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CDP Clearing Rules
Rule 1 — Application and Definitions
1.1 Application
1.1.1
1.1.2
1.1.3
1.1.4
1.1.5
1.1.6
1.1.7
1.1.8
1.2 Definitions
1.2.1
1.3 Regard to be had to Purpose or Object of the Clearing Rules
1.3.1
1.3.2
1.4 General Principles of Interpretation
1.4.1
1.4.2
1.4.3
1.4.4
1.5 Headings
1.5.1
1.6 Examples
1.6.1
1.7 Rules to Prevail
1.7.1
1.8 Clearing Directives
1.8.1
1.8.2
1.9 Transitional Provision
1.9.1
1.10 Order of Precedence
1.10.1
1.10.2
Rule 2 — Administration
2.1 Registers
2.1.1
Rule 3 — Membership
3.1 Clearing Member
3.1.1
3.1.2 Eligibility Criteria for General Clearing Member
3.1.3 Eligibility Criteria for Bank Clearing Members
3.1.3A
3.2 The Application
3.2.1
3.2.2
3.2.3
3.3 Appeals
3.3.1
3.4 Clearing Member's Rights
3.4.1 Clearing Right
3.4.2 No Distributive Right to Assets
3.4.3 No Voting Right
3.4.4 Transferability
3.5 General Obligations of a Clearing Member
3.5.1
3.5.2 Provision of Information
3.5.3
3.5.4 Business Continuity Requirements
3.5.5 Records of Customer Monies and Assets in Relation to Trades Cleared or Settled through CDP
3.6 Clearing Members to Act as Principals
3.7 Responsibility of Clearing Members for the Exchange Trades of Trading Members
3.7.1
3.7.2
3.7.3
3.7A Relationship Between Clearing Member and Trading Member
3.7A.1 Settlement Timelines
3.7A.2 Force Sale
3.7A.3
3.7A.4
3.7A.5
3.7A.6
3.7A.7
3.8 Reporting Requirements
3.9 Qualification of Trading Members
3.9.1 Qualification Procedures
3.9.2 Procedures to Cease Qualifying a Trading Member
3.9.2A Procedures to Suspend Qualification of a Trading Member
3.9.3
3.10 Resignation by Clearing Member
3.10.1 Procedure
3.10.2 Acceptance of Resignation by CDP
3.10.3 Deletion from Register
3.10.4 Notification of Resignation
3.10.5 Cessation of Clearing Rights
Rule 4 — Appointment of Chief Executive Officers and Directors
4.1 Appointment and Registration
4.1.1
4.1.2
4.2 Obligations
4.2.1 Compliance
4.2.2 Payment of Fees
4.2.3 Other Businesses
4.3 Automatic De-Registration
4.4 Deletion from Register
4.5 [Rule has been deleted.]
4.6 Obligations of a Former Chief Executive Officer
Rule 5 — Financial/Capital Requirements
5.1 Minimum Capital and Financial Requirements of Clearing Members Incorporated in Singapore
5.1.1
5.1.1A
5.1.1B
5.1.1C
5.1A Early Warning Financial Requirements of Clearing Members Incorporated in Singapore
5.1A.1
5.1A.2
5.1A.3
5.1B Notification Requirements of Clearing Members Incorporated in Singapore
5.1B.1
5.1B.2
5.1B.3
5.1C Qualifying Letter of Credit
5.1C.1
5.1C.2
5.1C.3
5.1D Minimum Capital and Financial Requirements of Clearing Members Incorporated Outside Singapore
5.1D.1
5.1D.2
5.1D.3
5.1D.4
5.1DA Liquidity Resource Requirement
5.1E Early Warning Financial Requirements of Clearing Members Incorporated Outside Singapore
5.1E.1
5.1E.2
5.1E.3
5.1F Notification Requirements of Clearing Members Incorporated Outside Singapore
5.1F.1
5.1F.2
5.1F.3
5.1G Qualifying Letter of Credit
5.1G.1
5.1G.2
5.1G.3
5.1H [Rule has been deleted.]
5.1H.1 [Rule has been deleted.]
5.1I Total Risk Requirement
5.1I.1
5.1J Notification of Reduction in Capital
5.1J
5.1.2 [Rule has been deleted.]
5.1.3 [Rule has been deleted.]
5.1.4 [Rule has been deleted.]
5.2 [Rule has been deleted.]
5.3 [Rule has been deleted.]
5.4 Powers to Impose Other Requirements
5.4.1
5.4.2
5.5 Reserve Fund Requirement
5.5.1
5.5.2
5.6 Exposure to Single Customer
5.6.1
5.6.2
5.6.3
5.6.4
5.6.5
5.7 Exposure to Single Security
5.7.1
5.7.2
5.7.3
5.7.4
5.7.5
5.7.6
5.7.6A
5.7.7
5.7.8
5.7.9
5.8 Monthly Returns
5.8.1
5.8.2
5.8.3
5.8.4
5.9 Appointment of Auditors and Audit Requirements
5.9.1
5.9.1A
5.9.2 Statutory Audit Report For General Clearing Members
5.9.3
5.9.4
5.9.5 Audit Report For Bank Clearing Members
5.9.6
5.10 [Rule has been deleted.]
5.11 Other Financial Requirements
5.11.1 Reduction in Paid-Up Ordinary Share Capital or Paid-Up Irredeemable and Non-Cumulative Preference Share Capital
5.11.2 Preference Shares
5.11.3 Qualifying Subordinated Loan
5.11.4 Making of Unsecured Loan or Advance, Payment of Dividend or Director's Fees or Increase in Director's Remuneration by General Clearing Member
5.11.5 Credit Facilities
5.12 Register of Connected Persons
5.13 Exemption for SGXlink Pte Ltd
Rule 5A — Position Accounts
5A.1 — Separate Position Accounts and Position Account Designation
5A.1.1
5A.1.2
5A.2 — Reporting Requirements for Position Account
5A.2.1
5A.2.2
5A.3 — Allocation of trades to Position Accounts
5A.3.1
5A.3.2
5A.3.3
5A.3.4
5A.4 — Authorisation of SGX-ST Trading Member to Maintain Position Accounts
5A.4.1
5A.4.2
5A.4.3
5A.4.4
5A.5 — Position Accounts carrying positions for more than one beneficial owner
5A.5.1
5A.5.2
5A.6 — Position Reconciliation
5A.6.1
5A.7 — Disclosure of information
5A.7.1
Rule 6 — Clearing and Settlement between Clearing Members and CDP
6.1 Clearing of Exchange Trades
6.1.1
6.1.2
6.1.3 [Rule has been deleted.]
6.1.4 [Rule has been deleted.]
6.2 Clearing and Novation
6.2.1
6.2.1A
6.2.2
6.2.3
6.2.4
6.2A Obligations under Novated Contracts
6.2A.1
6.3 Set-Off of Payment Obligations in respect of Novated Contracts and Determination of Payment Obligations between CDP and Clearing Members
6.3.1
6.3.2
6.3.2A
6.3.3 [Rule has been deleted.]
6.4 Settlement of Payment Obligations Between Clearing Members and CDP
6.4.1
6.4.1A [Rule has been deleted.]
6.4.2 [Rule has been deleted.]
6.4.3 [Rule has been deleted.]
6.4.4
6.4.5
6.5 Settlement of Securities in respect of Novated Contracts
6.5.1
6.5.1A [Rule has been deleted.]
6.5.1B
6.5.2
6.5.2A
6.5.2B [Rule has been deleted.]
6.5.2C [Rule has been deleted.]
6.5.3 [Rule has been deleted.]
6.5.4
6.5.5
6.5.6
6.6 CDP'S Obligations in respect of Novated Contracts
6.6.1
6.6.2
6.6.3
6.6.4
6.6A [Rule has been deleted.]
6.6A.1 [Rule has been deleted.]
6.6A.2 [Rule has been deleted.]
6.6A.3 [Rule has been deleted.]
6.7 Buying-In, Procurement and Cash Settlement
6.7.1 Terminology
6.7.2 Buying in
6.7.3 Notification of Buying-in
6.7.4 Buying-In Procedures
6.7.5 [Rule has been deleted.]
6.7.6 Suspension of Buying-In
6.7.7 Commission for Buying-In Trades
6.7.7A Procurement
6.7.8
6.7.9
6.7.10 [Rule has been deleted.]
6.7.11 Cash Settlement
6.7.12
6.7A Penalties and Disciplinary Action for the Non-Delivery of Securities
6.7A.1
6.7A.2
6.7A.3
6.7A.4
6.8 [Rule has been deleted.]
6.8.1 [Rule has been deleted.]
6.8.2 [Rule has been deleted.]
6.8.2.1 [Rule has been deleted.]
6.8.2.2 [Rule has been deleted.]
6.8.2.3 [Rule has been deleted.]
6.8.2.4 [Rule has been deleted.]
6.8.3 [Rule has been deleted.]
6.9 [Rule has been deleted.]
6.9.1 [Rule has been deleted.]
6.9.2 [Rule has been deleted.]
6.10 Emergency Powers
6.10.1
6.10.2
6.10.3
6.11 Market Disorders, Impossibility of Performance, Emergency Situations
6.11.1
Rule 6A — Margin Requirements
6A.1 Applicability
6A.1.1
6A.2 Clearing Member to Procure Customer Margins for Marginable Futures Contract
6A.2.1
6A.2.2
6A.2.3
6A.2.4
6A.3 Margin Management for Clearing Members In Respect of Margins from Customers for Marginable Futures Contracts
6A.3.1
6A.3.2
6A.3.3 [Rule has been deleted.]
6A.3.4 [Rule has been deleted.]
6A.3.5 [Rule has been deleted.]
6A.3.6
6A.4 Acceptable Collateral for Clearing Members In Respect of Margins from Customers for Marginable Futures Contract
6A.4.1
6A.4.2
6A.4A Margin Management for Clearing Members In Respect of Any Margins from Customers
6A.4A.1
6A.5 Clearing Member to Deposit Margins with CDP
6A.5.1
6A.5.1A
6A.5.2
6A.5.3
6A.5.4
6A.6 Monies and Assets Acceptable by CDP as Margins
6A.6.1
6A.6.2 [Rule has been deleted.]
6A.6.3 [Rule has been deleted.]
6A.6.4
6A.6.5 [Rule has been deleted.]
6A.6.6 [Rule has been deleted.]
6A.6.7 [Rule has been deleted.]
6A.7 Composition of Margins Deposited with CDP
6A.7.1
6A.8 Mark to Market Gains
6A.8.1
6A.9 Valuation Price
6A.9.1
6A.9.2
6A.9A Additional Margins
6A.9A.2
6A.9A.1
6A.9B CDP's Records
6A.10 Segregation of Customer's Money and Assets
6A.10.1 General
6A.10.2 [Rule has been deleted.]
6A.11 Notification of Under-Segregation
6A.11.1
6A.12 [Rule has been deleted.]
6A.12.1 [Rule has been deleted.]
6A.12.2 [Rule has been deleted.]
6A.12.3 [Rule has been deleted.]
6A.12.4 [Rule has been deleted.]
6A.12.5 [Rule has been deleted.]
6A.13 [Rule has been deleted.]
6A.13.1 [Rule has been deleted.]
6A.14 Under-Margined Accounts
6A.14.1
6A.14.2
6A.15 [Rule has been deleted.]
6A.15.1 [Rule has been deleted.]
Rule 6B — Collateral
6B.1 Trust Arrangements
6B.1.2
6B.1.3
6B.1.1
6B.2 Security Deed to be executed by Clearing Member
6B.2.1
6B.3 General Lien and Right to Set-Off
6B.3.2
6B.3.1
6B.4 Collateral Deposit
6B.4.1
6B.5 Collateral Withdrawal
6B.5.1
6B.5.2
6B.5.3
6B.6 Valuation of Collateral
6B.6.1
6B.6.2
6B.6.3
6B.6.4
6B.7 Investment and Use of Collateral
6B.7.1
6B.7.1A
6B.7.2
6B.8 Interest and fees
6B.8.1
6B.8.2
6B.8.3
6B.9 Safekeeping Indemnity
6B.9.1
6B.9.2
6B.9.3
6B.9.4
6B.10 Regulatory Information
6B.10.1
Rule 6C — Payments
6C.1 Nomination of Accounts
6C.1.1
6C.2 Cash Payments : Settlement Bank Payment
6C.2.1
6C.2.2
6C.2.3
6C.2.4
6C.2.5
6C.2.6 [Rule has been deleted.]
6C.3 Cash Payments : Other Payment Methods
6C.3.1
6C.3.2
6C.4 Deposit and Return of Government Securities
6C.4.1
6C.5 Deposit and Return of Book-Entry Securities
6C.5.1
6C.5.2
Rule 7 — Clearing Fund
7.1 Establishment of Clearing Fund
7.1.1
7.1.2
7.1.3
7.2 Contributions by Clearing Members
7.2.1
7.2.1A
7.2.2 [Rule has been deleted.]
7.2.3 [Rule has been deleted.]
7.2.4 [Rule has been deleted.]
7.2.5
7.3 Form of Contributions
7.3.1
7.3.2
7.3.3 [Rule has been deleted.]
7.3.4
7.3.5
7.4 Contributions by CDP
7.4.1
7.4.2
7.4.3 [Rule has been deleted.]
7.4.4
7.5 [Rule has been deleted.]
7.5.1 [Rule has been deleted.]
7.5.2 [Rule has been deleted.]
7.6 [Rule has been deleted.]
7.6.1 [Rule has been deleted.]
7.7 Investment of Assets of Clearing Fund
7.7.1
7.7.2 [Rule has been deleted.]
7.7.3
7.7.4
7.7A Interest and fees
7.7A.1
7.7A.2
7.7A.3
7.7A.4
7.8 Application of Clearing Fund
7.8.1
7.8.2
7.9 Order of Application of Contributions
7.9.1
7.9.2
7.9.3
7.9.4
7.9.5
7.9.6
7.10 Top-Up of Clearing Member's Contributions in an Event of Default
7.10.1
7.10.2
7.10.3
7.10.4
7.10.5
7.10.6
7.11 Resignation [Rule has been deleted.]
7.11.1 [Rule has been deleted.]
7.11.2 [Rule has been deleted.]
7.12 Recovery of Sums
7.12.1
7.12.1A
7.12.1B
7.12.1C
7.12.2 [Rule has been deleted.]
7.13 Return of Contributions
7.13.1
7.14 [Rule has been deleted.]
7.14.1 [Rule has been deleted.]
7.14.2 [Rule has been deleted.]
7.14.3 [Rule has been deleted.]
7.14.4 [Rule has been deleted.]
7.14.5 [Rule has been deleted.]
7.15 [Rule has been deleted.]
7.15.1 [Rule has been deleted.]
7.15.1A [Rule has been deleted.]
7.15.2 [Rule has been deleted.]
Rule 8 — Default Rules
8.1 Events of Default
8.1.1
8.1.2
8.1.3
8.1A Insolvency and Deemed Insolvency
8.1A.1
8.2 Effect of Default on Novated Contracts other than in respect of Marginable Futures Contracts
8.2.1
8.2.2
8.2.2A
8.2.3 [Rule has been deleted.]
8.2.3A [Rule has been deleted.]
8.2.4
8.3 [Rule has been deleted.]
8.3.1 [Rule has been deleted.]
8.3.2 [Rule has been deleted.]
8.4 [Rule has been deleted.]
8.4.1 [Rule has been deleted.]
8.4.1A [Rule has been deleted.]
8.4.2 [Rule has been deleted.]
8.4.3 [Rule has been deleted.]
8.5 [Rule has been deleted.]
8.5.1 [Rule has been deleted.]
8.5.2 [Rule has been deleted.]
8.5.2A [Rule has been deleted.]
8.6 [Rule has been deleted.]
8.6.1 [Rule has been deleted.]
8.6.2 [Rule has been deleted.]
8.6.3 [Rule has been deleted.]
8.6A Effect of Default on Novated Contracts in respect of Marginable Futures Contracts
8.6A.1
8.6A.2
8.6A.3
8.6AA
8.6AA.1
8.6B Application of Collateral
8.6B.1
8.6B.1A
8.6B.2
8.6B.3
8.6C [Rule has been deleted.]
8.6C.1 [Rule has been deleted.]
8.6C.2 [Rule has been deleted.]
8.6D [Rule has been deleted.]
8.6D.1 [Rule has been deleted.]
8.6D.2 [Rule has been deleted.]
8.6D.3 [Rule has been deleted.]
8.6D.4 [Rule has been deleted.]
8.6E Exclusion of Liability
8.6E.1
8.6F [Rule has been deleted.]
8.6F.1 [Rule has been deleted.]
8.6F.2 [Rule has been deleted.]
8.7 Certification of Net Sum Due
8.7.1
8.8 [Rule has been deleted.]
8.8.1 [Rule has been deleted.]
8.9 Clearing Members to Render Assistance
8.9.1
8.9.2 [Rule has been deleted.]
8.9.3 [Rule has been deleted.]
Rule 9 — Suspension or Restriction
9.1 CDP May Suspend or Restrict Clearing, Settlement and Depository Activities
9.1.1
9.1.2
9.1.3
9.1.4
9.2 SGX-ST Requirement
9.2.1
9.3 Notification of Suspension
9.3.1
9.3.2
9.3.3
9.3.4
9.4 Positions Carried in Any Account on the Books of Clearing Members Who are Suspended or Restricted in Clearing Activities
9.4.1
Rule 10 — Liabilities
10.1 No Liability to Clearing Members and Others in Absence of Fraud Etc
10.1.1
10.1.2
10.2 Force Majeure
10.2.1
10.2.2
10.2.3
10.2.4
10.2.5
10.3 No Liability for Acts or Omissions of Clearing Members
10.3.1
10.4 Consequential Losses
10.4.1
10.5 Limit on Amount of Damages Recoverable
10.5.1
10.6 Indemnity
10.6.1
10.6.2
10.6.3
Rule 11 — Supervisory Rules
11.1 Clearing House Investigations
11.1.1
11.1.2
11.1.3
11.1.4
11.1.5
11.1.6
11.2 Clearing House Inspections
11.2.1
11.2.2
11.2.3
11.2.4
11.2.5
11.3 Disciplinary Action
11.3.1
11.3.2
11.3.3
11.3A Composition by CDP
11.3A.1
11.3A.2
11.3A.3
11.3A.4
11.3A.5
11.3A.6
11.3A.7
11.3A.8
11.4 Disciplinary Committee
11.4.1
11.4.2
11.4.3 [Rule has been deleted.]
11.4.4 [Rule has been deleted.]
11.4.5 [Rule has been deleted.]
11.4.6 [Rule has been deleted.]
11.4.7
11.5 Disciplinary Committee Powers
11.5.1
11.5.1A
11.5.2
11.5.3
11.5.4
11.5.6
11.5.5
11.5.6
11.6 Disciplinary Committee Proceedings
11.6.1 [Rule has been deleted.]
11.6.2 [Rule has been deleted.]
11.6.3 [Rule has been deleted.]
11.6.4 [Rule has been deleted.]
11.6.5 [Rule has been deleted.]
11.6.6 [Rule has been deleted.]
11.6.7 Decision of Disciplinary Committee
11.6.8 Notification of Decision
11.7 Appeals Committee
11.7.1
11.7.1A
11.7.2
11.7.2A
11.7.3 [Rule has been deleted.]
11.7.4 [Rule has been deleted.]
11.7.5 [Rule has been deleted.]
11.7.6 [Rule has been deleted.]
11.7.7 [Rule has been deleted.]
11.7.8
11.8 Appeals
11.8.1
11.8.2
11.9 Appeals Proceedings
11.9.1 [Rule has been deleted.]
11.9.2 [Rule has been deleted.]
11.9.3 Appeals by Rehearing
11.9.4 [Rule has been deleted.]
11.9.5 [Rule has been deleted.]
11.9.6 [Rule has been deleted.]
11.9.7 [Rule has been deleted.]
11.9.8 Decision of Appeals Committee
11.10 Payment of Costs
11.10.1
11.10.2
11.10.3
11.11A Limitation of Liability
11.11A.1
11.11 Fine
11.11.1
11.11.2
11.11.3
11.12 Interim Powers of CDP
11.12.1
11.12.2
11.12.3
11.12.4
11.12.5
Rule 12 — Foreign Market Links
12.1 Application
12.1.1
12.2 Definition
12.2.1
12.3 Novation
12.3.1
12.3.2
12.3.3
12.4 Clearing with Other Foreign Exchanges
12.4.1
Rule 13 — General
13.1 Amendment of the Clearing Rules
13.1.1
13.1.2
13.1A General Disclosure of Information by CDP
13.1A.1
13.1A.2
13.2 Fees Payable
13.2.1
13.2.2
13.3 Conclusive Evidence
13.3.1
13.4 Miscellaneous
13.4.1
13.4.2
13.4.3
13.4.4
13.4.5
Rule 14 — Transitional Provisions
14.1 Transitional Provisions Regarding Capital/Financial Requirements
14.1.1 Applicability
14.1.2 Transitional Arrangements
14.1.3 Transitional Period
14.1.4 Notification by Writing
14.1.5 Transitional Clearing Member
Appendices
[Appendix 1 is deleted]
Regulatory Notices to CDP Clearing Rules
Regulatory Notice 6.5—Compensation for corporate action entitlements
Appendix A to Regulatory Notice 6.5
Practice Notes
Practice Note 1.2 Marginable Futures Contracts
Practice Note 3.5.4 — Business Continuity Requirements
Appendix A to Practice Note 3.5.4 Business Continuity Management Emergency Contact Person(s)
Practice Note 3.9.1(3) — Pre-Execution Checks
Practice Note 3.9.1(6) — Conflicts of Interest
Practice Note 3.9.2A, 3.9.3 Procedures to Suspend Qualification of a Trading Member
Practice Note 5A.2.1, 5A.2.2 — Position Account Reporting
Practice Note 5A.3.1, 5A.3.4 — Position Account Allocation
Practice Note 5A.4.2, 5A.4.3 — Requirement for Clearing Member to Ensure Compliance of Position Account Rules by Authorized Trading Member
Practice Note 6.5.1B(2), 6.6.2, 6.7.11 and 8.2.2(3E) — Determination of Cash Settlement Amount
Practice Note 6.5.1B(2) — Priority Considerations when Selecting Buy Trades to Cash Settle
Practice Note 6.6A.1 [Rule has been deleted.]
Appendix A to Practice Note 6.6A.1 [Rule has been deleted.]
Practice Note 6.7.2(1A), 6.7.4(8), 6.7.7A and 6.7.11 — Buying-in, Procurement and Cash Settlement if Intended Settlement Day is Day with Half Day Trading
Practice Note 6A.5.2 Calculation of Amount of Clearing Member Required Margins
Practice Note 6A.6 Forms of Collateral Acceptable by CDP as Margins
Practice Note 6A.9A — Additional Margins
Practice Note 7.10.5, 7.10.6 — Limit on Non-Defaulting Clearing Members’ Liability for Multiple Events of Default
Schedules
Schedule A
Rule 3 — Membership
Rule 4 — Chief Executive Officers
Rule 5 — Financial/Capital Requirements
Rule 5A — Position Accounts
Rule 6 — Clearing and Settlement
Rule 6A — Margin Requirements In Respect of Margins from Customers for Marginable Futures
Rule 6B — Collateral
Rule 7 — Clearing Fund
Rule 8 — Default Rules
Rule 10 — Liabilities
Rule 11 — Supervisory Rules
Rule 13 — General
CDP Settlement Rules
CDP Depository Rules
DVP Rules [Entire Rulebook has been deleted]
Futures Trading Rules
SGX-DC Clearing Rules
SIAC DT Arbitration Rules
SIAC DC Arbitration Rules
Archive
Rule Amendments
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CDP Clearing Rules
Appendices
[Appendix 1 is deleted]
Deleted on
10 December 2018
10 December 2018
.
