Whole Section

  • Rule 12 — Foreign Market Links

    • 12.1 Application

      • 12.1.1

        In addition to and without prejudice to the generality of the other provisions of these Clearing Rules, Rule 12 shall apply to an Exchange Trade transacted on such Foreign Exchange with which CDP may have direct or indirect clearing arrangements from time to time, or in relation to which trade CDP has clearing arrangements in place (such Exchange Trade is hereinafter referred to as a "Foreign Market Links Exchange Trade").

    • 12.2 Definition

      • 12.2.1

        For the purposes of Rule 12, unless the context otherwise requires:—

        Term Meaning
        "Foreign Exchange" means an Exchange other than SGX-ST.
        "Foreign Market Links Exchange Trade" shall have the meaning as defined in Rule 12.1.1.
        "Foreign Market Links System" means the electronic order book facility system maintained by the SGX-ST for the automatic placing of orders and notification of Foreign Market Links Exchange Trade.
    • 12.3 Novation

      • 12.3.1

        A transaction of the Foreign Market Links Exchange Trade done through the Foreign Market Links System shall be novated to CDP only upon receipt by CDP of the confirmation by the Foreign Market Links System that the Foreign Market Links Exchange Trade has been done.

      • 12.3.2

        Upon such novation, the provisions of Rule 6 shall apply subject to:—

        (1) such modifications, amendments or variations as CDP may deem necessary in order to comply with the prevailing business rules/practices or clearing rules/practices applicable to such Foreign Market Links Exchange Trade at such relevant Foreign Exchange whenever possible and practicable; or
        (2) such other rules as may be determined by CDP from time to time.
      • 12.3.3

        The modifications, amendments or variations, or such other rules as referred to in Rule 12.3.2 shall be set out in the Clearing Directives from time to time. Such modifications, amendments or variations, or such other rules shall become effective on such date as may be specified in the written notice to be given to the Clearing Member. The Clearing Member shall be deemed, by continuing to enter into the Foreign Market Links Exchange Trade at the time the modifications, amendments or variations, or such other rules take effect, to consent to and agree to be bound by the same.

    • 12.4 Clearing with Other Foreign Exchanges

      • 12.4.1

        Notwithstanding Rule 12.3, CDP shall have the flexibility of facilitating and/or clearing transactions of the Foreign Market Links Exchange Trade not done through the Foreign Market Links System without the novation of such transactions. CDP has the right to set out the rules applicable to such Foreign Market Links Exchange Trade in the Clearing Directives, which may be amended from time to time.