SGX Rulebooks
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2.21.1

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.

Added on 3 June 20193 June 2019.

2.21.2

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.

Added on 3 June 20193 June 2019.

2.21.3

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.

Added on 3 June 20193 June 2019.

2.21.4

SGX-ST will notify all Trading Members of the declaration of default and the reinstatement (if applicable).

Added on 3 June 20193 June 2019.

2.21.5

SGX-ST may allow an open transaction with a defaulter to be closed as SGX-ST directs.

Added on 3 June 20193 June 2019.

2.21.6

Any action taken under this Rule 2.21 is in addition to any other action that SGX-ST is entitled to take against the Trading Member.

Added on 3 June 20193 June 2019.