Whole Section

  • Section C — Market Structure

    • Chapter 8 — Trading

      • 8.2 Trading Hours

        • 8.2.1

          The trading hours and the application of the market phases are as published by SGX-ST. SGX-ST may vary the trading hours and application of the market phases.

          Refer to Practice Note 8.2.1.

        • 8.2.2

          The market phases are as follows:—

          (1) Pre-Open/Pre-Close

          This phase allows order entry, order modification, and withdrawal of orders but no matching of orders.
          (2) Non-Cancel

          No order entry and amendment are allowed in this phase. All existing orders are matched at a single price according to the algorithm set by SGX-ST. All unmatched orders, except at the close of trading, are carried over to the next phase.
          (3) Trading

          This phase allows order entry, order modification, and withdrawal of orders. All orders are matched in accordance with price priority, subject to Rule 8.10A, followed by time priority.
          (4) Adjust

          This phase allows order entry, order modification, and withdrawal of orders. At the end of the phase, orders will be matched at a single price based on the algorithm set by SGX-ST. All unmatched orders will be carried over to the next phase.

          Refer to Practice Note 8.2.2.

          Amended on 24 February 201424 February 2014 and 16 September 201616 September 2016.

      • 8.2A Closing Price of Prescribed Instrument

        • 8.2A.2

          The closing price of a Prescribed Instrument shall be determined in accordance with the relevant formula and procedures applicable to each Prescribed Security, as determined by SGX-ST from time to time. In arriving at such formula and procedure, SGX-ST may take into account factors, including but not limited to:

          (1) the last traded price;
          (2) prevailing bids and offers during the trading phase and/or closing routine; and/or
          (3) price data derived from pricing models, as selected or established by SGX-ST from time to time.

          Refer to Practice Note 8.2A.2.

          Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.

        • 8.2A.4

          Without limiting Rule 2.4.1, SGX-ST (including SGX-ST's subsidiaries, related companies and holding company), its Directors, Officers, employees and agents make no warranty, express or implied, and shall have no liability to any person in respect of, or in connection with, the closing price of a Prescribed Security, including without limitation:

          (1) the accuracy, reliability or timeliness of the closing price of a Prescribed Security;
          (2) the merchantability and fitness of the closing price of a Prescribed Security for a particular purpose;
          (3) any direct, special, punitive, indirect or consequential damages (including lost profits) in relation to use of or reliance on the closing price of a Prescribed Security, even when notified of the possibility of such damages; and/or
          (4) any errors, omissions or delays in calculating, determining or disseminating the closing price of a Prescribed Security.

          Added on 24 February 201424 February 2014.

      • 8.3 Orders

        • 8.3.1

          Except for the unit share market, the minimum order size is 1 board lot. Orders may be in multiples of a board lot.

        • 8.3.2

          An order for the unit share market may be matched in any quantity of less than 1 board lot.

        • 8.3.3

          Unless otherwise determined by SGX-ST, the minimum bid size of the following products shall be as follows:

          S/N Product Price Range ($) Minimum Bid Size ($)
          1 Stocks (excluding preference shares), Real Estate Investment Trusts (REITS), business trusts, company warrants and any other class of securities or futures contracts not specified in this Rule 8.3.3 Below 0.20 0.001
          0.20–0.995 0.005
          1.00 and above 0.01
          1A Structured warrants Below 0.20 0.001
          0.20–1.995 0.005
          2.00 and above 0.01
          2 Exchange traded funds and exchange traded notes All $0.01 or $0.001 as determined by SGX-ST
          3 Debentures, bonds, loan stocks and preference shares All $0.001

          For the avoidance of doubt, the minimum bid sizes above apply to securities and futures contracts denominated in all currencies, except the Hong Kong Dollar ("HKD"), Renminbi ("RMB") or Japanese Yen ("JPY"). For securities and futures contracts traded in HKD, RMB and JPY, the minimum bid sizes shall as far as practicable be aligned to the minimum bid sizes applicable in Hong Kong and Japan respectively.

          Amended on 24 December 200724 December 2007, 3 April 20083 April 2008, 4 July 20114 July 2011, 20 July 201220 July 2012, 13 November 201713 November 2017 and 8 October 20188 October 2018.

      • 8.4 Trading Basis of Securities

        • 8.4.1

          Unless otherwise indicated, trading of securities is on a "cum" basis.

        • 8.4.3

          A buyer (seller) of securities on an "ex" ("cum") basis has no right to that entitlement.

        • 8.4.4

          A buyer (seller) of securities on a "cum" ("ex") basis who has not received that entitlement may claim the entitlement from the seller (buyer).

      • 8.5 Inviolability of Contracts

        • 8.5.1

          A contract made on SGX-ST can be cancelled only in accordance with this Rule. For avoidance of doubt, a contract is not cancelled if:—

          1) delivery fails;
          (2) payment is not made on delivery; or
          (3) the share registrar refuses to register a transfer.
        • 8.5.2

          SGX-ST may cancel a contract in any of the following circumstances:—

          (1) the Trading Members to an error trade (Rule 8.6) have agreed to the cancellation;
          (2) if a material mistake led to the error trade (Rule 8.6) and SGX-ST is satisfied that the trade should be cancelled;
          (3) there is prima facie evidence of fraud or wilful misrepresentation in relation to the contract; or
          (4) in SGX-ST's opinion, it is desirable to cancel the contract to protect the financial integrity, reputation or interests of the markets established or operated by SGX-ST.
        • 8.5.3

          SGX-ST may impose any conditions it thinks appropriate for the cancellation of a contract.

        • 8.5.4

          SGX-ST may reprimand or impose a fine not exceeding $2,000 on a Trading Representative or Trading Member who causes a contract to be cancelled. Action under this Rule is in addition to other actions which SGX-ST is entitled to take against the Trading Representative or Trading Member.

      • 8.6 Errors

        • 8.6.1

          An error trade refers to a transaction effected on the Trading System as follows:

          (1) as a result of an error in the entry the volume of an order; or
          (2) as a result of an error in the entry of the price of an order; or
          (3) where SGX-ST deems the transaction to be an error trade.

          Amended on 3 April 20083 April 2008 and 15 September 201715 September 2017.

        • 8.6.2

          If an error trade occurs:—

          (1) the Trading Member who made the error must immediately contact the counterparty Trading Member and seek its agreement to cancel the trade;
          (2) both Trading Members must immediately take all necessary actions to minimise any potential market impact caused by the error trade; and
          (3) both Trading Members must inform SGX-ST of the error as follows:
          (a) by telephone within thirty (30) minutes from the time the error trade occurred; and
          (b) in writing on the same day that the error trade occurred. Written notification must include details of the security or futures contract name, price, volume, trade number and time of the error trade. The Trading Member who made the error must also provide reasons for the error.

          Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

        • 8.6.3

          Where the Trading Members cannot agree to the cancellation of an error trade, a Trading Member may request SGX-ST to review the error trade. The following procedures apply:

          (1) the matter must be referred to SGX-ST within sixty (60) minutes from the time the error trade occurred or before 18:00 hours on that trading day, whichever is earlier; and
          (2) the requesting Trading Member must inform the counterparty Trading Member that it has referred the matter to SGX-ST.

          Amended on 3 April 20083 April 2008.

        • 8.6.3A

          Notwithstanding Rules 8.6.2(3) and 8.6.3(1), SGX-ST may in its discretion allow such extension of time for the submitting of information or requests relating to error trades as it deems appropriate, taking into account:

          (1) the number of error trades referred to SGX-ST pursuant to Rule 8.6.3;
          (2) the complexity of the circumstances surrounding the error trade(s); and
          (3) any other factors which SGX-ST considers relevant.

          Added on 24 February 201424 February 2014.

        • 8.6.4

          SGX-ST will not review an error trade referred to it by a Trading Member, where the error trade falls at or within the upper and lower limits of a no-cancellation range applied pursuant to Rule 8.6.4A

          Amended on 24 February 201424 February 2014.

        • 8.6.4B

          SGX-ST retains the discretion to apply or remove no-cancellation ranges from instruments listed for trading on SGX-ST.

          Added on 24 February 201424 February 2014.

        • 8.6.7

          The requesting Trading Member must pay a trade review fee of $1,000 for each referral accepted for review by SGX-ST, regardless of the outcome of the review.

          Amended on 24 February 201424 February 2014.

        • 8.6.8

          Notwithstanding Rule 8.6.7, SGX-ST may grant a waiver of the trade review fee where it deems appropriate.

        • 8.6.9

          Notwithstanding Rules 8.6.4, 8.6.13, 8.6.13A and 8.6.13B, SGX-ST may review the validity of any transaction effected on the Trading System where SGX-ST deems that the cancellation of the error trade is necessary for the proper maintenance of a fair and orderly market.

          Amended on 24 February 201424 February 2014.

        • 8.6.12

          SGX-ST may consider the following factors when deciding whether to cancel an error trade under Rules 8.6.13, 8.6.13A and 8.6.13B:

          (1) the difference between the price at which the error trade was done and the preceding traded price of the security or futures contract;
          (2) the market liquidity in the security or futures contract at the time the error trade occurred;
          (3) where the trade involves a futures contract, the trading behaviour of the underlying security;
          (4) the monetary loss involved if the trade is or is not cancelled;

          (5) the difference between the time the erroneous order was entered and the time it was matched;
          (6) the number of counterparty customers involved;
          (7) whether the force key was used when entering the erroneous order into the Trading System;
          (7A) the impact on the settlement process;
          (7B) in the case of bonds, the rating, interest rate, coupon rate, maturity date and yield curve;
          (8) the reason(s) given for the error; and
          (9) any other factors which SGX-ST considers relevant.

          Amended on 24 February 201424 February 2014 and 8 October 20188 October 2018.

        • 8.6.13

          Error trades in structured warrants that are referred to SGX-ST will be reviewed in accordance with the following Rules:

          (1) For the purposes of Rule 8.6.4A, the no-cancellation range for structured warrants is determined as the wider of the following:
          (a) a lower limit of twenty (20) minimum bid sizes less than the Reference Price, and an upper limit of twenty (20) minimum bid sizes higher than the Reference Price; or
          (b) a lower limit of 75% of the Reference Price, and an upper limit of 125% of the Reference Price.
          (2) The Reference Price of the no-cancellation range for structured warrants will be determined as follows:
          (a) the average of the last quoted bid price and the last quoted offer price for the structured warrant immediately preceding the error trade; or
          (b) the average of the market prices as quoted by at least three (3) Designated Market-Makers of structured warrants. The Designated Market-Makers will be selected randomly by SGX-ST, but will not include any Designated Market-Maker who is involved in the error trade which is under review.
          (3) Where SGX-ST is of the view that no appropriate or reliable Reference Price is available, SGX-ST will not establish a no-cancellation range for that error trade.
          (4) Upon receiving a request to review an error trade involving structured warrants, SGX-ST will consider the validity of the error trade. SGX-ST may, in its discretion, make a determination that the error trade is to be cancelled, having regard to the factors set out in Rule 8.6.12.
          (5) For the purposes of this Rule 8.6, "structured warrants" includes any structured warrants, certificates and any other structured products listed under Chapter 5 of the SGX-ST Listing Manual, whether or not they are classified as futures contracts under the SFA.

          Amended on 24 February 201424 February 2014.

        • 8.6.13A

          Error trades in all other securities or futures contracts, excluding bonds, will be reviewed in accordance with the following Rules:

          (1) For the purposes of Rule 8.6.4A, the no-cancellation range for the security or futures contract is determined as the wider of the following:
          (a) a lower limit of twenty (20) minimum bid sizes less than the Reference Price, and an upper limit of twenty (20) minimum bid sizes higher than the Reference Price; or
          (b) a lower limit of 95% of the Reference Price, and an upper limit of 105% of the Reference Price.
          (2) Subject to Rule 8.6.13A(3), the Reference Price of the nocancellation range for the security or futures contract will be the price of the last good trade.
          (3) SGX-ST may, in its discretion, use an alternative price as the Reference Price for the no-cancellation range if:
          (a) the price of the last good trade is not available; or
          (b) SGX-ST deems the price of the last good trade to be unreliable or inappropriate as a Reference Price.

          (4) Where SGX-ST is of the view that no appropriate or reliable Reference Price is available, SGX-ST will not establish a no-cancellation range for that error trade.
          (5) Upon receiving a request to review an error trade involving the security or futures contract, SGX-ST will consider the validity of the error trade. SGX-ST may, in its discretion, make a determination that the error trade is to be cancelled, having regard to the factors set out in Rule 8.6.12.

          Added on 24 February 201424 February 2014 and amended 8 October 20188 October 2018.

        • 8.6.13B

          Upon receipt of a request to review an error trade in bonds, SGX-ST will consider the validity of the error trade. SGX-ST may, in its discretion, make a determination that the error trade is to be cancelled, having regard to the factors in Rule 8.6.12.

          Added on 24 February 201424 February 2014.

        • 8.6.17

          SGX-ST will:

          (1) notify the market of error trades reported to SGX-ST and whether an error trade remains valid or has been cancelled; and
          (2) notify the Trading Members who are counterparties to an error trade of its determination pursuant to Rules 8.6.13, 8.6.13A and 8.6.13B by telephone and in writing.

          Added on 24 February 201424 February 2014.

      • 8.7 Direct Business

        • 8.7.1

          A Trading Member may only execute Direct Business that is:—

          (1) at least:—
          (a) 50,000 units of securities or futures contracts, or in the case of Marginable Futures Contracts, 50,000 units of the underlying; or
          (b) $150,000 in terms of contract value;
          (2) a book-out trade from an error account to remedy an error; or
          (3) to complete a customer's order that was partially filled in the market, provided the original order met the minimum size in Rule 8.7.1(1) above.

          Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 8 October 20188 October 2018.

        • 8.7.2

          Direct Business may be transacted between:—

          (1) 2 Trading Members;
          (2) 2 customers of a Trading Member; or
          (3) a Trading Member and its customer.
        • 8.7.3

          SGX-ST may vary the size or value of trades under this Rule.

        • 8.7.5

          Direct Business must be reported within 10 minutes of execution save that Direct Business executed after market close must be reported in the first 20 minutes of the Opening Routine on the following Market Day.

          Amended on 7 June 20107 June 2010 and 13 November 201713 November 2017.

        • 8.7.6

          SGX-ST may suspend Direct Business on any or all securities or futures contracts. SGX-ST may specify conditions under which Direct Business is permitted for securities or futures contracts.

          Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

      • 8.8 Designated Instruments

        Amended on 8 October 20188 October 2018.

        • 8.8.1

          The Board may declare publicly a listed or quoted security or futures contract to be a "Designated Instrument" if, in its opinion, there has been manipulation of the security or futures contract (or its underlying), excessive speculation in the security or futures contract (or its underlying), or it is otherwise desirable in the interests of organised markets established or operated by SGX-ST.

          Refer to Practice Note 8.8.1.

          Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

        • 8.8.2

          The Board may impose any conditions it thinks fit on dealing or trading in a Designated Instrument. A condition applies from the date of declaration to all contracts of the Designated Instrument entered into on or after the date of declaration, or as indicated by the Board. For avoidance of doubt, the conditions may include:

          (1) a requirement that Trading Members obtain margins from each customer in respect of the customer's dealing or trading in the Designated Instrument;
          (2) [deleted];
          (3) a restriction on dealing or trading in a Designated Instrument by a Trading Member if its outstanding contracts exceed 5% of the total issued shares or units of the relevant Issuer whose shares or units are designated or underlies the Designated Instrument, of the company whose securities comprise the underlying, or any other percentage the Board prescribes; or
          (4) a prohibition on any sale unless the seller holds the Designated Instrument, or in the case of a Designated Instrument that is a futures contract, the underlying. A seller holds a security or futures contract, or underlying if, at the time of sale, he has the security, futures contract or underlying in an account maintained with CDP, or delivers the share certificates and executed transfer forms to the Trading Member.

          Amended on 3 April 20083 April 2008, 1 July 20141 July 2014 and 8 October 20188 October 2018.

        • 8.8.3

          If asked, a Trading Member must give SGX-ST particulars of all its dealings or trades in Designated Instruments and of the customers involved. The Trading Member must do so by the next business day after being asked or as required.

          Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

        • 8.8.4

          The Board may rescind or vary a declaration at any time. It will make the decision public.

      • 8.9 Corner

        • 8.9.1

          The Board may declare a corner in a listed or quoted security if, in its opinion:—

          (1) a single interest or a group has acquired control of enough of the supply of the security that it can only be obtained for delivery at prices, or on terms, dictated by the single interest or group; or
          (2) it is otherwise desirable in the interests of markets established or operated by SGX-ST.
        • 8.9.2

          The Board may impose any conditions it thinks fit on existing ready market or futures contracts on a cornered security or on dealing in a cornered security. For avoidance of doubt, the conditions may include:—

          (1) from time to time extending (or further extending) the due date for delivery; or
          (2) declaring that contracts will be cash settled (not delivered). The Board may direct the terms of the cash settlement or apply the following terms (in whole or in part) as it thinks fit:—
          (a) in the case of a seller who contracted to sell for less than the fair settlement price, the seller must pay the buyer the difference between the fair settlement price and the contract price;
          (b) in the case of a seller who contracted to sell for more than the fair settlement price, the buyer must pay the seller the difference between the contract price and the fair settlement price;
          (c) in the case of a buyer who contracted to buy for less than the fair settlement price, the seller must pay the buyer the difference between the fair settlement price and the contract price; and
          (d) in the case of a buyer who contracted to buy for more than the fair settlement price, the buyer must pay the seller the difference between the contract price and the fair settlement price.

          Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

        • 8.9.3

          If the Board imposes a condition that contracts are to be cash settled, it must establish a Settlement Committee to advise on the fair settlement price.

        • 8.9.4

          A Settlement Committee must comprise no less than 5 persons, including at least:—

          (1) 2 members of the Board;
          (2) 1 public accountant; and
          (3) 1 advocate and solicitor.

          The quorum of the Settlement Committee is all members when the meeting proceeds to business, but the Settlement Committee may complete the business with any 3 present.

        • 8.9.5

          A Settlement Committee may include such other persons as the Board thinks fit.

        • 8.9.6

          A Settlement Committee may hear evidence as it thinks proper and relevant to the discharge of its functions.

        • 8.9.7

          A Settlement Committee must report its findings to the Board. The findings are advisory only. The Board will accept the Settlement Committee's recommendation on the fair settlement price, unless it has good reasons to reject it. The Board may refer a matter to the Settlement Committee for further consideration, before deciding on the fair settlement price.

      • 8.10 Suspension and Restriction of Trading

        • 8.10.1

          SGX-ST may suspend or restrict trading in any or all listed or quoted securities or futures contracts. It may do so for 1 or more markets or 1 or more trading sessions or any part of a trading session. It may do so in any of the following circumstances:—

          (1) in SGX-ST's opinion, the market is not orderly, informed or fair or circumstances are about to occur that may result in there not being an orderly, informed or fair market;
          (2) SGX-ST releases an announcement in relation to an Issuer which, in SGX-ST's opinion, is market sensitive;
          (3) an Issuer requests, and SGX-ST agrees to, the suspension;
          (4) access to the Trading System is generally restricted;
          (4A) where Rule 8.10A applies;
          (5) any of the circumstances in Rule 1303 of the SGX-ST Listing Manual apply;
          (6) functions of SGX-ST are, or are threatened to be, severely and adversely affected by a physical emergency such as fire, terrorist activities, power failures, communication or transportation breakdowns, or computer malfunctions; or
          (7) in SGX-ST's opinion, it is in the public interest.

          Refer to Practice Note 8.10.1.

          Amended on 3 April 20083 April 2008, 24 February 201424 February 2014 and 8 October 20188 October 2018.

        • 8.10.1A

          SGX-ST may restrict trading by such means as it considers appropriate, including placing the market into an Adjust Phase.

          Added on 16 September 201616 September 2016.

      • 8.10A Circuit Breakers and Cooling-Off Periods

        • 8.10A.3

          Where the Cooling-Off Period is activated pursuant to Rule 8.10A.2, the following will apply:

          (1) the incoming order referred to in Rule 8.10A.2 will not be matched with the existing order in the Trading System at a price outside the Circuit Breaker; and
          (2) such quantity of the incoming order which is not filled at the commencement of the Cooling-Off Period will be rejected by the Trading System.

          Added on 24 February 201424 February 2014.

      • 8.11 Trading Halts

        • 8.11.1

          A trading halt may be imposed by SGX-ST at the request of an Issuer.

          Refer to Practice Note 8.10.1.

        • 8.11.2

          A trading halt may be lifted by SGX-ST at any time.

        • 8.11.3

          A trading halt may be changed to a suspension by SGX-ST at any time.

        • 8.11.4

          A trading halt may be imposed for up to 3 Market Days or such other short extension as SGX-ST agrees.

        • 8.11.6

          A trading halt operates in the same way as an Adjust Phase.

        • 8.11.7

          Securities or futures contracts which are subject to a trading halt cease to be traded on the Trading System. Except with SGX-ST's approval, a Trading Member must not execute any transactions in a security or futures contract subject to a trading halt.

          Refer to Practice Note 8.10.3.

          Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

      • 8.12 Suspension of Trading Member and Prohibition of Dealings

        • 8.12.1

          SGX-ST may prohibit or limit a Trading Member from entering orders on the Trading System for a period not exceeding 14 days if the Trading Member:—

          (1) fails to continue to satisfy the admission criteria;
          (2) defaults on any transaction in securities or futures contracts on SGX-ST; or
          (3) is, in SGX-ST's opinion, in operating difficulty.

          Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

        • 8.12.2

          If SGX-ST takes action against a Trading Member under Rule 8.12.1, it will inform the Trading Member in writing.

      • 8.13 Open Interface Applications

        • 8.13.1

          A Trading Member who has access into the Trading System via SGXAccess or such other open interface applications must comply with the requirements SGX-ST prescribes.

          Amended on 3 April 20083 April 2008.

    • Chapter 8A — Marking of Sell Orders

      • 8A.1 Definitions

        • 8A.1.1

          In this Rule:

          (a) A "Specified Capital Markets Product" means any securities or futures contract that is listed or to be listed on SGX-ST that is, or that belongs to a class of capital markets products (as defined in the Securities and Futures Act) that is, prescribed by regulations made under section 137ZM of the Securities and Futures Act.
          (b) A "Short Sell Order" means any order to sell any Specified Capital Markets Product where the person who makes the order does not, at the time of the order, have an interest in the Specified Capital Markets Product as specified under section 137ZH of the Securities and Futures Act, and "short sell" shall be construed accordingly.

          Refer to Practice Note 8A.

          Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

      • 8A.3 Marking of Sell Orders

        • 8A.3.1

          Each sell order for Specified Capital Markets Products shall be marked to indicate to SGX-ST whether it is a Short Sell Order or a normal sell order. The quantity, volume or value of the Specified Capital Markets Product in which a person intends to make or is making a Short Sell Order shall also be indicated.

          Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

        • 8A.3.1A

          A Trading Member and its Trading Representative shall not enter a sell order in the Trading System if a customer has not indicated whether the sell order is a Short Sell Order or a normal sell order and/or has not provided the information relating to the quantity, volume or value of the Specified Capital Markets Product in which the customer intends to make or is making a Short Sell Order.

          Added on 1 October 20181 October 2018.

      • 8A.5 Publication of Report of Short Sell Orders

        • 8A.5.1

          SGX-ST shall report before the start of each Market Day the aggregate volume of Short Sell Orders matched and executed for the preceding Market Day and in respect of each Specified Capital Markets Product for which marking is required.

          Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

        • 8A.5.2

          SGX-ST may subsequently report corrections to such aggregate volume of Short Sell Orders matched and executed that have been reported pursuant to Rule 8A.5.1.

          Added on 11 March 201311 March 2013.

    • Chapter 9 — Settlement

      • 9.1A Settlement Basis and Eligibility for Clearing by CDP

        • 9.1A.1

          Unless otherwise stated by SGX-ST and subject to Rule 9.1A.2, the Intended Settlement Day and eligibility for clearing of a trade that is executed on the Trading System or reported to SGX-ST is as indicated below:

          Ready market (for securities other than wholesale corporate bonds) T+2 Eligible for clearing by CDP
          Market for Marginable Futures Contracts LTD+2 Eligible for clearing by CDP
          Market for wholesale corporate bonds T+2 Not eligible for clearing by CDP
          Unit share market (for securities other than wholesale corporate bonds) T+2 Eligible for clearing by CDP
          Buying-in market T+1 Eligible for clearing by CDP

          Where T is the date on which the trade is executed and LTD is the Last Trading Day.

          Added on 10 December 201810 December 2018.

        • 9.1A.3

          If the day indicated in Rule 9.1A.1 is a holiday for the foreign currency in which a trade is to be settled, the Intended Settlement Day for that trade will be the next common banking day on which CDP is open for business.

          In this Rule, "common banking day" means a day on which (a) Singapore banks and (b) the relevant bank transfer clearing system designated by CDP for the foreign currency, are both open for settlement.

          Added on 10 December 201810 December 2018.

      • 9.1B Mode of Settlement for Trades Not Cleared by CDP

        • 9.1B.1

          Trades that have not been designated by CDP as eligible for clearing will be settled as agreed between the parties.

          Added on 10 December 201810 December 2018.

      • 9.2 Relationship Between Trading Member and Selling Customer

        Amended on 10 December 201810 December 2018.

        • 9.2.2A

          Unless a selling customer has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Trading Member must make payment of the sale proceeds to the selling customer on the banking day after the day that CDP makes payment to the Trading Member, save that the Trading Member may withhold payment until the selling customer has made delivery.

          In this Rule, "banking day" means a day on which the bank(s) used by the Trading Member for payment to its customer is(are) open for settlement.

          Added on 10 December 201810 December 2018.

        • 9.2.3

          If a selling customer fails to make securities available on Intended Settlement Day and buying-in is conducted under the Clearing Rules in respect of those securities, the selling customer shall be liable to the Trading Member for any costs or losses incurred by the Trading Member in relation to the buying-in.

          Amended on 10 December 201810 December 2018.

      • 9.3 Relationship Between Trading Member and Clearing Member

        This Rule 9.3 applies only to trades that are cleared with CDP.

        Amended on 10 December 201810 December 2018.

        • 9.3.3

          If a selling Trading Member fails to make securities available on Intended Settlement Day and buying-in is conducted under the Clearing Rules in respect of those securities, the selling Trading Member shall be liable to the Clearing Member for any costs or losses incurred by the Clearing Member in relation to the buying-in.

          Added on 10 December 201810 December 2018.

        • 9.3.4

          A buying Trading Member must pay its Clearing Member for its trade as follows:

          (a) In the case of a buying Trading Member who has in place arrangements to settle trades with its Clearing Member on a delivery-versus-payment basis through the CDP Settlement Facility, the buying Trading Member must:
          (i) submit delivery-versus-payment settlement instructions to CDP in time to make payment for the trade on Intended Settlement Day; and
          (ii) make payment for the trade when required by CDP under the CDP Settlement Rules.
          (b) In the case of any other buying Trading Member, the buying Trading Member must pay the Clearing Member for its trade on Intended Settlement Day, regardless of whether securities have been delivered.

          Added on 10 December 201810 December 2018.

      • 9.4 Relationship Between Trading Member and Buying Customer

        Amended on 10 December 201810 December 2018.

        • 9.4.2A

          A buying customer must look only to its Trading Member, who executes the trade, in relation to all obligations in connection with that trade, including delivery of securities or in the case of deliverable futures contracts, the relevant underlying. A buying customer must pay its Trading Member who executes the trade.

          Added on 10 December 201810 December 2018.

        • 9.4.2B

          A Trading Member shall, if informed by CDP or its Clearing Member that a right to receive securities pursuant to an Exchange Trade is to be replaced with a right to receive a monetary sum ("Cash Settlement Amount") pursuant to the Clearing Rules, immediately inform the relevant buying customer.

          Added on 10 December 201810 December 2018.

        • 9.4.3

          Unless a buying customer has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Trading Member must:

          (a) deliver securities to the buying customer on the same day that the securities are delivered by CDP; and
          (b) make payment, of any Cash Settlement Amount, corporate action entitlements or compensation for corporate action entitlements pursuant to the Clearing Rules, to the buying customer, on the banking day after the day that CDP makes payment to the Trading Member, save that the Trading Member may withhold delivery of securities or the payment of any Cash Settlement Amount, corporate action entitlements or compensation for corporate action entitlements until payment by the buying customer has been cleared and the proceeds received by the Trading Member.

          In this Rule, "banking day" means a day on which the bank(s) used by the Trading Member for payment to its customer is(are) open for settlement.

          Amended on 10 December 201810 December 2018.

        • 9.4.3A

          A buying customer must pay its Trading Member for its trade as follows:

          (a) In the case of a buying customer who has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the buying customer must:
          (i) submit delivery-versus-payment settlement instructions to CDP in time to make payment for the trade on Intended Settlement Day; and
          (ii) make payment for the trade when required by CDP under the CDP Settlement Rules.
          (b) In the case of any other buying customer, the buying customer must pay the Trading Member for its trade on Intended Settlement Day, regardless of whether securities have been delivered by CDP.

          See Practice Note 9.4.3A(b).

          Added on 10 December 201810 December 2018.

        • 9.4.3B

          Subject to Rules 9.4.4, if a buying customer fails to meet any of the timelines in Rule 9.4.3A, the Trading Member shall force-sell the securities of the buying customer on the following Market Day.

          Added on 10 December 201810 December 2018.

        • 9.4.4

          (1) If the Trading Member reasonably expects full payment from the buying customer, the Trading Member may defer force-sale for up to two Market Days.
          (2) Rule 9.4.3B does not apply if the Trading Member has allowed the buying customer to effect a corresponding sale position after the purchase but not later than the Intended Settlement Day of the purchase contract.

          Amended on 10 December 201810 December 2018.

        • 9.4.5

          A Trading Member exercising its discretion under Rule 9.4.4 must not engage in imprudent credit practices.

        • 9.4.6

          The following rules apply to all force-sales by a Trading Member:

          (1) The Trading Member has discretion as to the price, and volume put up for sale, at any time;
          (2) The Trading Member need not give notice of the force-sale to the buying customer;
          (3) The Trading Member is not liable to the buying customer for any loss or damage arising out of the exercise of its discretion; and
          (4) The Trading Member may recover the losses and expenses incurred in the force-sale from the buying customer.

          Amended on 10 December 201810 December 2018.

    • Chapter 10 — Foreign Market Linkages

      • 10.1 Definitions

        • 10.1.1

          In this Chapter, "Order" means:—

          (1) in respect of a Selected Foreign Security, an order placed via the Exchange Link by SGX-SPV with a Foreign Portal Dealer to buy or sell that Selected Foreign Security; and
          (2) in respect of a Selected SGX Security, an order placed via the Exchange Link by a Foreign Portal Dealer with SGX-SPV to buy or sell that Selected SGX Security.

          Amended on 23 January 200923 January 2009.

      • 10.2 Application of Chapter

        • 10.2.1

          A Trading Member (except SGX-SPV) and a Trading Representative are bound by this Chapter or any Directives when accessing a Foreign Market via the Exchange Link to execute Orders in a Selected Foreign Security.

        • 10.2.2

          SGX-SPV is bound by this Chapter to the extent that it is expressly referred to.

      • 10.3 Access to Foreign Markets

        • 10.3.1

          Subject to the provisions of this Chapter, a Trading Member may access a Foreign Market via the Exchange Link to execute Orders in a Selected Foreign Security.

        • 10.3.2

          SGX-ST may at any time, if it thinks fit:—

          (1) direct SGX-SPV to suspend or end a Trading Member's or a Trading Representative's access to a Foreign Market via the Exchange Link;
          (2) direct a Trading Member or Trading Representative to access the Foreign Market via the Exchange Link only on conditions that SGX-ST may specify; or
          (3) reinstate or re-establish a Trading Member's or a Trading Representative's access to a Foreign Market via the Exchange Link and if it sees fit, on conditions that SGX-ST may specify.
        • 10.3.3

          The Trading Member, Trading Representative and SGX-SPV must act on a direction of SGX-ST.

      • 10.4 Role and Responsibilities of SGX-SPV

        • 10.4.1

          SGX-SPV must be a Trading Member and a Clearing Member for the purpose of facilitating Orders pertaining to a Selected SGX Security for execution in SGX-ST (inbound) and Orders pertaining to a Selected Foreign Security for execution in a Foreign Exchange (outbound).

        • 10.4.2

          SGX-SPV must be admitted as a Trading Member of SGX-ST if SGX-ST is satisfied that the following conditions have been, or will be, met:—

          (1) SGX-SPV has, or has access to, adequate facilities or staff for:—
          (a) the expeditious and orderly transaction of business when trading in Selected Foreign Securities on a Foreign Market; and
          (b) management of the risks;
          (2) security arrangements are adequate to prevent unauthorised persons from accessing the systems and facilities relating to the Service;
          (3) the Authority has been notified of the intention to admit SGX-SPV and has not raised any objection; and
          (4) SGX-SPV holds any licence required by the Authority.
        • 10.4.3

          In relation to SGX-SPV as a Trading Member, SGX-ST will carry out its functions and exercise its powers in a like manner to the way it would carry out its functions in respect of other Trading Members, recognising the limited functions that SGX-SPV is intended to perform. SGX-SPV will not apply for an exemption, waiver or other exercise of discretion under the SGX-ST Rules unless it has first notified the Authority.

        • 10.4.4

          For outbound Orders, SGX-SPV:—

          (1) must receive and route Orders from a Trading Member via the Exchange Link to the Foreign Portal Dealer for entry into the trading system of the Foreign Market;
          (2) must provide electronic trade confirmation to the Trading Member in respect of an Order executed in the Foreign Market;
          (3) without affecting the settlement procedures between CDP and a Clearing Member, must make payment denominated in the Foreign Market currency or deliver securities in accordance with the home exchange rules (as a customer of the Foreign Portal Dealer), as may be owed by it to the Foreign Portal Dealer;
          (4) must effect delivery in accordance with the Clearing Rules. However, if SGX-SPV's obligations to deliver are delayed owing to a breakdown, error or malfunction of the systems or procedures of, or otherwise in connection with the Exchange Link, SGX-SPV must effect delivery as soon as practicable after rectification of the breakdown error or malfunction; and
          (5) is not required to comply with the rule that requires all transactions in securities to be due on the third Market Day following the date of the trade (T+3).
        • 10.4.5

          For inbound Orders, SGX-SPV, in its capacity as agent for the Foreign Portal Dealer, must:—

          (1) receive and route an Order from the Foreign Portal Dealer via the Exchange Link into the Trading System;
          (2) provide electronic trade confirmation to the Foreign Portal Dealer as soon as practicable after the Order is matched on the Trading System;
          (3) clear all trades resulting from the execution of the transactions as a Clearing Member of CDP; and
          (4) comply with the settlement procedures between CDP and a Clearing Member.

          Amended on 3 April 20083 April 2008.

        • 10.4.6

          SGX-SPV may close out a position or correct an error if, in its opinion, it is necessary or desirable to manage risks prudently or meet requirements for the operation of the Service.

        • 10.4.7

          (1) The following Rules do not apply to SGX-SPV:—
          Rule Heading
          4.1.1 Admission Criteria (as a Trading Member)
          4.6.1(2) Compliance (with admission criteria)
          4.6.5 Responsibility to SGX-ST
          4.6.11 Approved Executive Director
          4.6.12 Directors
          4.6.14 Memorandum and Articles of Association
          4.6.17 Business Name
          4.6.18 Issue of Shares
          4.6.19 Voluntary Liquidation
          6.16.5 Approved Executive Director
          9.5 Trades under Physical Delivery
          11.111.14 Capital and Financial Requirements
          12.3 Customer Accounts
          12.4 Trading Authority
          12.6 Contract Notes
          12.7 Statement of Account to Customers
          12.11 Customer's and Remisier's Money
          12.12 Customer's and Remisier's Assets
          12.17.4 Trading by Employees and Agents
          12.21 Use of Office Premises
          13.5 Arrangement with Customers
          13.12 Identification & Password
          Chapter 19 of these Rules  
          (2) For avoidance of doubt, nothing in Rule 10.4.7 prevents SGX-ST from waiving or modifying the Rules for SGX-SPV, provided Rule 10.4.3 is complied with.

          Amended on 23 January 200923 January 2009.

      • 10.5 Obligations of a Trading Member

        • 10.5.1

          When accessing a Foreign Market via the Exchange Link to trade in Selected Foreign Securities, a Trading Member:—

          (1) transacts with SGX-SPV as principal;
          (2) is not relieved of any obligation or liability otherwise applicable to it;
          (3) is solely responsible for the accuracy of details of Orders and other trading messages that are entered by it or on its behalf; and
          (4) owes its obligation in relation to Orders to SGX-SPV.
        • 10.5.2

          The following Rules apply to an Order executed on a Foreign Market via the Exchange Link by SGX-SPV:—

          (1) the settlement obligations are owed by the Trading Member (if it is a Clearing Member) or its qualifying Clearing Member to CDP instead of SGX-SPV; and
          (2) SGX-SPV's settlement obligations are owed to CDP.
        • 10.5.3

          A Trading Member is responsible for its Order, regardless of whether the Trading Member authorised the sending of the Order.

      • 10.6 Core Trading Principles

        • 10.6.1

          The primary object of the core trading principles is to promote proper and orderly trading of Selected Foreign Securities via the Exchange Link.

        • 10.6.2

          Rule 10.6 applies to:—

          (1) a Trading Member and a Trading Representative when trading in a Selected Foreign Security on a Foreign Market via the Exchange Link;
          (2) Orders placed via the Exchange Link; and
          (3) SGX-SPV in relation to Orders placed by it under Rule 10.4.6.
        • 10.6.3 Prevention of Disorderly Markets

          (1) A Trading Member or a Trading Representative must not enter bids or offers in Selected Foreign Securities on a Foreign Market via the Exchange Link that may result in, or have the effect of, creating a disorderly market in those securities.
          (2) When accessing a Foreign Market via the Exchange Link to trade in Selected Foreign Securities, a Trading Member or a Trading Representative must:—
          (a) ensure that an authorised person is available at all relevant times to communicate with SGX-SPV;
          (b) not intentionally or deliberately take advantage of any situation resulting from a breakdown, error or malfunction of the systems, procedures or otherwise of or in connection with the Exchange Link; and
          (c) comply with any instructions or directions issued by SGX-ST.
        • 10.6.4 Market Manipulation and False Market

          (1) A Trading Member or a Trading Representative must not engage in, or knowingly act with any other person in, any act or practice that will or is likely to:—
          (a) create a false or misleading appearance of active trading in any Selected Foreign Securities; or
          (b) lead to a false market on a Foreign Market.
          (2) A Trading Member must immediately inform SGX-ST if it reasonably suspects, or knows of, any attempted market manipulation or creation of a false market in a Selected Foreign Security via the Exchange Link. A Trading Member must not participate, or knowingly assist others, in any operation which might have such a result.
        • 10.6.5 Dealings in Suspended Securities

          Unless agreed by the Foreign Exchange concerned, a Trading Member and a Trading Representative must not trade, or make a market in, any Selected Foreign Security on the Foreign Market via the Exchange Link if that security is suspended.

        • 10.6.6 Cancellation of Contracts

          (1) A Trading Member may instruct SGX-SPV to request the Foreign Portal Dealer to cancel a contract made on a Foreign Market via the Exchange Link only in the circumstances allowable under the rules, customs or usages of the Foreign Market.
          (2) The Trading Member must meet any costs incurred in connection with the cancellation.
        • 10.6.7 Corner

          A Trading Member must not act itself or with 1 or more persons in concert with the object of securing or acquiring control of any security on a Foreign Market that the same cannot be obtained for delivery on existing contracts except at prices or on terms dictated by such person or persons.

        • 10.6.8 Short Selling

          A Trading Member must not short sell any Selected Foreign Security on a Foreign Market except as permitted by the Foreign Exchange concerned.

        • 10.6.9 Designated Securities

          A Trading Member must comply with any conditions on dealing imposed in a Foreign Market in relation to securities that may have been subject to manipulation or excessive speculation.

      • 10.7 Non-Compliance with Core Trading Principles

        • 10.7.1

          SGX-ST may undertake any investigation or inspection or take any other action under its Rules if it becomes aware of possible or alleged non-compliance with the core trading principles under Rule 10.6.

      • 10.8 No Liability

        Amended on 15 September 201715 September 2017.

        • 10.8.1

          None of SGX-ST, SGX-SPV, SGX RegCo, or their respective Directors, Officers, employees, representatives or agents shall be liable to a Trading Member or other person in respect of any loss or damage (including consequential loss or damage) which may be incurred, or arise directly or indirectly, in connection with:—

          (1) the Service;
          (2) inability to use the Service; or
          (3) any failure, error or omission on the part of SGX-SPV.

          Amended on 15 September 201715 September 2017.

        • 10.8.2

          The limitation of liability under Rule 10.8 includes any loss or damage arising in connection with:—

          (1) trading on the Foreign Market;
          (2) suspension, interruption, cancellation or closure of trading on the Foreign Market;
          (3) inoperability or malfunction of equipment, software or other product supplied to a Trading Member;
          (4) the installation, maintenance or removal of equipment, software or other product supplied to a Trading Member; or
          (5) the accuracy of information transmitted via the Exchange Link.
        • 10.8.3

          Rule 10.8 does not affect:—

          (1) rights against the Clearing Fund or Fidelity Fund; and
          (2) rights of a Foreign Exchange or Foreign Portal Dealer under any written agreement with SGX-SPV.
    • Chapter 10A — ASEAN Trading Linkage

      • 10A.1 Definitions

        • 10A.1.1

          In this Chapter:—

          “Originating Participant” means a Trading Member who is granted participation privileges by SGX-ST to the ASEAN Trading Linkage, for the execution of orders and trades on a market of a Foreign ASEAN Exchange as a customer of a member of such Foreign ASEAN Exchange.

          “Sponsoring Participant” means a Trading Member who is granted participation privileges by SGX-ST to the ASEAN Trading Linkage for the purposes of enabling its Sponsored Access customer to gain access to SGX-ST via the ASEAN Trading Linkage infrastructure.

          Added on 18 September 201218 September 2012.

      • 10A.2 Application of Chapter

        • 10A.2.1

          A Trading Member who has been granted participation privileges by SGX-ST to the ASEAN Trading Linkage and its Trading Representatives are bound by this Chapter in respect of all activities undertaken in connection with the ASEAN Trading Linkage.

          Added on 18 September 201218 September 2012.

      • 10A.3 Eligibility for Participation

        • 10A.3.1

          Any Trading Member may participate in the ASEAN Trading Linkage as an Originating Participant, subject to the provision of such information and documentation as SGX-ST may require.

          Added on 18 September 201218 September 2012.

        • 10A.3.2

          A Trading Member may participate in the ASEAN Trading Linkage as a Sponsoring Participant if it is also a Clearing Member, subject to the provision of such information and documentation as SGX-ST may require.

          Added on 18 September 201218 September 2012.

      • 10A.4 Compliance

        • 10A.4.1

          A Trading Member participating in the ASEAN Trading Linkage must, at all times, comply with these Rules and the Securities and Futures Act in carrying on its business in connection with the ASEAN Trading Linkage.

          Added on 18 September 201218 September 2012.

        • 10A.4.2

          Without prejudice to the generality of Rule 10A.4.1, a Sponsoring Participant must comply with the requirements under these Rules applicable to the authorisation of Sponsored Access to its customer.

          Added on 18 September 201218 September 2012.

        • 10A.4.3

          Without prejudice to the generality of Rule 10A.4.1, in trading for its customers via the ASEAN Trading Linkage, an Originating Participant must comply with all provisions in the Securities and Futures Act applicable to the conduct of its business.

          Added on 18 September 201218 September 2012.

        • 10A.4.4

          Without prejudice to the generality of Rule 10A.4.1, in trading on a market of a Foreign ASEAN Exchange via the ASEAN Trading Linkage, an Originating Participant must comply with all provisions in the Securities and Futures Act applicable to market conduct on such markets.

          Added on 18 September 201218 September 2012.

      • 10A.5 Available Markets

        • 10A.5.1

          SGX-ST may, at its discretion, determine the products listed or quoted on SGX-ST which may be available for trading via the ASEAN Trading Linkage.

          Added on 18 September 201218 September 2012.

        • 10A.5.3

          Unless prohibited or otherwise excluded by the Foreign ASEAN Exchanges, all products listed or quoted on the Foreign ASEAN Exchanges are available for trading via the ASEAN Trading Linkage.

          Added on 18 September 201218 September 2012.

      • 10A.6 No Liability

        Amended on 15 September 201715 September 2017.

        • 10A.6.1

          Without prejudice to Rule 2.4, none of SGX-ST, SGX RegCo, or their respective Directors, Officers, employees, representatives or agents shall be liable to a Trading Member or other person in respect of any loss or damage (including consequential loss or damage) which may be incurred, or arise directly or indirectly, in connection with:—

          (1) the ASEAN Trading Linkage;
          (2) inability to use ASEAN Trading Linkage; or
          (3) any failure, error or omission on the part of SGX-ST.

          Added on 18 September 201218 September 2012 and amended on 15 September 201715 September 2017.

        • 10A.6.2

          The limitation of liability under Rule 10A.6 includes any loss or damage arising in connection with:—

          (1) trading on any market of a Foreign ASEAN Exchange;
          (2) suspension, interruption, cancellation or closure of trading on any market of a Foreign ASEAN Exchange, or any product listed on such market;
          (3) inoperability or malfunction of equipment, software or other product supplied to a Trading Member;
          (4) the installation, maintenance or removal of equipment, software or other product supplied to a Trading Member; or
          (5) the accuracy of information transmitted via the ASEAN Trading Linkage.

          Added on 18 September 201218 September 2012.