Sum" | [Rule has been deleted.] |
Amended on 25 February 201125 February 2011, 26 April 201326 April 2013 and 8 October 20188 October 2018.
1.1A.1
These DVP Rules are issued by CDP pursuant to the CDP Clearing Rules.
Added on 3 October 20093 October 2009.
1.2.1
Unless expressly provided to the contrary, the interpretation or application of or any other matter in connection with these DVP Rules (including, without limitation, Directives, Regulatory Notices, Practice Notes or other notification issued by CDP) shall be determined by CDP, whose decision shall be final and binding on all parties.
Amended on 3 October 20093 October 2009.
1.2.2
In the interpretation of a Rule, a construction that would promote the purpose or object underlying the Rules (whether the purpose is expressly stated in the Rules or not) is to be preferred to a construction that would not promote that purpose or object.
1.4.1
Headings are provided for ease of reference only and shall not affect the interpretation or construction of the provisions of these DVP Rules.
1.5.1
If these DVP Rules include an example of the operation of a Rule:
(a) the example is not taken to be exhaustive; and
(b) if the example is inconsistent with the Rule, the Rule prevails.
1.6.1
The order of precedence of the following instruments applicable to the CDP and Participants shall be (in descending order of precedence):
(1) Legislation;
(2) DVP Rules;
(3) Directives;
(4) Regulatory Notices;
(5) Circulars; and
(6) Practice Notes.
Amended on 3 October 20093 October 2009 and 26 April 201326 April 2013.
1.6.2
In the event of any conflict between the provisions of the aforesaid instruments, the provisions in an instrument with a higher level of precedence shall prevail over the provisions in an instrument with a lower level of precedence.
Added on 26 April 201326 April 2013.