2.3 Cancellation Procedures
Upon being notified by a TM in error of an Error Trade, the counterparty TM must contact all its affected clients to:(a) inform them of the Error Trade and seek their instructions on the cancellation of the Error Trade;(b) inform them on the possibility that the Error Trades may be referred by the TM in error to SGX-ST for review and may be cancelled upon the conclusion of the review; and(c) inform them not to close their position until the issue has been resolved.
In the event that the parties agree to cancel an Error Trade, the following procedures will apply:(a) The TM in error must inform SGX-ST of the mutual cancellation without delay; and(b) Both parties must submit the duly completed trade cancellation request forms to SGX-ST.
No mutual cancellation
If the parties cannot mutually agree to cancel the Error Trade, the TM in error may submit a written request to SGX-ST to review the Error Trade.
In making the request to SGX-ST to review an Error Trade, the TM in error must:(a) refer the matter to SGX-ST within 60 minutes from the time the Error Trade occurred or before 18:00 hours on the day the Error Trade occurred, whichever is earlier; and(b) notify the counterparty TM that it has referred the matter to SGX-ST for review.
In a situation where multiple counterparty TMs are involved in an Error Trade and some agree to a mutual cancellation while the others do not, the TM in error must notify all the counterparty TMs of any referral to SGX-ST for review.
If a TM in error makes a request to SGX-ST to review an Error Trade, the counterparty TM must provide the TM in error and SGX-ST with its reasons for not agreeing to a mutual cancellation of the Error Trade.
The timeframe referred to in paragraph 2.3.5 for the TM in error to make the request to review an Error Trade is to minimise the impact of any cancellation on the market. In this regard, SGX-ST reserves the right not to facilitate any request to review an Error Trade if SGX-ST receives the request after the said timeframe.