11.4.1
Notwithstanding Rules 11.3 and 11.5, SGX-ST reserves the right to review an Error Trade if SGX-ST deems it necessary for the proper maintenance of a fair and orderly market.
Added on 3 June 20193 June 2019.
11.4.2
SGX-ST may consider any relevant information, including but not limited to the following when deciding whether to cancel an Error Trade:
(a) the difference between the price at which the trade was done and the preceding traded price of the security or futures contract;
(b) the market liquidity in the security or futures contract at the time the trade occurred;
(c) where the trade involves a futures contract, the trading behaviour of the underlying;
(d) the monetary loss involved if the trade is or is not cancelled;
(e) the difference between the time the erroneous order was entered and the time it was matched;
(f) the number of counterparty customers involved;
(g) whether the Force Key was used or any other error prevention alert was triggered when the erroneous order was entered into the Trading System;
(h) the impact on the settlement process;
(i) in the case of bonds, the rating, interest rate, coupon rate, maturity date and yield curve; and
(j) the reason(s) given for the error.
Refer to Regulatory Notice 11.4.2 (d).
Refer to Regulatory Notice 11.4.2 (g).
Added on 3 June 20193 June 2019.
11.4.3
The following procedures shall apply when SGX-ST is satisfied that an Error Trade has occurred:
(a) inform the market of the Error Trade;
(b) inform the market of the outcome of SGX-ST's review in relation to the Error Trade (i.e. whether the Error Trade remains valid or has been cancelled); and
(c) notify both Trading Members of the outcome of SGX-ST's decision under Rule 11.4.1 in writing.
Added on 3 June 20193 June 2019.
11.4.4
SGX-ST will not consider any request to review its decision following the notification under Rule 11.4.3(b).
Added on 3 June 20193 June 2019.