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6.2.1A

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) shall take place only upon:

(a) where both Clearing Members receive margin call pursuant to the first margin cycle run following the reporting of the trade, the later in time Confirmation by the Clearing Members' Settlement Bank(s) of the Payment Instructions in respect of the margin calls; or
(b) where only one Clearing Member receives margin call pursuant to the first margin cycle run following the reporting of the trade, Confirmation by that Clearing Member's Settlement Bank of the Payment Instruction in respect of that margin call; or
(c) where neither Clearing Member receives margin call pursuant to the first margin cycle run following the reporting of the trade, the end of that margin cycle.

Added on 23 January 200923 January 2009. Amended on 26 April 201326 April 2013.