Cross-referenced from Rules 403, 602 and 603
1. Introduction
1.1 This Practice Note provides guidance in connection with trading halts and suspensions.
1.2 A trading halt is a short term trading stoppage to disclose material information. It is generally requested for a minimum of 30 minutes to a maximum of three market days. When a trading halt is being lifted, a stock will enter into the phase that the market is then in.
1.3 A suspension is generally a longer term trading stoppage that can be requested either by an issuer or imposed by the Exchange. When a suspension is being lifted, a stock will enter into an adjust phase for a minimum duration of 15 minutes before normal trading commences.
1.4 In a trading halt, orders in the system are not purged until the end of the market day while for a suspension, all orders are purged at the time of the suspension.
2. Trading Hours
2.1 For normal day trading, our trading hours are from 9.00am to 12.00pm and 1.00pm to 5.00pm. There is a mid-day break from 12.00pm to 1.00pm. Opening Routine is a 30-minute session before trading commences at 9.00am, i.e. 8.30am to 9.00am. Closing Routine will run for 6 minutes after 5.00pm, i.e. 5.00pm to 5.06pm. Trade at Close Phase will run for 10 minutes after the Closing Routine ends at 5.06pm, i.e. 5.06pm to 5.16pm.
2.2 For half day trading, our trading hours are from 9.00am to 12.00pm. Opening Routine is a 30-minute session before trading commences at 9.00am, i.e. 8.30am to 9.00am. Closing Routine will run for 6 minutes after 12.00pm, i.e. 12.00pm to 12.00pm. Trade at Close Phase will run for 10 minutes after the Closing Routine ends at 12.06pm, i.e. 12.06pm to 12.16pm.
3. Procedures for Trading Halt and Suspension
3.1 Trading halt or suspension can be applied at any time. When an issuer wishes to request for a trading halt or suspension in its securities during trading hours and the mid-day break, it must first contact the officers in Market Control. After alerting the Market Control officer, the issuer can then send the SGXNET announcement to request for trading halt or suspension.
3.2 In the SGXNET announcement, issuers should state the reason for requesting the trading halt or suspension.
3.3 Issuers are to observe the following guidelines when requesting for a trading halt or suspension:
(a) During trading hours and mid-day break
Please call and alert Market Control before releasing the request via SGXNET.
(b) Before or after trading hours
Please call and alert Market Control between 7.30am and 8.30am although the SGXNET request can be released anytime after the close of the previous market day and before 8.30am on the day of the trading halt or suspension.
Where the listed securities of an issuer remain halted or suspended on Nasdaq after U.S. market close on a particular day (e.g. 1 February (U.S. time)), such issuer must also request for a trading halt or suspension of its listed securities on the Exchange on the Singapore market day (e.g. 2 February (Singapore time)) immediately after such day. Such issuer must call and alert Market Control between 7.30am and 8.30am (Singapore time) on the Singapore market day (e.g. 2 February (Singapore time)) immediately after such day.
4. Procedures for Lifting of Trading Halt and Resumption of Trading from Suspension
4.1 For both trading halt and suspension, trading can resume only on the quarter-hour between 8.30am to 4.45pm for lifting of trading halt and between 9.00am to 4.45pm for resumption of trading from suspension.
4.2 Issuers must allow at least 30 minutes of dissemination time after a material announcement is made and before trading resumes.
4.3 For trading halt, issuers must allow at least 15 minutes of dissemination time for an announcement on the request for the lifting of trading halt, before trading resumes. By way of example, if an issuer makes a request for trading halt announcement at 10.00am and releases the material information at 10.16am, if there is no further release of material information, the issuer may also make a request for lifting of trading halt announcement at 10.16am. However, trading may only resume at 11.00am. If an issuer wishes to resume trading at 11.00am, the latest time which the issuer is required to make the request for lifting of trading halt announcement is 10.45am.
4.4 For suspension, issuers must allow at least 30 minutes of dissemination time for an announcement on the request for the resumption of trading from suspension, before trading resumes. By way of example, if an issuer makes a request for suspension announcement at 3.00pm and releases the material information at 3.14pm, if there is no further release of material information, the issuer may also make a request for the resumption of trading from suspension announcement at 3.14pm. However, trading may only resume at 3.45pm. If an issuer wishes to resume trading at 3.45pm, the latest time which the issuer is required to make the request for the resumption of trading from suspension announcement is 3.15pm.
4.5 Issuers are to observe the following guidelines when requesting for a lifting of trading halt or resumption of trading from suspension:
(a) During trading hours and mid-day break
Please call and alert Market Control before releasing the request via SGXNET.
(b) Before or after trading hours
Please call and alert Market Control between 7.30am and 8.30am although the SGXNET request can be released anytime after the close of the previous market day and before 8.30am on the day of the lifting of trading halt or resumption of trading from suspension.
Where the trading halt is lifted or the listed securities of an issuer resumes trading on Nasdaq on a particular day (e.g. 1 February (U.S. time)), such issuer must also request for the lifting of the trading halt or the resumption of trading in the listed securities on the Exchange on the Singapore market day (e.g. 2 February (Singapore time)) immediately after such day. Such issuer must call and alert Market Control between 7.30am and 8.30am (Singapore time) on the Singapore market day (e.g. 2 February (Singapore time)) immediately after such day.
4.6 If an issuer wishes to announce material information during trading hours, the issuer must request for a trading halt or suspension. The issuer must allow for at least 30 minutes dissemination time for such announcements before trading resumes. This should be taken into account before making any request for lifting of a trading halt or resumption of trading from suspension.
5. SGXNET Templates
5.1 Issuers must use the correct template when sending in the above requests. Issuers can choose from the following four templates:
(a) request for Trading Halt;
(b) request for Suspension;
(c) request for Lifting of Trading Halt; and
(d) request for Resumption of Trading from Suspension.