In Rule 5.6.1, "exposure to a single customer" means:—
(1) in the case of securities
positions carried in a customer's account (other than a margin financing account)
carried on the books of the General Clearing Member:—
(a) for purchase contracts that remain unpaid:—
(i) where the securities purchased have not been delivered to the customer, the excess of the contracted price of the securities purchased by the single customer over the aggregate market value of the securities purchased and such other collateral held by the General Clearing Member less any amount due and payable by the General Clearing Member to him; and
(ii) where the securities purchased have been delivered to the customer, the excess of the contracted price of the securities purchased by the single customer over the aggregate market value of all his collateral held by the General Clearing Member less any amount due and payable by the General Clearing Member to him;
(b) for sale contracts for which delivery has not been made, the excess of the amount of the market value of the securities sold by the single customer over the aggregate of the market value of any of his collateral held by the General Clearing Member and the contracted sale price less any amount due and payable by the General Clearing Member to him;
(c) where the contracts referred to in Rule 5.6.3(1)(a) or (b) have been offset by a contra transaction on or before the due date, the exposure shall not include those amounts specified in Rule 5.6.3(1)(a) or (b) in respect of such contracts but shall instead include the amount of the contra loss, if any, on the date on which the contra transaction takes effect; and
(d) where the contracts referred to in Rule 5.6.3 (1)(a) or (b) have been offset by a force-sale after the due date or buying-in transaction on or after the due date, the exposure shall not include those amounts specified in Rule 5.6.3(1)(a) or (b) in respect of such contracts but shall instead include the amount of the loss, if any, arising from the force-sale or buying-in transaction, on the date on which the transaction takes effect;
(1A) for the purposes of Rule 5.6.3(1) "securities" includes structured warrants listed on foreign exchanges;
(2) the amount of margin deficiency in the single customer's margin financing account carried on the books of the General Clearing Member as determined in accordance with the margin financing requirements specified by SGX-ST;
(3) the amount of deficiency in relation to margins required in any account carried on the books of the General Clearing Member of the single customer as determined in accordance with the margin requirements prescribed by the relevant exchange, clearing house or such other relevant financial institution;
(4) the excess of the amount owed by the single customer in his options trading account carried on the books of the General Clearing Member over the market value of options held;
(5) the amount of any unsecured interest owed by the single customer;
(6) the amount of any unsecured loan, advance and credit facility granted to the single customer;
(7) where the General Clearing Member has lent securities to the single customer or is acting as guarantor for the return of securities lent to the single customer, the excess of the amount of the market value of the securities lent to the single customer over the amount of the market value of collateral and cash deposited by the single customer; and
(8) where the General Clearing Member has deposited collateral with the single customer in respect of securities lent by the single customer or is acting as guarantor for the return of collateral deposited with the single customer in respect of any securities lent by him, the excess of the amount of the market value of collateral and cash deposited with the single customer over the amount of the market value of securities lent by him.
Amended on 3 April 20083 April 2008, 1 July 20081 July 2008, 23 January 200923 January 2009, 20 November 200920 November 2009 and 1 July 20161 July 2016.
