Past version: Effective from 22 Apr 2019 to 02 Jun 2019
- Up to 28 Nov 2010
- 29 Nov 2010 to 15 Jul 2012
- 16 Jul 2012 to 14 Mar 2013
- 15 Mar 2013 to 25 Apr 2013
- 26 Apr 2013 to 31 Mar 2014
- 01 Apr 2014 to 28 Dec 2014
- 29 Dec 2014 to 01 May 2016
- 02 May 2016 to 13 Nov 2016
- 14 Nov 2016 to 14 Sep 2017
- 15 Sep 2017 to 07 Oct 2018
- 08 Oct 2018 to 21 Apr 2019
- 22 Apr 2019 to 02 Jun 2019
- 03 Jun 2019 to 17 Jan 2022
- 18 Jan 2022 to 28 Jul 2022
- 29 Jul 2022 onwards
Capitalized terms used herein and not otherwise defined shall have the meaning set forth herein below.
Unless the context requires otherwise, where the terms defined in this Rule 8.1 are defined in relation to a holder of a CMS Licence, such definitions shall, with the necessary modifications, apply to a Trading Member as those definitions apply to a holder of a CMS Licence whether or not that Trading Member holds a CMS Licence.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
| Term | Meaning |
| A | |
| Act | Refers to the Securities and Futures Act (Cap.289) and accompanying regulations issued pursuant thereto; |
| Acceptable Government Securities | [Deleted] |
| Accredited Investor | Shall have the meaning ascribed to it under the Act; |
| Adjusted Net Head Office Funds | When used in reference to:— (a) a General Trading Member incorporated outside Singapore that holds a licence to engage in a Regulated Activity, shall bear the meaning ascribed thereto in Regulation 2 of the SFR (Financial and Margin Requirements); and (b) a Bank Trading Member incorporated outside Singapore which has satisfied the Net Head Office Funds requirement in Rule 2.5.2(c)(i), shall bear the meaning ascribed thereto in Regulation 2 of the SFR (Financial and Margin Requirements), less the capital requirements for its banking business; |
| Adverse Events | Shall have the meaning ascribed to it in Rule 7.1.1; |
| Affiliate | Refers to a Related Corporation of a Member with respect to an account belonging to and maintained wholly for the benefit of that Related Corporation; |
| Affiliate Account | Refers to an account carried on the books of a Member belonging to and maintained wholly for the benefit of an Affiliate; |
| Agency Trade | Refers to a trade executed on a Customer Account; |
| Aggregate Indebtedness | Shall have the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Regulations); |
| Aggregate Resources | When used in reference to:— (a) a Trading Member incorporated in Singapore which has satisfied Rule 2.5.2(b)(i) or Rule 2.5.2(c)(i) by meeting the Base Capital requirement, means its Financial Resources and Qualifying Letter of Credit less its Total Risk Requirement; and (b) a Trading Member incorporated outside Singapore which has satisfied Rule 2.5.2(b)(i) or Rule 2.5.2(c)(i) by meeting the Net Head Office Funds requirement, means its Adjusted Net Head Office Funds and Qualifying Letter of Credit less its Total Risk Requirement; (c) [Deleted] |
| American Style Option | Shall have the meaning ascribed to it in Rule 4.3.6; |
| Alternative Delivery Procedure | Shall have the meaning ascribed to it under the relevant Contract Specifications; |
| Appeals Committee | Refers to a committee established pursuant to this Rules to hear appeals against the decisions of the Disciplinary Committee; |
| Approved Exchange | Shall have the meaning ascribed to it under the Act; |
| Approved Trader | Refers to an individual who is either: (a) an employee or agent of a corporate Member and is duly authorised to execute House Trades or Agency Trades as the case may be; or (b) an individual Trading Member; |
| Arrears Notice | Shall have the meaning ascribed to it in Rule 2.12.2; |
| B | |
| Bank | Refers to a bank licensed under the Banking Act (Cap.19); |
| Bank Trading Member | Refers to a Bank which is admitted as a Trading Member, with such rights and obligations as set out in Chapter 2 of this Rules. For the avoidance of doubt, a reference to a Bank Trading Member incorporated outside Singapore shall refer to the branch located in Singapore, of a parent bank incorporated outside Singapore. |
| Base Capital | when used in reference to:— (a) a General Trading Member that holds a licence to engage in a Regulated Activity in Singapore, has the meaning ascribed to it in Regulation 2 of the Financial and Margin Regulations; and (b) a General Trading Member that holds a licence specified in Rule 2.4.1(b) or a Bank Trading Member, means its paid-up ordinary share capital and unappropriated profit or loss. |
| Board | Refers to the Board of Directors of the Exchange; |
| Business Day | Refers to any day other than a Saturday, Sunday or public holiday in Singapore; |
| Business Governed by this Rules | When used in reference to:— (a) a Bank Trading Member incorporated in Singapore or a Bank Trading Member incorporated outside Singapore which has satisfied the net head office funds requirement under Rule 2.5.2(c)(i), shall mean its business involving all derivatives and securities contracts traded on any exchange and OTC contracts novated to any clearing facility; and (b) a Bank Trading Member incorporated outside Singapore which has satisfied Rule 2.5.2(c)(i) by depositing cash and/or government securities with the Clearing House, shall mean its business involving derivatives and securities contracts traded on the Exchange and SGX-ST and OTC contracts novated to the Clearing House and CDP; |
| Buyer | Refers to: (a) the direct buying counterparty in a cash-settled Futures Contract; (b) the direct buying counterparty in an Option Contract; or (c) the direct counterparty responsible for taking delivery of the underlying Commodity in a deliverable Futures Contract; |
| Buying Member | Shall have the meaning ascribed to it in Rule 6.3.4; |
| Bypass Letter of Credit | [Deleted] |
| Bypass Privileges | [Deleted] |
| Bypass Subordinated Loan | [Deleted] |
| C | |
| CDP | Refers to The Central Depository (Pte) Limited; |
| CDP Clearing Rules | Refers to the clearing rules adopted by The Central Depository (Pte) Limited, as applied, interpreted and implemented by circulars, practice notes and directives issued by The Central Depository (Pte) Limited; |
| Change of Control | Shall have the meaning ascribed to it in Rule 2.14.1; |
| Circular | Refers to informational notices issued by the Exchange; |
| Clearing House | Refers to the Singapore Exchange Derivatives Clearing Limited by whatever name called or its successor and assigns and where the context so requires such authorised personnel acting in its name; |
| Clearing Member | Refers to any corporation granted clearing privileges by the Clearing House as contemplated in the Clearing Rules; |
| Clearing Rules | Refers to the collection of rules governing the organisation and operation of the Clearing House, and adopted by the Clearing House, as applied, interpreted and implemented by circulars, practice notes and directives issued by the Clearing House; |
| Clearing System | Refers to any Clearing House operated system that facilitates (a) the novation of trades to the Clearing House and (b) the settlement of those trades and positions; |
| Closing Out | To extinguish an Open Position by matching it with an offsetting position and "Close(d) Out" shall have the correlative meaning; |
| CMS Licence | Refers to the capital markets services licence held by a party for the conduct of such business as contemplated under the Act; |
| Committee Member | Refers to any constituent member of any of the committees established and operated by the Exchange; |
| Commodities | Refers to any commodities including metals, energy or agricultural commodities; |
| Commodity Futures Contract | Refers to any Futures Contract where the Underlying is a Commodity; |
| Conduct of Business Regulations | Refers to the Securities and Futures (Licensing and Conduct of Business) Regulations; |
| Confidential Information | Shall have the meaning ascribed to it in Rule 1.4.1; |
| Contract | Refers to an instrument, contract or transaction, or class of instruments, contracts or transactions listed or traded on the Markets; |
| Contract Month | Shall have the meaning ascribed to it in the Clearing Rules; |
| Contract Specifications | Refers to the commercial and technical terms of a Contract, including the Contract size, Contract Month, trading hours, Underlying, exercise price, minimum price fluctuation, Last Trading Day, settlement basis and method of exercise; Unless otherwise stated, Contract Specifications are distinct and separate documents which are not part of this Rules. |
| Cooling Off Period | Shall have the meaning ascribed to it in Rule 4.1.15; |
| Counterparty Risk Requirement | Shall have the meaning ascribed to it under the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences; |
| Customer | Unless otherwise indicated in a particular Rule, refers to a Person (including an Affiliate) whose account is carried on the books of a Member except where such Person is the Member itself with respect to the Member's House Account; |
| Customer Account | Unless otherwise indicated in a particular Rule, refers to an account carried on the books of a Member for a Customer (including an Affiliate Account); |
| D | |
| Daily Settlement Price | Refers to the daily price at which a Contract is settled at the end of each Trading Day or at such other time as may be provided in the relevant Contract Specifications; |
| Defalcation | Shall have the meaning ascribed to it in Rule 1.5.1; |
| Delivery Default | Shall have the meaning ascribed to it under the relevant Contract Specifications; |
| Designated Clearing House | Shall have the meaning ascribed to it under the Act; |
| Designated Port | Shall have the meaning ascribed to it in Rule 5.2; |
| Directives | Shall have the meaning ascribed to it in Rule 1.10.2; |
| Direct Market Access | Shall have the meaning ascribed to it in Rule 2; |
| Disciplinary Committee | Refers to a committee established pursuant to this Rules to hear and adjudicate on violations to this Rules; |
| Dual Member | Shall have the meaning ascribed to it in Rule 2.2.4 and "Dual Membership" shall have the correlative meaning; |
| E | |
| Effective Date | Refers to 22 September 2006; |
| Emergency | Refers to any circumstances which in the opinion of the Exchange calls for an emergency action and shall include an excessive trading position or unwarranted speculation in any of the Markets, a state of war or threatened hostilities, the introduction of official controls affecting any of the Markets or the performance of any Contract or any change in such controls, a breakdown or failure of the Trading System or any other communication, equipment or market facilities operated by the Exchange or any other undesirable situation or practice that adversely affects market integrity or investor rights; |
| Escrow Asset | Shall have the meaning ascribed to it in the Clearing Rules; |
| European Style Option | Shall have the meaning ascribed to it in Rule 4.3.6; |
| Excess Margins | Refers to credits in excess of Initial Margins; |
| Exchange | Refers to the Singapore Exchange Derivatives Trading Limited, an Approved Exchange under the Act; |
| Exchange-approved OMS | Shall have the meaning ascribed to it in Rule 2.1.1; |
| Exchange Examiners | Refers to persons appointed by the Exchange to assist in its investigations under Rule 7.4.5; |
| Exchange Systems | Shall have the meaning ascribed to it in Rule 1.6.1; |
| Expiration Day | With respect to Option Contracts, refers to the day on which Open Positions are Closed Out with reference to the Final Settlement Price; |
| F | |
| Final Settlement Price | Refers to the price at which a Contract is settled at maturity pursuant to any procedure prescribed by the Clearing House or the relevant Contract Specifications, as the case may be; |
| Financial and Margin Regulations | Refers to the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations; |
| Financial Resources | Shall bear the meaning ascribed thereto in Regulation 2 of the SFR (Financial and Margin Requirements); |
| Force Majeure | Refers to any event beyond the control of a Member, Buyer or Seller as the case may be, including acts of a civil or military authority, labour disputes, strikes, fires, floods, epidemic diseases, accidents, wars (whether declared or undeclared), acts of the public enemy, riots, perils of the sea, embargoes, restrictions imposed by any governmental authority (including allocations, priorities, requisitions, quotas and price controls) or any acts of God, or as may otherwise be provided in the Contract Specifications; |
| Foreign Branch | Refers to an overseas branch of a corporate Member as contemplated under Rule 3.3.32; |
| Free Financial Resources | Shall have the meaning ascribed to it under the Financial and Margin Regulations; |
| Futures Contract | Refers to any Contract, over any Underlying, designated by the Exchange as a futures contract; |
| G | |
| General Trading Member | Refers to a Trading Member with such rights and obligations as set out in Chapter 2 of this Rules. For the avoidance of doubt, a reference to a General Trading Member shall not include a Bank Trading Member. |
| H | |
| Honorary Member | Shall have the meaning ascribed in Rule 2.2.5; |
| House Account | Unless otherwise indicated in a particular Rule, refers to an account in which only the Member is the legal and beneficial owner; |
| House Trades | Refers to trades executed by Members on their House Account and "House Traders" shall have the correlative meaning. |
| I | |
| Index Contracts | Shall have the meaning ascribed to it in Rule 1.6.4; |
| Index Provider | Shall have the meaning ascribed to it in Rule 1.6.4; |
| Initial Margins | Shall have the meaning ascribed to it in Rule 3.3.12; |
| Inter-exchange Cross Margining | Shall have the meaning ascribed to under Rule 3.3.14; |
| Internet Trading | Trading access to the Markets through internet broking services provided by a Member. |
| Irredeemable and Non-Cumulative Preference Share Capital | has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements). |
| L | |
| Last Trading Day | Refers to the last day on which a Futures Contract may be traded prior to its expiration; |
| M | |
| Maintenance Margins | Shall have the meaning ascribed to it in Rule 3.3.12; |
| Market | Refers to a market as contemplated under the Act that is operated by the Exchange; |
| MAS | The Monetary Authority of Singapore established under the Monetary Authority of Singapore Act (Cap.186); |
| Member | Refers to either a Trading Member or a Clearing Member with trading privileges and "Membership" shall have the correlative meaning; |
| Members' Affairs | Shall have the meaning ascribed to it in Rule 1.4.2; |
| N | |
| Negotiated Large Trades or NLTs | Refers to large trades executed outside the Trading System between and among Accredited Investors and Members pursuant to the minimum thresholds and other procedures prescribed by the Exchange; |
| Net Head Office Funds | Shall have the meaning ascribed to it under the Financial and Margin Regulations; |
| Net Liquid Capital | [Deleted] |
| O | |
| Old Rules | Shall have the meaning ascribed to it Rule 1.12.3; |
| OMS | Shall have the meaning ascribed to it in Rule 2.1.1; |
| Omnibus Account | Refers to a single account with one (1) or more sub-accounts, each held by Persons beneficially entitled to positions established under such account; |
| Open Position | An open position exists where a contract held by a party has not been closed out or where the obligations under a contract are yet to be performed; |
| Operational Risk Requirement | Shall have the meaning ascribed to it under the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences; |
| Option Contract | Refers to a Contract which grants an option in respect of an Underlying or a Futures Contract; |
| Order Form | Shall have the meaning ascribed to it in Rule 3.3.8; |
| P | |
| Partner Market | Shall have the meaning ascribed to it in Rule 2.1.3; |
| Person | Refers to any individual, corporation, partnership, statutory body, government ministry, association, trust or entity as the context admits or requires; |
| Performance Deposit | Refers to the amount, as prescribed in the relevant Contract Specifications, posted by the Clearing Members with the Clearing House, to secure the due delivery and acceptance of the underlying Commodity in a deliverable Futures Contract by their respective Sellers and Buyers. Such deposit shall be in cash or in the form of an irrevocable Letter of Credit or any other security in a form and issued by a bank acceptable to the Clearing House; |
| Practice Notes | Shall have the meaning ascribed to it under Rule 1.10.2; |
| Price Limit | Shall have the meaning ascribed to it in Rule 4.1.15; |
| Proprietary Trades | Refers to trades executed by a Person for its own account; |
| Public Register of Representatives | Refers to the records of appointed representatives, provisional representatives and temporary representatives kept by the Authority in accordance with the Securities and Futures Act; |
| Q | |
| Qualifying Letter of Credit | Shall have the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements); |
| Qualifying Subordinated Loan | Shall have the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements); |
| [Deleted] | [Deleted] |
| R | |
| Registered Representative | Refers to: (a) an individual sponsored by a corporate Member acting or holding himself out as a sales representative in the name of the Member; (b) an employee of a Bank acting or holding himself out as a sales representative in the name of a Member which is a Related Corporation of that Bank; or (c) a trading representative of a SGX-ST member provided that such SGX-ST member is a Related Corporation of the Member and the Member sponsors the trading representative's application to act as a Registered Representative; |
| Regulated Activity | Shall have the meaning ascribed to it in Rule 2.4.1; |
| Regulatory Notices | Shall have the meaning ascribed to it in Rule 1.10.2; |
| Register | Refers to a register of all Members maintained by the Exchange; |
| Related Corporation | Shall have the meaning ascribed to it under the Companies Act (Cap.50); |
| Relevant Regulatory Authority | Shall mean: (a) the authority(ies) or regulatory body(ies) that regulate(s) a Trading Member's, its Approved Trader, or its Registered Representatives' activities in the country where it is carrying on such activities and from which it has applied for Membership or registration with the Exchange; and (b) where the Trading Member, its Approved Traders, or its Registered Representatives are carrying on regulated activities in Singapore, the MAS; |
| Resignation Notice | Refers to a Member's written notice of resignation as contemplated under Rule 2.15.1; |
| Rules | Refers to the collection of rules and accompanying annexes set forth in this rulebook, as applied, interpreted or implemented by Directives, Regulatory Notices and Practice Notes; |
| Rule Violation | Includes any breach, contravention, default or failure to comply with the Act or the Rules and includes deemed rule violations; |
| RRA Financial Requirement | means all applicable financial requirements (whether relating to capital, liquidity, risk or otherwise) imposed on a Clearing Member by its Relevant Regulatory Authority. |
| S | |
| Sanction | Refers to expulsion, suspension, reprimand or such other sanctions that the Disciplinary Committee or Appeals Committee may impose on a Member, Approved Trader or Registered Representative found guilty of a Rule Violation or other misconduct, as contemplated under Rule 7.6.2 or Rule 7.9.5 respectively; |
| [deleted] | [deleted] |
| Secretary | Refers to the Secretary of the Disciplinary Committee or Secretary of the Appeals Committee, as the context requires; |
| securities | Shall have the meaning ascribed to it in the SGX-ST Rules. |
| Securities Rules | Refers to the collection of rules governing the organisation and operation of organised markets, adopted by SGX-ST, as applied, interpreted and implemented by circulars, practice notes and directives issued by SGX-ST; |
| Seller | Refers to: (a) the direct selling counterparty in a cash-settled Futures Contract; (b) the direct selling counterparty in an Option Contract; or (c) the direct counterparty responsible for making delivery of the underlying Commodity in a deliverable Futures Contract; |
| Selling Member | Shall have the meaning ascribed to it in Rule 6.3.4; |
| Settlement | In relation to a Contract, refers to the procedures for cash settlement or physical delivery as set out in the relevant Contract Specifications and in accordance with the Clearing Rules; |
| SGX Board | Means the board of directors for the time being of Singapore Exchange Limited or such number of them as have authority to act for the SGX Board; |
| SGX-DT Market | Refers to the Market owned and operated by the Exchange; |
| SGX RegCo | Refers to Singapore Exchange Regulation Pte. Ltd.; |
| SGX RegCo Board | Refers to the board of directors of SGX RegCo; |
| SGX-ST | Refers to Singapore Exchange Securities Trading Limited; |
| SI AC | Refers to the Singapore International Arbitration Centre; |
| Sponsored Access | A form of Direct Market Access in which a Member permits its Customer and any other persons to use its member ID to transmit orders for execution directly to the Exchange without using the Member's infrastructure. |
| Sufficient Credit | [Deleted] |
| Summary Referral | Shall have the meaning ascribed to it in Rule 7.2.5; |
| T | |
| Title Documents | Shall have the meaning ascribed to it in Rule 5.1.1; |
| Total Net Equity | Refers to the ledger balance of a Customer Account, including adjustments to the account arising from unrealized gains or losses on open positions, and margins deposited by the Customer; |
| Total Risk Requirement | Shall bear the meaning ascribed thereto in Regulation 2 of the SFR (Financial and Margin Requirements); |
| Trading Day | Any day on which the Exchange is open for trading or deliveries; |
| Trading Member | Refers to an individual or corporation granted trading privileges by the Exchange, as contemplated in this Rules, and shall include a General Trading Member and a Bank Trading Member; |
| Trading System | Refers to any Exchange operated electronic platform, comprising (a) an order matching engine; (b) order routing interfaces; and (c) market data interfaces, that facilitates trading on the Markets; |
| U | |
| Underlying | Refers to any asset, Commodity, instrument, index, reference rate or any other thing whose price movement determines the value of the Contract; |
| User Information | Shall have the meaning ascribed to it under the Act. |
Amended on 5 December 20065 December 2006, 26 January 200726 January 2007, 26 November 200726 November 2007, 25 August 200925 August 2009, 22 February 201022 February 2010, 29 November 201029 November 2010, 16 July 201216 July 2012, 15 March 201315 March 2013, 26 April 201326 April 2013, 1 April 20141 April 2014, 29 December 201429 December 2014, 2 May 20162 May 2016, 14 November 201614 November 2016, 15 September 201715 September 2017, 8 October 20188 October 2018 and 22 April 201922 April 2019.