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CDP Depository Rules
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Futures Trading Rules
Chapter 1 General Matters
1. Market Overview
1.1 Market Title
1.2 Scope of Rules and Products on the Market
1.2.1 Rules Govern Market
1.2.2 Products Available for Trading on the Market
1.3 Exchange's Regulatory Responsibilities
1.3.1 Operation of Fair, Orderly and Transparent Market
1.3.2 Regulatory Arrangements
1.4 Confidentiality of Information of Members, Approved Traders and Registered Representatives
1.4.1 Confidentiality Undertaking
1.4.2 Members' Affairs
1.4.3 Consensual Disclosure
1.4.4 Permitted Disclosure
1.5 Compensation for Investors
1.5.1 Fidelity Fund Maintained by Exchange
1.5.2 Compensation Claims by Persons Claiming Compensation in the Case of Defalcation
1.5.3 [Rule has been deleted.]
1.6 Exclusion of Liability, Disclaimer of Warranties & Statutory Immunity
1.6.1 No Liability for Loss
1.6.1A Indemnity
1.6.2 Statutory Immunity
1.6.3 Disclaimer of Warranties
1.6.4 Index Related Disclaimers
1.6.5 Notification to Customers
1.7 Rules as Binding Contract and Deemed Consent of Members
1.7.1 Binding Contract
1.7.2 Deemed Consent
1.7.3 No Third Party Rights
1.7.4 Delegation and assignment
1.7.5 SGX RegCo's authority
1.8 Waiver by Exchange
1.9 Amendment of Rules
1.9.1 Rule Amendment Process
1.9.2 New Rule — Effective Date
1.9.3 Mandatory Rule Amendments
1.10 Directives, Regulatory Notices and Practice Notes
1.10.1 Issuance of Supplementary Instruments
1.10.2 Authorised Use of Directives, Regulatory Notices and Practice Notes
1.10.3 Precedence
1.10.4 Supremacy
1.11 Governing Law and Jurisdiction
1.12 Effective Date for New Rules and Transitional Arrangements
1.12.1 Effective Date
1.12.2 Transitional Arrangements
1.12.3 Floor Rules
1.12.4 Survival of Accrued Rights and Obligations
Chapter 2 Access and Membership
2. Overview of Access and Membership
2.1 Access and Trading
2.1.1 Access to the Trading System
2.1.2 Conditions Governing Direct Market Access
2.1.2A Conditions Governing Sponsored Access
2.1.2B Suspension and Termination of Direct Market Access
2.1.3 Access to Partner Market
2.1.3A Conditions Governing Access to Connect Market
2.1.4 Trading Capacity — House and Agency
2.2 Classes of Membership
2.2.1 Overview
2.2.2 Trading Member
2.2.3 Clearing Member
2.2.4 Dual Member
2.2.5 Honorary Member
2.3 Admission Criteria for Members
2.3.1 Licensing, Financial, Integrity, Clearing and Other Requirements
2.3.2 Membership in Other Exchanges
2.4 Licensing and Credit Rating Requirements for Members, their Employees and Agents
2.4.1 Licensing and Registration Requirements for General Trading Members
2.4.2 Credit Rating Requirements for Bank Trading Members
2.4.3 Downgrades in Credit Rating of Bank Trading Members
2.5 Financial Requirements for Members
2.5.1 Overview of Base Capital, Total Risk Requirement and Statutory Requirements
2.5.2 Trading Members
2.5.3 [Rule has been deleted.]
2.5.4 Additional Financial, Capital and Other Requirements Imposed by the Exchange or the Clearing House
2.5.5 Calculation of Financial Resources
2.5.6 Notification Requirements of General Trading Members
2.5.6A Notification requirements of General Trading Members that hold a licence specified in Rule 2.4.1(b)
2.5.6B Notification Requirements of Bank Trading Members
2.5.7 Requirements Relating to Preference Shares, Unsecured Loans and Others for General Trading Members
2.6 Technical Matters and Risk Management Controls
2.6.1 Overview
2.6.2 Controlling Access
2.6.2A Adequacy of Systems
2.6.3 Risk Management and Financial Controls
2.6.4 Audit Trails and Records
2.6.5 Accounting and Book-keeping
2.6.6 Business Continuity Requirements
2.7 Fit and Proper Requirements
2.7.1 Directors, Chief Executive Officer and Other Personnel
2.7.2 Exchange Approval for Chief Executive Officer and Deputy Chief Executive Officer of General Trading Member
2.7.3 Notification of Appointment of Chief Executive Officer or Deputy Chief Executive Officer for Bank Trading Member
2.8 [Deleted]
2.8.1 [Deleted]
2.8.2 [Deleted]
2.8.3 [Deleted]
2.8.4 [Deleted]
2.8.5 [Deleted]
2.8.6 [Deleted]
2.8.7 [Deleted]
2.8.8 [Deleted]
2.9 Member Register and Nomenclature
2.9.1 Member Register
2.9.2 Trading Member
2.9.3 [Rule has been deleted.]
2.10 Clearing Arrangement
2.10.1 Clearing House and Clearing Member Guarantee
2.10.2 Revocation of Access Rights
2.11 Membership Application
2.11.1 Application
2.11.2 Publication of Successful Applicants
2.11.3 Rejection of Application
2.11.4 Deemed Domicile
2.12 Fees, Levies and Charges
2.12.1 Imposition of Fees and Notification of Changes to Fees
2.12.2 Late Interest
2.12.3 Suspension of Rights
2.13 Registration of Approved Traders and Registered Representatives
2.13.1 Registration Criteria for Approved Traders and Registered Representatives
2.13.1A
2.13.2 Registration of Approved Traders
2.13.3 Registration of Registered Representatives
2.13.4 Register of Approved Traders and Registered Representatives
2.13.5 Approved Traders and Registered Representatives Obligations
2.13.6 Revocation of Registration of Approved Traders and Registered Representatives
2.13.7 Summary Powers of Suspension of Registration of Approved Traders and Registered Representatives
2.13.7A Duty to Notify the Exchange of Matters Concerning Approved Traders and Registered Representatives
2.13.8 Liability of Members
2.13.9 Registration Form
2.14 Change of Control of Members
2.14.1 Notification to Exchange
2.14.2 Reviewing Suitability
2.14.3 Suspension of Rights
2.15 Resignation, Suspension and Termination of Members
2.15.1 Member's Suspension or Resignation
2.15.2 Summary Powers of Suspension of Trading Privileges of Members
2.15.3 Termination of Membership
2.15.4 Effect of Suspension or Termination
2.15.5 Accrued Obligations Survive
2.15.6 Exchange to Inform Clearing House
Chapter 3 Conduct of Members, Approved Traders and Representatives
3. Conduct of Members, Approved Traders and Registered Representatives
3.1 Overview
3.2 Duties Applicable to All Members, Approved Traders and Registered Representatives
3.2.1 General Duties of Integrity, Fair Dealing and Care
3.2.2 Constitutive Documents
3.2.3 Reporting of Change in Member's Circumstances
3.2.3A Reporting and Other Requirements Pertaining to Specific Contracts
3.2.4 Other Reporting Obligations of Members
3.2.5 Prohibitions on Conduct of Other Business
3.2.6 Settlement of Margins Due
3.2.7 Speculative Long and Short Positions for the Same Contract Month
3.2.8 Advertising Guidelines
3.3 Duties of Members Undertaking Agency Trades
3.3.1 Customer Account and Know-Your-Customer Requirements
3.3.2 Management Approval Required for Opening Customer Accounts
3.3.3 Risk Disclosure Statement
3.3.4 Customer Instructions and Power of Attorney
3.3.5 Customer Education
3.3.6 Orders Only Via Registered Representatives
3.3.7 Accepting Orders without Executing
3.3.8 Recording of Orders
3.3.8A Preventing Unauthorised Changes to Order Information
3.3.9 Customer's Statement of Account and Contract Note
3.3.10 Segregation of Customers' Monies and Assets and Fiduciary Obligations
3.3.11 Trading or Accepting Customer's Monies or Assets After Insolvency
3.3.12 Customer Margins
3.3.13 [Deleted]
3.3.14 Inter-Exchange Cross Margining
3.3.15 Transfer of Error Trades to House Account
3.3.16 Transfer of Unsuccessful Give-Up Trades to House Account
3.3.16A Separate Accounts
3.3.17 Reporting of Account Identity
3.3.18 Reporting of Open Positions
3.3.19 Omnibus Accounts
3.3.20 Limits on Omnibus Accounts
3.3.21 Disclosures Relating to Omnibus Accounts
3.3.22 Audit Trail
3.3.23 Record Keeping
3.3.23A Register of Securities
3.3.24 IT and Data Security Requirements
3.3.25 ID Tags and Passwords
3.3.26 Computations of Financial and Capital Requirements
3.3.27 Submission of Financial Statements and Other Information to the Exchange
3.3.28 Certification by Auditor
3.3.29 Reporting Obligations of Auditors
3.3.30 Change of Auditors
3.3.31 Prohibition Against General Trading Member Acting as Guarantor
3.3.32 Foreign Branch of General Trading Member
3.3.33 Application of Rule 3.3
3.4 Trading Practices and Conduct Rules of Members, Approved Traders and Registered Representatives
3.4.1 Market Manipulation
3.4.2 Churning
3.4.3 False Trading, Bucketing, Fraudulent Inducement to Trade and Employment of Fraudulent Device
3.4.3A Duty to Monitor for Trading Misconduct
3.4.4 Duty to Inform Exchange of Prohibited Trading Practices
3.4.5 Dissemination of False or Misleading Information
3.4.6 Professional Misconduct
3.4.7 Disclosing Orders Prohibited
3.4.8 Good Faith Bids and Offers.
3.4.9 Fictitious Transactions Without Change In Ownership
3.4.10 Overtrading by a Member, Approved Trader or Customer
3.4.11 Knowingly Taking Advantage of an Error Prohibited
3.4.12 Deemed Rule Violations
3.4.13 Front Running — Priority of Customers' Orders
3.4.14 Trading Against Customers' Orders Prohibited
3.4.15 Prohibited Conduct
3.5 Inspection and Audit
3.5.1 Scope of Inspection and Audit Rights
3.5.2 Access and Cooperation
3.5.3 Use of Report and Costs
Chapter 4 Listing and Trading of Contracts
4. Introduction to Contracts Traded on the Market
4.1 Rules Applicable to All Classes of Contracts Listed on the Markets
4.1.1 Listing of Contracts
4.1.2 De-listing of Contracts
4.1.3 Dormant Contracts
4.1.4 Contract Specifications and Supremacy
4.1.5 Trading Hours, Opening and Closing Routines and Closing Range
4.1.6 Trade Matching Algorithms
4.1.7 Strategy Transactions
4.1.8 Error Trades
4.1.9 Withholding and Order Withdrawal
4.1.10 Cross Trades
4.1.11 Negotiated Large Trades
4.1.12 Exchange of Underlying for Futures Contracts
4.1.13 Pre-arranged Trades Prohibited
4.1.14 Contract Settlement
4.1.15 Price Limits and Cooling Off
4.1.16 Trading Halt
4.1.17 Position Limits
4.1.17A Position Accountability
4.1.18 Accumulation of Positions
4.1.18A Reduction of Positions
4.1.19 Daily Settlement Price
4.1.20 Final Settlement Price
4.1.21 Modification of Contract Specifications
4.1.22 Emergencies
4.1.23 Revocation or Suspension of Access to the Trading System
4.2 Default Relating to Contracts
4.2.1 Default in a Cash Settled Futures Contract or Option Contract
4.2.2 Default in a Deliverable Futures Contract
4.3 Rules Applicable to Option Contracts
4.3.1 Types of Option Contracts
4.3.2 Cash Settled Call Option Contract
4.3.3 Cash Settled Put Option Contract
4.3.4 Deliverable Call Option Contract
4.3.5 Deliverable Put Option Contract
4.3.6 American Style and European Style
4.3.7 Cash Settled Option Contracts which are in-the-Money
4.3.8 Exercise/Expiry of All Option Contracts on Expiration Day
Chapter 5 Physical Delivery
5. Overview
5.1 Title Documents and Physical Delivery Procedures
5.1.1 Payment Against Title Documents
5.1.2 Duty Of Members To Mitigate Risk Of Non-Delivery
5.1.3 No Financing of Performance Deposits or other Escrow Assets
5.1.4 Delivery Obligations are Deemed Rules
5.1.5 Delivery Default Deemed Rule Violation
5.1.6 Passing of Property and Risk
5.2 Designated Ports, Factories, Surveyors, Samplers, Analysts and Other Organisations and Marks
5.3 Disclaimer of Exchange Liability for Physical Delivery and Warehousing
5.3.1 Title Documents and Transfer of Title
5.3.2 Exchange Does Not Check Commodity, Documents or Designated Ports or Factories
5.3.3 Forged Documents
Chapter 6 Dispute Resolution and Arbitration
6. Overview
6.1 Dispute Resolution Involving Contracts Traded on the SGX-DT Market
6.2 Dispute Resolution Involving Deliverable Commodity Futures Contracts
6.2.1 Dispute Resolution Involving Deliverable Commodity Futures Contracts
6.2.2 Awards Binding on Members and Members' Customers
6.2.3 Rule Violation
6.2.4 Customers to Submit to Arbitration
6.3 Post-arbitral Award Procedures for Deliverable Commodity Futures Contracts
6.3.1 Service of Notice of Award on the Parties and the Clearing House
6.3.2 Buying Member's Rights to the Performance Deposit
6.3.3 Use of Performance Deposit to Satisfy Award
6.3.4 Selling Member's Rights to the Performance Deposit
6.3.5 Procedures Not Applicable if Members elect for Alternative Delivery Procedure
Chapter 7 Adverse Events, Rule Violations and Disciplinary Action
7. Overview of Adverse Events, Rule Violations and Disciplinary Action
7.1 Adverse Events and Rule Violations
7.1.1 Adverse Events
7.1.2 Rule Violations
7.1.3 Concurrent Occurrence of Adverse Events and Rule Violations
7.1.4 Rule Violation by Approved Trader or Registered Representative to be deemed Rule Violation by Sponsoring Corporate Member
7.1.5 Notification Obligation
7.1.6 Notification of Exercise of Powers by the Exchange
7.1.7 Public Announcement by Exchange
7.2 Exchange's Disciplinary Powers
7.2.1 Disciplinary Action
7.2.1A Composition by the Exchange.
7.2.2 Investigative Powers
7.2.3 Restriction and Supervision of Member's Conduct of Business
7.2.4 Restriction of Activities of Members, Approved Traders or Registered Representatives
7.2.5 Referral to Disciplinary Committee
7.3 Exchange's Powers upon Occurrence of Adverse Events
7.3.1 Liquidation of Positions
7.3.2 Fix Settlement Price
7.3.3 Call for Additional Margins
7.3.4 Confine or Limit Trading
7.3.5 Alter Delivery Conditions
7.3.6 Call on Trading Member's Letter of Credit
7.3.7 Other Actions as Deemed Fit
7.3.8 No Liability
7.4 Investigations by the Exchange
7.4.1 Commencement of Investigations
7.4.2 Direction to Commence Investigation by MAS
7.4.3 Requirement to Cooperate with Investigations
7.4.4 Prohibition Against the Furnishing of False Statements or Information to the Exchange
7.4.5 Appointment of Exchange Examiners
7.4.6 Supply of Information
7.5 Disciplinary Committee
7.5.1 Composition of Disciplinary Committee
7.5.2 Chairman and Deputy Chairman of the Disciplinary Committee
7.5.3 [Rule has been deleted.]
7.5.4 [Rule has been deleted.]
7.6 Disciplinary Committee Powers and Related Matters
7.6.1
7.6.1A
7.6.2 Powers of the Disciplinary Committee
7.6.2A Mandatory Minimum Penalties to be Imposed by Disciplinary Committee for certain Rule Violations
7.6.2B
7.6.3 Exercise of Power by Disciplinary Committee Due to Breach by Chief Executive Officer, Director or Key Personnel
7.6.4 Former Member Bound by Rules for Acts or Omission Before Expulsion
7.6.5 [Rule has been deleted.]
7.6.6 [Rule has been deleted.]
7.7 Disciplinary Committee Proceedings
7.7.1 Disciplinary Committee Procedures
7.7.2 [Rule has been deleted.]
7.7.3 [Rule has been deleted.]
7.7.4 [Rule has been deleted.]
7.7.5 [Rule has been deleted.]
7.7.6 [Rule has been deleted.]
7.7.7 [Rule has been deleted.]
7.7.8 Decision of Disciplinary Committee
7.7.9 Finality of Proceeding or Findings
7.8 Appeals
7.8.1 Right of Appeal
7.8.2 Finality of Appeal
7.9 Appeals Committee
7.9.1 Composition of Appeals Committee
7.9.2 Chairman and Deputy Chairman of the Appeals Committee
7.9.3 [Rule has been deleted.]
7.9.4 [Rule has been deleted.]
7.9.5 Powers of the Appeals Committee
7.9.5A
7.9.6 [Rule has been deleted.]
7.9.7 [Rule has been deleted.]
7.10 Appeals Proceedings
7.10.1 Appeals Committee Procedures
7.10.2 [Rule has been deleted.]
7.10.3 [Rule has been deleted.]
7.10.4 Appeals by Rehearing
7.10.5 [Rule has been deleted.]
7.10.6 [Rule has been deleted.]
7.10.7 [Rule has been deleted.]
7.10.8 [Rule has been deleted.]
7.10.9 Decision of Appeals Committee
7.11 Payment Of Costs
7.11.1 Award of Costs of Investigations by Disciplinary Committee or Appeals Committee
7.11.2 Duration for Payment of Costs
7.11.3 Consequence of Costs Not Paid Within the Stipulated Time
7.12 Penalty
7.12.1 Period for Payment of Penalty
7.12.2 Consequence of Penalty Not Paid Within the Stipulated Time
7.13 Limitation of Liability
7.13.1 Limitation of Liability
Chapter 8 Definitions and Interpretation
8. Definitions and Interpretation
8.1 Definitions
8.2 Interpretation
8.2.1
8.2.2
8.2.3
8.2.4
8.2.5
8.2.6
8.2.7
8.2.8
8.2.9
Chapter 9 Transitional Provisions
9.1 Transitional Provisions
9.1.1 Applicability
9.1.2 Transitional Arrangements
9.1.3 Transitional Period
9.1.4 Notification by Writing
9.1.5 Transitional Trading Member
Directives
[Directive No.1 is deleted]
Directive No. 2 — No Trading of NSE IFSC Nifty Next 50 Index Futures and Options and NSE IFSC Nifty Midcap Select Index Futures and Options through the Connect
Regulatory Notices
Regulatory Notice 2.5.2(b1) [Regulatory Notice has been deleted]
Regulatory Notice 2.6.2A — Adequacy of Systems
Regulatory Notice 2.6.3(d) — [Regulatory Notice has been deleted]
Regulatory Notice 2.6.4 — Audit Trails and Records
Regulatory Notice 3.2.3A — Reporting and Other requirements in relation to Dairy Contracts
Regulatory Notice 3.3.1 — Customer Account and Know-Your-Customer Requirements
Regulatory Notice 3.3.3 — Disclosure Obligations in relation to trading in Dairy Contracts
Regulatory Notice 3.3.8 — Recording of Orders
Regulatory Notice 3.3.12 — Customer Margins
Regulatory Notice 3.3.14(g) — Inter-Exchange Cross-Margining
Regulatory Notice 4.1.6 — Trade Matching Algorithms Applicable to the SGX-DT Market
Regulatory Notice 4.1.8 — SGX-DT Market Error Trade Policy
Appendix A To Regulatory Notice 4.1.8
Regulatory Notice 2.1.3A(4); 4.1.11 — Negotiated Large Trades
Appendix A To Regulatory Notice 4.1.11
Appendix B To Regulatory Notice 4.1.11
Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 — Reporting of Account Identity; Reporting of Open Positions; Computations of Financial and Capital Requirements; Submission of Financial Statements and Other Information to the Exchange
Appendix 1 [Appendix has been deleted.]
Appendix 2 to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 Financial Statements and Other Information to be Submitted by Members Via SGX Data Submission System
Appendix 2A to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 List of Email Addresses for Receiving Feedback on Submissions (For SGX Data Submission System)
Appendix 3 to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 Creation/Deletion of User ID and Reset of Password (For SGX Data Submission System)
Appendix 3A to Regulatory Notice 3.3.17; 3.3.18; 3.3.26; 3.3.27 List of Authorised Signatories and User ID Coordinators (For SGX Data Submission System)
Practice Notes
Practice Note 2.6.3(1)(c) — Pre-Execution Checks
Practice Note 2.6.3(1)(d) — Error-Prevention Alerts
Practice Note 2.6.3(1)(g) — Procedures for Separation of Key Functions
Practice Note 2.6.3(2) — Firm-Level Monitoring of Capital and Financial Requirements and Prudential Limits
Practice Note 2.6.6 — Business Continuity Requirements
Appendix A to Practice Note 2.6.6 Business Continuity Management Emergency Contact Person(s)
Practice Note 2.6.6; 3.3.3; 3.3.9; 3.3.10; 3.3.23 — Operational Requirements for Trading Members Referred to in Rule 2.4.1(b)
Appendix A to Practice Note 2.6.6; 3.3.3; 3.3.9; 3.3.10; 3.3.23
Practice Note 2.8.1 — Direct Market Access And Sponsored Access
Practice Note 3.3.5 — Customer Education
Practice Note 3.3.16 — Transfer of Unsuccessful Give-Up Trades to House Account
Practice Note 3.4.3A — Processes for Review of Orders and Trades
Practice Note 3.4.8 — Good Faith Bids and Offers
Practice Note 3.4.9 — Fictitious Transactions Without Change in Ownership
Practice Note 4.1.9 — Procedures for Order Withdrawal
Practice Note 4.1.10 — Cross Trades
Schedules
Schedule A
Chapter 2 — Access and Membership
Chapter 3 — Conduct of Members, Approved Traders and Representatives
Chapter 4 — Listing and Trading of Contracts
Chapter 5 — Physical Delivery
Chapter 6 — Dispute Resolution and Arbitration
Chapter 7 — Adverse Events, Rule Violations & Disciplinary Action
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments
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