(1) A Trading Member and its Trading Representatives must not execute any trade beyond any limits imposed by SGX-ST, CDP or the Authority. A Trading Member must ensure that its Trading Representatives and its customers do not trade beyond such limits. A Trading Member or its Trading Representative shall be guilty of overtrading if the respective Trading Member or its Trading Representative enters into any trade or trades beyond any limits imposed from time to time by SGX-ST, CDP or the Authority.

(2) If a Trading Member or Trading Representative is charged with violating this Rule 19.12.1, SGX-ST may at its discretion suspend that Trading Member or Trading Representative from trading until such time as the Disciplinary Committee or the Appeals Committee has completed the hearing in respect of such charge against such Trading Member or Trading Representative;

(3) Each trade entered into beyond any limits imposed by SGX-ST, CDP or the Authority shall be deemed to be a distinct and separate violation of this Rule and shall be punishable as such. If a Trading Member or Trading Representative is charged by SGX-ST for overtrading, it is not necessary for SGX-ST to show that the Trading Member or Trading Representative intended to overtrade. The act of overtrading is sufficient to constitute an offence under this Rule.