Definitions and Interpretation
The following terms have the following meanings unless the context requires otherwise:—
Term Meaning A "Accredited Investor" Same meaning as in the Securities and Futures Act. "Appeals Committee" The committee appointed by the SGX RegCo Board to exercise the powers in the Supervisory Rules; "ASEAN Trading Linkage" Order-routing service provided by SGX-ST to Trading Members, whether directly or through any other person, through which:(a) a Trading Member may enter orders directly into a market of a Foreign ASEAN Exchange, as a customer of a member of such Foreign ASEAN Exchange; and(b) the customer of a Trading Member to whom the Trading Member has authorised Sponsored Access, may enter orders directly into SGX-ST. "Associated Corporation" Any body corporate formed in or out of Singapore in which a Trading Member and its related corporations hold directly or indirectly a beneficial interest of not less than 20% of the issued share capital; "Authority" The Monetary Authority of Singapore or other body responsible for the administration of the Securities and Futures Act; B "Board" Board of Directors of SGX-ST; "broker-linked balance" A sub-balance, in a Securities Account maintained directly with CDP, that is linked to a Trading Member and gives the Trading Member such control and rights over the securities contained in the sub-balance as CDP shall specify. C "Cash Settlement Amount" The meaning ascribed to it in Rule 9.4.2B. "CDP" The Central Depository (Pte) Limited; "CDP Settlement Facility" The settlement facility operated by CDP for settlement pursuant to the CDP Settlement Rules. "CDP Settlement Rules" CDP Settlement Rules as the same may be amended, modified, supplemented or replaced from time to time. "Circuit Breaker" in relation to a security or futures contract refers to such maximum allowable price advance or decline from a reference price for the security or futures contract during the Trading Phase. The maximum allowable price advance or decline from a reference price and the reference price shall be determined by SGX-ST. "Clearing Member" A Clearing Member in accordance with the Clearing Rules; "Clearing Rules" CDP Clearing Rules as in effect from time to time; "collective investment scheme" The meaning ascribed to it in the Securities and Futures Act; "Connected Person" The meaning ascribed to it in the Securities and Futures Act; "Contract Specifications" means the commercial and technical terms of a Marginable Futures Contract, including the contract size, contract month, underlying security, Last Trading Day and settlement basis. Unless otherwise stated, Contract Specifications are not subject to the rule amendment procedures specified under the SFA. "Cooling-Off Period" means a period prescribed by SGX-ST during which trading in a particular security or futures contract will be restricted in a manner prescribed by SGX-ST. "Corporation" Same meaning as in the Companies Act; D "Dealer" A Trading Representative who is employed by a Trading Member or its group of companies to deal in securities and/or trade in Futures Contracts; "derivatives contracts" The meaning ascribed to it in the Securities and Futures Act; "Designated Market-Maker" A market-maker registered with SGX-ST; "Designated Instrument" Shall have the meaning ascribed to it in Rule 8.8.1; [deleted] [deleted] "Direct Business" A trade which is not executed on the Trading System in accordance with Rule 8.7; "Directives" Requirements prescribed by SGX-ST; "Direct Market Access" Direct access to the Trading System, via an SGX-ST provided or SGX-ST approved order management system through which orders are routed to the Trading System.
Direct Market Access does not include Internet Trading.
"Director" Same meaning as in the Companies Act; "Disciplinary Committee" The committee appointed by the SGX RegCo Board to exercise the powers in the Supervisory Rules; "Discretionary Account" An account carried on the books of a Trading Member in which the customer gives a Trading Representative discretion, which may be absolute or with limits, to purchase or sell securities or trade in futures contracts. The discretion may extend to selection, timing terms and price; "DVP settlement" Settlement of affirmed trades where payment is made against the transfer; E "Exchange Link" The electronic means by which:—(a) SGX-SPV routes orders for Selected Foreign Securities to the Foreign Portal Dealer and receives orders for Selected SGX Securities from the Foreign Portal Dealer; and(b) A Foreign Portal Dealer routes orders for Selected SGX Securities to SGX-SPV and receives orders for Selected Foreign Securities from SGX-SPV; "Expert Investor" The meaning ascribed to it in the Securities and Futures Act; F "Foreign ASEAN Exchange" Shall have the meaning ascribed to it in Rule 10A.5.2. "Foreign Exchange" In relation to the Foreign Market Linkages Rule, means a securities exchange outside Singapore that has agreed to an electronic co-trading, clearing and settlement link of Selected Foreign Securities or Selected SGX Securities with SGX-ST; "Foreign Market" In relation to the Foreign Market Linkages Rule, means a market administered by the Foreign Exchange which has access to the market via the Exchange Link; "Foreign Portal Dealer" A Foreign Exchange or a related body corporate of Foreign Exchange that acts as an intermediary to allow:—(a) Singapore investors to trade, clear and settle Selected Foreign Securities on a Foreign Market; and(b) Foreign investors to trade, clear and settle Selected SGX Securities via a Foreign Market; "futures contract" The meaning ascribed to it in the Securities and Futures Act; I "Immediate Bargains" Any transaction for delivery at the trade date; "Institutional Investor" Same meaning as in the Securities and Futures Act. "Intended Settlement Day" In relation to a trade that is executed on the Trading System or reported to SGX-ST, the day on which the trade is first due for settlement. "Internet Trading" Trading access to SGX-ST through internet broking services provided by a Trading Member. "Issuer" An entity that is quoted or listed on SGX-ST; L "Last Trading Day" Refers to the last day on which a Marginable Futures Contract may be traded prior to its expiration; "Limit Order" An order to be executed at a specific price or better; M "main balance" The balance in a Securities Account maintained directly with CDP that is not a broker-linked balance. "Marginable Futures Contract" A futures contract approved for listing on SGX-ST and that is subject to margin requirements; "Marginable Securities"(a) Securities quoted on SGX-ST;(b) Securities quoted on the Non-Listed Securities market;(c) Securities quoted on the main board of a securities exchange, of a company with shareholders' funds of not less than $200 million (or equivalent); and(d) Any other securities that SGX-ST approves; "Market Day" A day on which SGX-ST is open for trading in securities and/or futures contracts; "Marketable Securities"(a) Securities quoted on SGX-ST;(b) Securities quoted on the Non-Listed Securities market;(c) Securities quoted on the main board of a securities exchange, of a company with shareholders' funds of not less than $200 million (or equivalent); and(d) Any other securities that SGX-ST approves; "Maximum Spread" In relation to a 2-sided market-making order, the maximum difference allowed by SGX-ST between the bid price and the ask price; N "Non-Listed Security" Refers to:(a) a security listed on an overseas exchange; or(b) Singapore Government Securities;
which are approved by SGX-ST for quotation and trading on the Non-Listed Securities Market;
"Non-Listed Securities market" A place at which, or a facility by means which, offers or invitations to sell, purchase or exchange a Non-Listed Security are regularly made; O "Officer" Same meaning as in the Companies Act; "Official List" The list of issuers maintained by SGX-ST in relation to the SGX Mainboard or SGX Catalist; "organised market" The meaning ascribed to it in the Securities and Futures Act; P "Position Account" Shall have the meaning ascribed to it in the Clearing Rules; "Practice Notes" Non-binding guidelines that seek to explain the application and interpretation of a Rule. “Prescribed Instrument” The meaning as ascribed to it under Rule 8.2A.1; "product financing" The meaning ascribed to it in the Securities and Futures Act; "Public" Persons other than:—(a) Directors, Officers, Employees, Trading Representatives, agents or shareholders of the Trading Member and its subsidiary companies; and(b) Connected persons to those mentioned in paragraph (a); "Public Register of Representatives" [Deleted] Q "Qualification" The guarantee of a Clearing Member to accept liability for all contracts executed on SGX-ST by a Trading Member which it has qualified; R "Relevant Regulatory Authority" Shall mean:(a) the authority(ies) or regulatory body(ies) that regulate(s) a Trading Member's or its Trading Representatives' activities in the country where it is carrying on such activities and from which it has applied for membership or registration with SGX-ST; and(b) where the Trading Member or its Trading Representatives are carrying on regulated activities in Singapore, the Authority, "Remisier" A Trading Representative who has a business arrangement with a Trading Member that holds a Capital Markets Services Licence for dealing in securities or trading in futures contracts. A Remisier is not an employee of a Trading Member; "Rules" SGX-ST Rules, including, save where expressly indicated otherwise, Directives and Regulatory Notices, and excluding practice notes or any notes or other annotations to the SGX-ST Rules, as the same may be amended, modified, supplemented or replaced from time to time; S "securities"(a) shares, units in a business trust or any instrument conferring or representing a legal or beneficial ownership interest in a corporation, partnership or limited liability partnership;(b) debentures;(c) units in a collective investment scheme;(d) derivative contracts that are not futures contracts and of which the underlying instrument or any of the underlying instruments are any of the instruments set out in (a), (b) or (c) or an index on any of those instruments; or(e) any other product or class of products as SGX-ST or CDP may prescribe;
whether or not they are classified as "securities" under the SFA, but excludes:(i) bills of exchange;(ii) certificates of deposit issued by a bank or finance company, whether situated in Singapore or elsewhere; or(iii) any product or class of products as SGX-ST or CDP may prescribe.
For the avoidance of doubt, "securities" include (but are not limited to) warrants, transferrable subscription rights, options to subscribe for stocks or shares, convertibles, depository receipts and exchange traded funds;
"Securities Account" In relation to any person, an account maintained directly with CDP or through a Depository Agent or the CPF Board for holding securities for or on behalf of that person. "Selected Foreign Security" A security traded on a Foreign Market that is eligible to be traded via the Service, as agreed between SGX-ST and the Foreign Exchange from time to time; "Selected SGX Security" A security traded on SGX-ST that is eligible to be traded via the Service, as agreed between SGX-ST and the Foreign Exchange from time to time; "Service" In relation to the Foreign Market Linkages Rule, means the service offered to Trading Members or trading participants of a Foreign Exchange (as the case may be) for co-trading, clearing and settlement of Selected Foreign Securities or Selected SGX Securities; "SGX" Singapore Exchange Limited; "SGXAccess" The facility for trading on SGX-ST which allows a Trading Member's systems for order management and automated order routing to connect to the Trading System, and to capture market data and news feeds from SGX-ST; "SGX RegCo" means Singapore Exchange Regulation Pte. Ltd.; "SGX RegCo Board" means board of directors of SGX RegCo; "SGX-SPV" A subsidiary of SGX that operates the Service under the Foreign Market Linkages Rule; "SGX-ST" Singapore Exchange Securities Trading Limited; "SGX-ST approved Order Management System" An order management system that has passed conformance testing and meets appropriate technical specifications as required by SGX-ST. "SGX Catalist" The Catalist Board operated by SGX-ST; "SGX Mainboard" SGX-ST Mainboard; "Short Sell Order" The meaning ascribed to it in Rule 8A.1.1; "Specified Capital Markets Products" The meaning ascribed to it in Rule 8A.1.1; "Specified Securities" Securities, futures contracts or classes of securities or Futures Contracts that SGX-ST prescribes for trading by a Designated Market-Maker; "Specified Product" The meaning ascribed to it in the Securities and Futures Act; "Sponsored Access" A form of Direct Market Access in which a Trading Member permits its customer and any other persons to use its member ID to transmit orders for execution directly to SGX-ST without using the Trading Member's infrastructure. "Stock Account" The securities account maintained by a Trading Member to house its proprietary securities or structured warrants; T "Trading Account" An account used for sending orders to the Trading System through an SGX-ST provided or SGX-ST approved order management system. "Trading Member" An entity that has been approved as Trading Member in accordance with SGX-ST Rules; "Trading Representative" A person who is employed by or acts for or by arrangement with a Trading Member to deal in securities or trade in futures contracts; "Trading System" Any electronic trading system for the automatic matching of orders designated and approved by SGX-ST for transactions on SGX-ST.
Amended on 3 April 20083 April 2008, 23 January 200923 January 2009, 29 November 201029 November 2010, 8 July 20118 July 2011, 18 September 201218 September 2012, 26 April 201326 April 2013, 24 February 201424 February 2014, 24 February 201424 February 2014, 19 May 201419 May 2014, 1 July 20141 July 2014, 29 December 201429 December 2014, 1 July 20161 July 2016, 16 September 201616 September 2016, 15 September 201715 September 2017, 1 October 20181 October 2018, 8 October 20188 October 2018, 10 December 201810 December 2018 and 22 April 201922 April 2019.
Interpretation(1) Unless the context requires otherwise, terms not defined in these Rules have the same meaning as in the Securities and Futures Act or the Companies Act (Cap. 50).(2) A reference to any provisions of the Securities and Futures Act or Securities and Futures Regulations 2002 is to that provision as so modified, amended or re-enacted or contained in any subsequent Act or Regulations.(3) The singular includes the plural and vice versa.(4) A reference to currency, whether in word or symbol, is to Singapore currency.(5) A reference to a day is to a calendar day.(6) A reference to a time of day is a reference to Singapore time.