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 2008 3 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
6.1–6.5	Approved Executive Director
9.5	Trades under Physical Delivery
11.1–11.14	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 2009 23 January 2009.