(i) the obligation of the receiving Principal to pay the purchase consideration and brokerage to the buying Trading Member and the obligation of the buying Trading Member to pay the purchase consideration to its qualifying Clearing Member is replaced by the obligation of the receiving Principal to pay the purchase consideration and brokerage to CDP and the obligation of CDP to pay the same to the qualifying Clearing Member of the buying Trading Member. The right of the buying Trading Member to receive the purchase consideration and brokerage from the receiving Principal and the right of the qualifying Clearing Member to receive the purchase consideration from its buying Trading Member is replaced by the right of CDP to receive the purchase consideration and brokerage from the receiving Principal and the right of the qualifying Clearing Member of the buying Trading Member to receive the purchase consideration and brokerage from CDP;

(ii) the obligation of the qualifying Clearing Member of the buying Trading Member to deliver the securities to its buying Trading Member and the obligation of the buying Trading Member to deliver the securities to the receiving Principal is replaced by the obligation of CDP to deliver such securities to the receiving Principal's Designated Securities Account;

(iii) the obligation of the qualifying Clearing Member of a buying Trading Member to pay the purchase consideration to CDP under the Interbroker Settlement System is set off against the right of the same qualifying Clearing Member to receive the purchase consideration and brokerage from CDP; and

(iv) the obligation of CDP to deliver the securities to the qualifying Clearing Member of the buying Trading Member pursuant to a purchase transaction effected on the SGX-ST is replaced by the obligation of CDP to deliver the securities to the receiving Principal's Designated Securities Account.

(i) the obligation of the delivering Principal to deliver the securities from the delivering Principal's Designated Securities Account to the selling Trading Member and the obligation of the selling Trading Member to deliver the securities to its qualifying Clearing Member is replaced by the obligation of the delivering Principal to deliver such securities to CDP;

(ii) the obligation of the qualifying Clearing Member to pay the sale consideration to its selling Trading Member and the obligation of the selling Trading Member to pay the sale consideration less brokerage to the delivering Principal is replaced by the obligation of the qualifying Clearing Member of the selling Trading Member to pay the sale consideration less brokerage to CDP, and the obligation of CDP to pay the same to the delivering Principal. The right of the selling Trading Member to receive the sale consideration from its qualifying Clearing Member and the delivering Principal's right to receive the sale consideration less brokerage from the selling Trading Member is replaced by the delivering Principal's right to receive the sale consideration less brokerage from CDP and CDP's right to receive the same from the qualifying Clearing Member of the selling Trading Member;

(iii) the obligation of CDP to pay the sale consideration to the qualifying Clearing Member of the selling Trading Member under the Interbroker Settlement System is set off against the right of CDP to receive the sale consideration less brokerage from the same qualifying Clearing Member; and

(iv) the obligation of the qualifying Clearing Member of the selling Trading Member to deliver the securities to CDP pursuant to a sale transaction effected on the SGX-ST is replaced by the obligation of the delivering Principal to deliver the securities from the delivering Principal's Designated Securities Account to CDP.