8.1.1
A security or futures contract listed or quoted on SGX-ST must be traded and matched through the Trading System or as otherwise allowed under this Chapter.
Added on 3 June 20193 June 2019.
8.1.2
By entering an order into the Trading System, each Trading Member shall be deemed to have consented to the disclosure of its identity in any trade confirmation message generated by the Trading System to the relevant counterparty Trading Member, and to the provision of such information to any of SGX-ST's related corporations or to any other party for the purposes of facilitating the orderly clearing and settlement of any matched trade.
Added on 3 June 20193 June 2019.
8.2.1
The trading hours, market phases, application of the market phases, and principles and rules for trade matching, are as published by SGX-ST. SGX-ST may vary the trading hours, market phases, application of the market phases, and principles and rules for trade matching.
Refer to Regulatory Notice 8.2.1.
Added on 3 June 20193 June 2019.
8.3.1
A "Prescribed Instrument" refers to such security or futures contract or class of securities or futures contracts that SGX-ST may prescribe under this Rule.
Refer to Regulatory Notice 8.3.
Added on 3 June 20193 June 2019.
8.3.2
The closing price of a Prescribed Instrument shall be calculated in accordance with the formula and procedure determined by SGX-ST. In determining such formula and procedure, SGX-ST may take into account factors, including but not limited to:
Added on 3 June 20193 June 2019.
8.3.3
Notwithstanding Rule 8.3.2, SGX-ST may amend the closing price of any Prescribed Instrument at any time as it deems necessary.
Added on 3 June 20193 June 2019.
8.4.1
Upon a Trading Member's request, SGX-ST may assist the Trading Member with the withdrawal of an order if the Trading Member is unable to do so without SGX-ST's assistance, provided that the circumstances, conditions and operational procedures as prescribed by SGX-ST are complied with.
Refer to Regulatory Notice 8.4.
Added on 3 June 20193 June 2019.
8.5.1
Save for the unit share and buying-in market, the minimum order size is one board lot. The number of shares or units in a board lot is as determined by SGX-ST. Orders may be in multiples of a board lot or as otherwise determined by SGX-ST.
Added on 3 June 20193 June 2019.
8.5.2
SGX-ST may prescribe the minimum bid size of each product.
Refer to Regulatory Notice 8.5.2.
Added on 3 June 20193 June 2019.
8.5.3
Save as otherwise prescribed by SGX-ST, each order entered into the Trading System must specify the unique Position Account code, the Trading Account code and the price (where relevant) and quantity of the security or futures contract. The Trading Member shall ensure that each order entered into the Trading System is capable of being identified and traced to the relevant customer.
Added on 3 June 20193 June 2019.
8.6.1
Unless otherwise indicated, trading of securities is on a "cum" basis. A "cum" basis means that where the Issuer has declared an entitlement issue with respect to the security, such security is sold (and bought) with a right to that entitlement.
Added on 3 June 20193 June 2019.
8.6.2
All securities that are designated by CDP as eligible for clearance will be traded on an "ex" basis for two Market Days before and up to the books closure date for an entitlement.
Added on 3 June 20193 June 2019.
8.6.3
A buyer or seller of securities on an "ex" or "cum" basis, respectively, has no right to that entitlement.
Added on 3 June 20193 June 2019.
8.6.4
A buyer or seller of securities on a "cum" or "ex" basis, respectively, who has not received that entitlement, may claim the entitlement from the seller or buyer respectively.
Added on 3 June 20193 June 2019.
8.7.1
Each sell order for Specified Capital Markets Products shall be marked to indicate to SGX-ST whether it is a Short Sell Order or a normal sell order. The quantity, volume or value of the Specified Capital Markets Product in which a person intends to make or is making a Short Sell Order shall also be indicated.
Added on 3 June 20193 June 2019.
8.7.2
A Trading Member and its Trading Representative shall not enter a sell order in the Trading System if a customer has not indicated whether the sell order is a Short Sell Order or a normal sell order and/or has not provided the information relating to the quantity, volume or value of the Specified Capital Markets Product in which the customer intends to make or is making a Short Sell Order.
Added on 3 June 20193 June 2019.
8.7.3
In this Rule:
Added on 3 June 20193 June 2019.
8.7.4
The requirement to mark sell orders as set out in this Rule shall include Direct Business reported through the married trade reporting system of the Trading System pursuant to Rule 8.10.
Added on 3 June 20193 June 2019.
8.7.5
A Trading Member shall ensure that the necessary procedures and systems are implemented to facilitate compliance with the obligations set out in this Rule.
Added on 3 June 20193 June 2019.
8.7.6
SGX-ST may, at its discretion, exempt any specific Specified Capital Markets Product from the requirement to mark sell orders as set out in this Rule.
Added on 3 June 20193 June 2019.
8.7.7
SGX-ST may, at its discretion, waive the requirement to mark sell orders for specific classes of market participants.
Added on 3 June 20193 June 2019.
8.7.8
A Trading Member and its Trading Representatives shall not be required to comply with this Rule in respect of sell orders from the market participants for whom SGX-ST has waived the requirement to mark sell orders for or in such Specified Capital Markets Products as exempted by SGX-ST.
Refer to Regulatory Notice 8.7 and 8.9.
Added on 3 June 20193 June 2019.
8.8.1
SGX-ST shall report before the start of each Market Day the aggregate volume of Short Sell Orders matched and executed for the preceding Market Day and in respect of each Specified Capital Markets Product for which marking is required.
Added on 3 June 20193 June 2019.
8.8.2
SGX-ST may subsequently report corrections to such aggregate volume of Short Sell Orders matched and executed that have been reported pursuant to Rule 8.8.1.
Added on 3 June 20193 June 2019.
8.9.1
A Trading Member may submit a report of erroneously marked sell orders through such facility that is provided by SGX-ST.
Added on 3 June 20193 June 2019.
8.9.2
A Trading Member shall ensure that the report:
Refer to Regulatory Notice 8.7 and 8.9.
Added on 3 June 20193 June 2019.
8.10.1
A Trading Member may only execute Direct Business that is:
Added on 3 June 20193 June 2019.
8.10.2
Direct Business may be transacted between:
Added on 3 June 20193 June 2019.
8.10.3
SGX-ST may vary the minimum size or value of trades under Rule 8.10.1.
Added on 3 June 20193 June 2019.
8.10.4
Direct Business must be reported through the married trade reporting system of the Trading System. The price, quantity, counterparty and other details as required under Rule 8.7.1 must be reported.
Added on 3 June 20193 June 2019.
8.10.5
Direct Business must be reported within 10 minutes of execution save that Direct Business executed after market close must be reported in the first 20 minutes of the Opening Routine on the following Market Day.
Added on 3 June 20193 June 2019.
8.10.6
SGX-ST may suspend Direct Business on any or all securities or futures contracts. SGX-ST may specify conditions under which Direct Business is permitted for securities or futures contracts.
Added on 3 June 20193 June 2019.
8.11.1
SGX-ST may declare publicly a security or futures contract to be a "Designated Instrument" if, in its opinion, there has been manipulation of the security or futures contract (or its underlying), excessive speculation in the security or futures contract (or its underlying), or it is otherwise desirable in the interests of organised markets established or operated by SGX-ST.
Refer to Practice Note 8.11.1.
Added on 3 June 20193 June 2019.
8.11.2
SGX-ST may impose any conditions it thinks fit on dealing or trading in a Designated Instrument. A condition applies from the date of declaration to all contracts of the Designated Instrument entered into on or after the date of declaration, or as indicated by SGX-ST. The conditions may include, but are not limited to, the following:
Added on 3 June 20193 June 2019.
8.11.3
A Trading Member must give SGX-ST particulars of all its dealings or trades in Designated Instruments and of the customers involved upon SGX-ST's request. The Trading Member must do so by the next business day after the request is made.
Added on 3 June 20193 June 2019.
8.11.4
SGX-ST may rescind or vary a declaration made under Rule 8.11.1 at any time. Any rescission or variation by SGX-ST will be made public.
Added on 3 June 20193 June 2019.
8.12.1
SGX-ST may declare a corner in a listed or quoted security if, in its opinion, a single interest or a group has acquired or is likely to acquire sufficient control over the supply of the security such that the security may only be obtained for delivery at prices, or on terms, dictated by the single interest or group, or it is otherwise desirable in the interests of organised markets established or operated by SGX-ST.
Added on 3 June 20193 June 2019.
8.12.2
SGX-ST may impose any conditions it thinks fit on dealing in a cornered security or in a futures contract on a cornered security. For avoidance of doubt, the conditions may include, but not limited to the following:
Added on 3 June 20193 June 2019.
8.12.3
If SGX-ST imposes a condition that contracts are to be cash settled, it must establish a Settlement Committee to advise on the fair settlement price.
Added on 3 June 20193 June 2019.
8.12.4
A Settlement Committee must comprise no less than five persons, including at least:
The quorum of the Settlement Committee is all members when the meeting proceeds to business, but the Settlement Committee may complete the business with any three members present.
Added on 3 June 20193 June 2019.
8.12.5
A Settlement Committee may include such other persons as SGX-ST thinks fit.
Added on 3 June 20193 June 2019.
8.12.6
A Settlement Committee may hear evidence as it thinks proper and relevant to the discharge of its functions.
Added on 3 June 20193 June 2019.
8.12.7
A Settlement Committee must report its findings to SGX-ST. The findings are advisory only and it is for the SGX-ST to decide on the fair settlement price at its discretion having considered the Settlement Committee's recommendation on the fair settlement price. SGX-ST may refer a matter to the Settlement Committee for further consideration, before deciding on the fair settlement price.
Added on 3 June 20193 June 2019.
8.12.8
The fair settlement price determined by SGX-ST is final and binding on all parties to any outstanding trades in the cornered security or in a futures contract on the cornered security.
Added on 3 June 20193 June 2019.
8.13.1
SGX-ST may suspend or restrict trading in any or all listed or quoted securities or futures contracts. It may do so for one or more markets, one or more trading sessions or any part of a trading session, and in any of the following circumstances:
Refer to Practice Note 8.13 and 8.15.
Added on 3 June 20193 June 2019.
8.13.2
SGX-ST may restrict trading by such means as it considers appropriate, including placing the market into an Adjust Phase.
Added on 3 June 20193 June 2019.
8.13.3
A suspension or a trading restriction may be lifted by SGX-ST at any time.
Added on 3 June 20193 June 2019.
8.13.4
Securities or futures contracts that have been suspended from trading shall not be traded on the Trading System for the period of suspension. Except with SGX-ST's approval, a Trading Member must not execute any transactions in a security or futures contract that has been suspended.
Refer to Practice Note 8.13.4 and 8.15.7.
Added on 3 June 20193 June 2019.
8.13.5
Unmatched orders in a security or futures contract in the Trading System may lapse in the event of a suspension of that security or futures contract, as determined by SGX-ST.
Refer to Practice Note 8.13 and 8.15.
Added on 3 June 20193 June 2019.
8.13.6
Where SGX-ST has suspended or restricted trading in all listed or quoted securities or futures contracts in one or more markets, SGX-ST may extend a trading session for the market when trading recommences.
Added on 3 June 20193 June 2019.
8.13.7
Securities or futures contracts subject to suspension will be placed in an Adjust Phase for a minimum of 15 minutes before trading recommences.
Refer to Practice Note 8.13 and 8.15.
Added on 3 June 20193 June 2019.
8.14.1
SGX-ST may prescribe, for certain securities or futures contracts, Circuit Breakers which are designed to temporarily restrict trading in these securities or futures contracts.
Refer to Regulatory Notice 8.14.1.
Added on 3 June 20193 June 2019.
8.14.2
SGX-ST shall impose a Cooling-Off Period on such securities or futures contracts referred to in Rule 8.14.1 if an incoming order seeks to be matched, either partially or fully, with an existing order in the Trading System at a price outside the Circuit Breaker.
Added on 3 June 20193 June 2019.
8.14.3
Where the Cooling-Off Period is activated pursuant to Rule 8.14.2, the following will apply:
Added on 3 June 20193 June 2019.
8.15.1
A trading halt may be imposed by SGX-ST at the request of an Issuer.
Refer to Practice Note 8.13 and 8.15.
Added on 3 June 20193 June 2019.
8.15.2
A trading halt may be imposed by SGX-ST on a security or futures contract when its underlying, or such instrument on the same underlying as SGX-ST may prescribe, is subject to a Cooling-Off Period pursuant to Rule 8.14.2.
Refer to Practice Note 8.13 and 8.15.
Added on 3 June 20193 June 2019.
8.15.4
A trading halt may be changed to a suspension by SGX-ST at any time.
Added on 3 June 20193 June 2019.
8.15.5
A trading halt is for a minimum duration of 30 minutes or such period SGX-ST prescribes and may be imposed for up to three Market Days or such other extension as SGX-ST agrees.
Added on 3 June 20193 June 2019.
8.15.7
Securities or futures contracts that are subject to a trading halt shall not be traded on the Trading System for the period of the trading halt. Except with SGX-ST's approval, a Trading Member must not execute any transactions in a security or futures contract that is subject to a trading halt.
Refer to Practice Note 8.13.4 and 8.15.7.
Added on 3 June 20193 June 2019.
8.16.1
Where SGX-ST deems it necessary or desirable for ensuring a fair and orderly market or for ensuring a safe and efficient clearing facility, or for ensuring the integrity of the market or for proper management of systemic risk in the market, SGX-ST may, in relation to one or more Trading Members:
Added on 3 June 20193 June 2019.
8.16.2
SGX-ST shall, as soon as practicable, notify the Authority of any action taken pursuant to Rule 8.16.1.
Added on 3 June 20193 June 2019.
8.16.3
Nothing in this rule shall limit the authority of SGX-ST, SGX RegCo or any other committee to act in an emergency situation in accordance with the Rules.
Added on 3 June 20193 June 2019.