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8.1 Definitions

Capitalized terms used herein and not otherwise defined shall have the meaning set forth herein below.

Unless the context requires otherwise, where the terms defined in this Rule 8.1 are defined in relation to a holder of a CMS Licence, such definitions shall, with the necessary modifications, apply to a Trading Member as those definitions apply to a holder of a CMS Licence whether or not that Trading Member holds a CMS Licence.

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

TermMeaning
A
ActRefers to the Securities and Futures Act 2001, or any statutory modification, amendment or re-enactment thereof for the time being in force, or any statute that may replace it, and unless the context otherwise requires, includes any subsidiary legislation or regulations made pursuant thereto;
Acceptable Government Securities[Deleted]
Accredited InvestorShall have the meaning ascribed to it under the Act;
Adjusted Net Head Office FundsWhen used in reference to:—
(a) a General Trading Member incorporated outside Singapore that holds a licence to engage in a Regulated Activity, shall bear the meaning ascribed thereto in Regulation 2 of the SFR (Financial and Margin Requirements); and
(b) a Bank Trading Member incorporated outside Singapore which has satisfied the Net Head Office Funds requirement in Rule 2.5.2(c)(i), shall bear the meaning ascribed thereto in Regulation 2 of the SFR (Financial and Margin Requirements), less the capital requirements for its banking business;
Adverse EventsShall have the meaning ascribed to it in Rule 7.1.1;
AffiliateRefers to a Related Corporation of a Member with respect to an account belonging to and maintained wholly for the benefit of that Related Corporation;
Affiliate AccountRefers to an account carried on the books of a Member belonging to and maintained wholly for the benefit of an Affiliate;
Agency TradeRefers to a trade executed on a Customer Account;
Aggregate IndebtednessShall have the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Regulations);
Aggregate ResourcesWhen used in reference to:—
(a) a Trading Member incorporated in Singapore which has satisfied Rule 2.5.2(b)(i) or Rule 2.5.2(c)(i) by meeting the Base Capital requirement, means its Financial Resources and Qualifying Letter of Credit less its Total Risk Requirement; and
(b) a Trading Member incorporated outside Singapore which has satisfied Rule 2.5.2(b)(i) or Rule 2.5.2(c)(i) by meeting the Net Head Office Funds requirement, means its Adjusted Net Head Office Funds and Qualifying Letter of Credit less its Total Risk Requirement;
(c) [Deleted]
American Style OptionShall have the meaning ascribed to it in Rule 4.3.6;
Alternative Delivery ProcedureShall have the meaning ascribed to it under the relevant Contract Specifications;
Appeals CommitteeRefers to a committee established pursuant to this Rules to hear appeals against the decisions of the Disciplinary Committee;
Approved ExchangeShall have the meaning ascribed to it under the Act;
Approved TraderRefers to an individual who is either:
(a) an employee or agent of a corporate Member and is duly authorised to execute House Trades or Agency Trades as the case may be; or
(b) an individual Trading Member;
Arrears NoticeShall have the meaning ascribed to it in Rule 2.12.2;
B
BankRefers to a bank licensed under the Banking Act 1970;
Bank Trading MemberRefers to a Bank which is admitted as a Trading Member, with such rights and obligations as set out in Chapter 2 of this Rules. For the avoidance of doubt, a reference to a Bank Trading Member incorporated outside Singapore shall refer to the branch located in Singapore, of a parent bank incorporated outside Singapore.
Base Capitalwhen used in reference to:—
(a) a General Trading Member that holds a licence to engage in a Regulated Activity in Singapore, has the meaning ascribed to it in Regulation 2 of the Financial and Margin Regulations; and
(b) a General Trading Member that holds a licence specified in Rule 2.4.1(b) or a Bank Trading Member, means its paid-up ordinary share capital and unappropriated profit or loss.
BoardRefers to the Board of Directors of the Exchange;
Business DayRefers to any day other than a Saturday, Sunday or public holiday in Singapore;
Business Governed by this RulesWhen used in reference to:—
(a) a Bank Trading Member incorporated in Singapore or a Bank Trading Member incorporated outside Singapore which has satisfied the net head office funds requirement under Rule 2.5.2(c)(i), shall mean its business involving all derivatives and securities contracts traded on any exchange and OTC contracts novated to any clearing facility; and
(b) a Bank Trading Member incorporated outside Singapore which has satisfied Rule 2.5.2(c)(i) by depositing cash and/or government securities with the Clearing House, shall mean its business involving derivatives and securities contracts traded on the Exchange and SGX-ST and OTC contracts novated to the Clearing House and CDP;
BuyerRefers to:
(a) the direct buying counterparty in a cash-settled Futures Contract;
(b) the direct buying counterparty in an Option Contract; or
(c) the direct counterparty responsible for taking delivery of the underlying Commodity in a deliverable Futures Contract;
Buying MemberShall have the meaning ascribed to it in Rule 6.3.4;
Bypass Letter of Credit[Deleted]
Bypass Privileges[Deleted]
Bypass Subordinated Loan[Deleted]
C
CDPRefers to The Central Depository (Pte) Limited;
CDP Clearing RulesRefers to the clearing rules adopted by The Central Depository (Pte) Limited, as applied, interpreted and implemented by circulars, practice notes and directives issued by The Central Depository (Pte) Limited;
Change of ControlShall have the meaning ascribed to it in Rule 2.14.1;
CircularRefers to informational notices issued by the Exchange;
Clearing HouseRefers to the Singapore Exchange Derivatives Clearing Limited by whatever name called or its successor and assigns and where the context so requires such authorised personnel acting in its name;
Clearing MemberRefers to any corporation granted clearing privileges by the Clearing House as contemplated in the Clearing Rules;
Clearing RulesRefers to the collection of rules governing the organisation and operation of the Clearing House, and adopted by the Clearing House, as applied, interpreted and implemented by circulars, practice notes and directives issued by the Clearing House;
Clearing SystemRefers to any Clearing House operated system that facilitates (a) the novation of trades to the Clearing House and (b) the settlement of those trades and positions;
Closing OutTo extinguish an Open Position by matching it with an offsetting position and "Close(d) Out" shall have the correlative meaning;
CMS LicenceRefers to the capital markets services licence held by a party for the conduct of such business as contemplated under the Act;
Committee MemberRefers to any constituent member of any of the committees established and operated by the Exchange;
CommoditiesRefers to any commodities including metals, energy or agricultural commodities;
Commodity Futures ContractRefers to any Futures Contract where the Underlying is a Commodity;
Conduct of Business RegulationsRefers to the Securities and Futures (Licensing and Conduct of Business) Regulations;
Confidential InformationShall have the meaning ascribed to it in Rule 1.4.1;
ConnectRefers to the NSE IFSC - SGX Connect, an arrangement established for the purpose of facilitating access to trading of Connect Contracts on the Connect Market by Trading Members;
Connect BrokerRefers to SGX India Connect IFSC Private Limited;
Connect ContractRefers to an instrument, contract or transaction, or class of instruments, contracts or transactions that are designated for clearing by the Clearing House in Appendix 2 of the Clearing Rules;
Connect MarketRefers to the market operated by NSE IFSC Limited (NSE IFSC) in GIFT and accessed via the Connect Broker;
ContractRefers to an instrument, contract or transaction, or class of instruments, contracts or transactions listed or traded on the Markets;
Contract MonthShall have the meaning ascribed to it in the Clearing Rules;
Contract SpecificationsRefers to the commercial and technical terms of a Contract, including the Contract size, Contract Month, trading hours, Underlying, exercise price, minimum price fluctuation, Last Trading Day, settlement basis and method of exercise;
Unless otherwise stated, Contract Specifications are distinct and separate documents which are not part of this Rules.
Cooling Off PeriodShall have the meaning ascribed to it in Rule 4.1.15;
Counterparty Risk RequirementShall have the meaning ascribed to it under the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences;
CustomerUnless otherwise indicated in a particular Rule, refers to a Person (including an Affiliate) whose account is carried on the books of a Member except where such Person is the Member itself with respect to the Member's House Account;
Customer AccountUnless otherwise indicated in a particular Rule, refers to an account carried on the books of a Member for a Customer (including an Affiliate Account);
D
Daily Settlement PriceRefers to the daily price at which a Contract is settled at the end of each Trading Day or at such other time as may be provided in the relevant Contract Specifications;
DefalcationShall have the meaning ascribed to it in Rule 1.5.1;
Delivery DefaultShall have the meaning ascribed to it under the relevant Contract Specifications;
Designated Clearing HouseShall have the meaning ascribed to it under the Act;
Designated PortShall have the meaning ascribed to it in Rule 5.2;
DirectivesShall have the meaning ascribed to it in Rule 1.10.2;
Direct Market AccessShall have the meaning ascribed to it in Rule 2;
Disciplinary CommitteeRefers to a committee established pursuant to this Rules to hear and adjudicate on violations to this Rules;
Dual MemberShall have the meaning ascribed to it in Rule 2.2.4 and "Dual Membership" shall have the correlative meaning;
E
Effective DateRefers to 22 September 2006;
EmergencyRefers to any circumstances which in the opinion of the Exchange calls for an emergency action and shall include an excessive trading position or unwarranted speculation in any of the Markets, a state of war or threatened hostilities, the introduction of official controls affecting any of the Markets or the performance of any Contract or any change in such controls, a breakdown or failure of the Trading System or any other communication, equipment or market facilities operated by the Exchange or any other undesirable situation or practice that adversely affects market integrity or investor rights;
Escrow AssetShall have the meaning ascribed to it in the Clearing Rules;
European Style OptionShall have the meaning ascribed to it in Rule 4.3.6;
Excess MarginsRefers to credits in excess of Initial Margins;
ExchangeRefers to the Singapore Exchange Derivatives Trading Limited, an Approved Exchange under the Act;
Exchange-approved OMSShall have the meaning ascribed to it in Rule 2.1.1;
Exchange ExaminersRefers to persons appointed by the Exchange to assist in its investigations under Rule 7.4.5;
Exchange SystemsShall have the meaning ascribed to it in Rule 1.6.1;
Expiration DayWith respect to Option Contracts, refers to the day on which Open Positions are Closed Out with reference to the Final Settlement Price;
F
Final Settlement PriceRefers to the price at which a Contract is settled at maturity pursuant to any procedure prescribed by the Clearing House or the relevant Contract Specifications, as the case may be;
Financial and Margin RegulationsRefers to the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations;
Financial ResourcesShall bear the meaning ascribed thereto in Regulation 2 of the SFR (Financial and Margin Requirements);
Force MajeureRefers to any event beyond the control of a Member, Buyer or Seller as the case may be, including acts of a civil or military authority, labour disputes, strikes, fires, floods, epidemic diseases, accidents, wars (whether declared or undeclared), acts of the public enemy, riots, perils of the sea, embargoes, restrictions imposed by any governmental authority (including allocations, priorities, requisitions, quotas and price controls) or any acts of God, or as may otherwise be provided in the Contract Specifications;
Foreign BranchRefers to an overseas branch of a corporate Member as contemplated under Rule 3.3.32;
Free Financial ResourcesShall have the meaning ascribed to it under the Financial and Margin Regulations;
Futures ContractRefers to any Contract, over any Underlying, designated by the Exchange as a futures contract;
G
General Trading MemberRefers to a Trading Member with such rights and obligations as set out in Chapter 2 of this Rules. For the avoidance of doubt, a reference to a General Trading Member shall not include a Bank Trading Member.
GIFTRefers to Gujarat International Finance Tec-City;
H
Honorary MemberShall have the meaning ascribed in Rule 2.2.5;
House AccountUnless otherwise indicated in a particular Rule, refers to an account in which only the Member is the legal and beneficial owner;
House TradesRefers to trades executed by Members on their House Account and "House Traders" shall have the correlative meaning.
I
Index ContractsShall have the meaning ascribed to it in Rule 1.6.4;
Index ProviderShall have the meaning ascribed to it in Rule 1.6.4;
Initial MarginsShall have the meaning ascribed to it in Rule 3.3.12;
Inter-exchange Cross MarginingShall have the meaning ascribed to under Rule 3.3.14;
Internet TradingTrading access to the Markets through internet broking services provided by a Member.
Irredeemable and Non-Cumulative Preference Share Capitalhas the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements).
L
Last Trading DayRefers to the last day on which a Futures Contract may be traded prior to its expiration;
M
Maintenance MarginsShall have the meaning ascribed to it in Rule 3.3.12;
MarketRefers to a market as contemplated under the Act that is operated by the Exchange;
MASThe Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;
MemberRefers to either a Trading Member or a Clearing Member with trading privileges and "Membership" shall have the correlative meaning;
Members' AffairsShall have the meaning ascribed to it in Rule 1.4.2;
N
Negotiated Large Trades or NLTsRefers to large trades executed outside the Trading System between and among Accredited Investors and Members pursuant to the minimum thresholds and other procedures prescribed by the Exchange;
Net Head Office FundsShall have the meaning ascribed to it under the Financial and Margin Regulations;
Net Liquid Capital[Deleted]
O
Old RulesShall have the meaning ascribed to it Rule 1.12.3;
OMSShall have the meaning ascribed to it in Rule 2.1.1;
Omnibus AccountRefers to a single account with one (1) or more sub-accounts, each held by Persons beneficially entitled to positions established under such account;
Open PositionAn open position exists where a contract held by a party has not been closed out or where the obligations under a contract are yet to be performed;
Operational Risk RequirementShall have the meaning ascribed to it under the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences;
Option ContractRefers to a Contract which grants an option in respect of an Underlying or a Futures Contract;
Order FormShall have the meaning ascribed to it in Rule 3.3.8;
P
Partner MarketRefers to another exchange or market, in Singapore or elsewhere, accessible via the Trading System or such other means as approved by the Exchange or its related corporation, and includes the Connect Market;
PersonRefers to any individual, corporation, partnership, statutory body, government ministry, association, trust or entity as the context admits or requires;
Performance DepositRefers to the amount, as prescribed in the relevant Contract Specifications, posted by the Clearing Members with the Clearing House, to secure the due delivery and acceptance of the underlying Commodity in a deliverable Futures Contract by their respective Sellers and Buyers. Such deposit shall be in cash or in the form of an irrevocable Letter of Credit or any other security in a form and issued by a bank acceptable to the Clearing House;
Practice NotesShall have the meaning ascribed to it under Rule 1.10.2;
Price LimitShall have the meaning ascribed to it in Rule 4.1.15;
Proprietary TradesRefers to trades executed by a Person for its own account;
Public Register of RepresentativesRefers to the records of appointed representatives, provisional representatives and temporary representatives kept by the Authority in accordance with the Act;
Q
Qualifying Letter of CreditShall have the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements);
Qualifying Subordinated LoanShall have the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements);
[Deleted][Deleted]
R
Registered RepresentativeRefers to:
(a) an individual sponsored by a corporate Member acting or holding himself out as a sales representative in the name of the Member;
(b) an employee of a Bank acting or holding himself out as a sales representative in the name of a Member which is a Related Corporation of that Bank; or
(c) a trading representative of a SGX-ST member provided that such SGX-ST member is a Related Corporation of the Member and the Member sponsors the trading representative's application to act as a Registered Representative;
Regulated ActivityShall have the meaning ascribed to it in Rule 2.4.1;
Regulatory NoticesShall have the meaning ascribed to it in Rule 1.10.2;
RegisterRefers to a register of all Members maintained by the Exchange;
Related CorporationShall have the meaning ascribed to it under the Companies Act 1967;
Relevant Regulatory AuthorityShall mean:
(a) the authority(ies) or regulatory body(ies) that regulate(s) a Trading Member's, its Approved Trader, or its Registered Representatives' activities in the country where it is carrying on such activities and from which it has applied for Membership or registration with the Exchange; and
(b) where the Trading Member, its Approved Traders, or its Registered Representatives are carrying on regulated activities in Singapore, the MAS;
Resignation NoticeRefers to a Member's written notice of resignation as contemplated under Rule 2.15.1;
RulesRefers to the collection of rules and accompanying annexes set forth in this rulebook, as applied, interpreted or implemented by Directives, Regulatory Notices and Practice Notes;
Rule ViolationIncludes any breach, contravention, default or failure to comply with the Act or the Rules and includes deemed rule violations;
RRA Financial Requirementmeans all applicable financial requirements (whether relating to capital, liquidity, risk or otherwise) imposed on a Clearing Member by its Relevant Regulatory Authority.
S
SanctionRefers to expulsion, suspension, reprimand or such other sanctions that the Disciplinary Committee or Appeals Committee may impose on a Member, Approved Trader or Registered Representative found guilty of a Rule Violation or other misconduct, as contemplated under Rule 7.6.2 or Rule 7.9.5 respectively;
[deleted][deleted]
Secretary[definition is deleted]
securitiesShall have the meaning ascribed to it in the SGX-ST Rules.
Securities RulesRefers to the collection of rules governing the organisation and operation of organised markets, adopted by SGX-ST, as applied, interpreted and implemented by circulars, practice notes and directives issued by SGX-ST;
SellerRefers to:
(a) the direct selling counterparty in a cash-settled Futures Contract;
(b) the direct selling counterparty in an Option Contract; or
(c) the direct counterparty responsible for making delivery of the underlying Commodity in a deliverable Futures Contract;
Selling MemberShall have the meaning ascribed to it in Rule 6.3.4;
SettlementIn relation to a Contract, refers to the procedures for cash settlement or physical delivery as set out in the relevant Contract Specifications and in accordance with the Clearing Rules;
SGX BoardMeans the board of directors for the time being of Singapore Exchange Limited or such number of them as have authority to act for the SGX Board;
SGX-DT MarketRefers to the Market owned and operated by the Exchange;
SGX RegCoRefers to Singapore Exchange Regulation Pte. Ltd.;
SGX RegCo BoardRefers to the board of directors of SGX RegCo;
SGX-STRefers to Singapore Exchange Securities Trading Limited;
SI ACRefers to the Singapore International Arbitration Centre;
Sponsored AccessA form of Direct Market Access in which a Member permits its Customer and any other persons to use its member ID to transmit orders for execution directly to the Exchange without using the Member's infrastructure.
Sufficient Credit[Deleted]
Summary ReferralShall have the meaning ascribed to it in Rule 7.2.5;
T
Title DocumentsShall have the meaning ascribed to it in Rule 5.1.1;
Total Net EquityRefers to the ledger balance of a Customer Account, including adjustments to the account arising from unrealized gains or losses on open positions, and margins deposited by the Customer;
Total Risk RequirementShall bear the meaning ascribed thereto in Regulation 2 of the SFR (Financial and Margin Requirements);
Trading DayAny day on which the Exchange is open for trading or deliveries;
Trading MemberRefers to an individual or corporation granted trading privileges by the Exchange, as contemplated in this Rules, and shall include a General Trading Member and a Bank Trading Member;
Trading SystemRefers to any Exchange operated electronic platform, comprising (a) an order matching engine; (b) order routing interfaces; and (c) market data interfaces, that facilitates trading on the Markets;
U
UnderlyingRefers to any asset, Commodity, instrument, index, reference rate or any other thing whose price movement determines the value of the Contract;
User InformationShall have the meaning ascribed to it under the Act.

Amended on 5 December 20065 December 2006, 26 January 200726 January 2007, 26 November 200726 November 2007, 25 August 200925 August 2009, 22 February 201022 February 2010, 29 November 201029 November 2010, 16 July 201216 July 2012, 15 March 201315 March 2013, 26 April 201326 April 2013, 1 April 20141 April 2014, 29 December 201429 December 2014, 2 May 20162 May 2016, 14 November 201614 November 2016, 15 September 201715 September 2017, 8 October 20188 October 2018, 22 April 201922 April 2019, 3 June 20193 June 2019, 18 January 2022 and 29 July 2022.

8.2.1

Expressions referring to writing shall be construed as including references to printing, lithography, photography and other modes of representing or reproducing words or data in a visible form.

8.2.2

Any words importing the singular number only shall, where the context permits, include the plural number and vice versa.

8.2.3

Any words importing the masculine gender shall include the feminine gender and shall, where the context permits or requires include a partnership or an incorporated company.

8.2.4

Any reference to the "Exchange's website" in this Rules is to www.sgx.com.

8.2.5

Any reference to "$" is to Singapore dollars unless otherwise specified.

8.2.6

In the interpretation of this Rules, an interpretation that promotes the purpose or object underlying the particular Rule (whether that purpose or object is expressly stated in the Rule or not) shall be preferred.

8.2.7

Any references to "it" or "its" in the context of Members, Customers, Persons, Approved Traders and Registered Representatives shall include the masculine or feminine gender where the context so requires.

8.2.8

References in this Rules to statutory provisions shall be construed as references to those provisions as modified or re-enacted from time to time and to any subordinate legislation made under such provisions and shall include references to any repealed statutory provisions which have been so re-enacted (whether with or without modification).

8.2.9

The headings in this Rules are for convenience only and do not affect the construction of this Rules.