Unless the Trading Member has in place arrangements to settle Exchange Trades with its Clearing Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Clearing Member must make payment (whether of sale proceeds, Cash Settlement Amounts, corporate action entitlements or compensation for corporate action entitlements) or deliver securities to a Trading Member in respect of any Exchange Trade, by such time as to enable payment or delivery by the Trading Member to the Trading Member's customers within any timelines specified in the SGX-ST Rules, save that a Clearing Member may:
(1) withhold payment of sale proceeds to a selling Trading Member until the selling Trading Member has made delivery of securities; and
(2) withhold delivery of securities or the payment of any Cash Settlement Amount, corporate action entitlements or compensation for corporate action entitlements to a buying Trading Member until payment by the buying Trading Member has been received.
Added on 10 December 201810 December 2018.