1. Introduction
1.1 Rule 8.4.1 states that 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.
1.2 This Regulatory Notice sets out those circumstances, conditions and operational procedures pursuant to which SGX-ST will assist Trading Members effect order withdrawals.
2. Technical fault and withdrawal by SGX on reasonable efforts basis
2.1 In the event of Technical Faults, SGX-ST will assist in effecting order withdrawals at the request of the Trading Members and subject to the terms and procedures set forth below.
"Technical Faults" as used herein refers to any loss of connection to the Trading System or any technical defects in any equipment, system, device or market facility that prevents a Trading Member from effecting order withdrawals without SGX-ST's assistance.
"Technical Faults" as used herein refers to any loss of connection to the Trading System or any technical defects in any equipment, system, device or market facility that prevents a Trading Member from effecting order withdrawals without SGX-ST's assistance.
2.2 Order withdrawal by SGX-ST in the event of a Technical Fault will be effected on a reasonable endeavours basis. The Trading Member agrees that SGX-ST has no liability for order withdrawals and related activities conducted on behalf of a Trading Member.
2.3 The Trading Member indemnifies and will keep indemnified SGX-ST against all actions, proceedings, claims, demands, damages, costs, expenses and any other amounts against or incurred by SGX-ST arising out of or in connection with any action taken or any inaction by any of SGX-ST, or its officers, employers, agents, delegates or contractors with respect of such order withdrawals.
2.4 For the avoidance of doubt, nothing in this Regulatory Notice should be construed as limiting a Trading Member's obligation to install and maintain a robust and technically sound system, risk management processes or business continuity plans as required under the Rules or any applicable laws.
2.5 Trading Members may request SGX-ST to withdraw orders at the following levels:
| (a) Individual Order level | based on Order ID number |
| (b) Firm level | based on Trading Member Company Code/SGX Access User ID number (where the firm has more than one SGX Access connection, it is possible to withdraw orders based on specific SGX Access User ID number) |
| (c) Client level | based on Client Account number of a specific SGX Access User ID number |
3. Operational safeguards and discrepancies
3.1 A Trading Member must comply with the instructions and directions issued by SGX Securities Market Control when effecting order withdrawals as contemplated herein. SGX-ST also reserves the right to refuse any such request without providing any reason.
3.2 All verbal requests for order withdrawals ("Requests") will be recorded by SGX-ST. Trading Members are also required to comply with various operational safeguards and procedures as issued by Trading Market Control from time to time including matters relating to the:
(a) Appointment of authorised officers by Trading Members to effect order withdrawals and the provision of authentication details in connection therewith.
(b) Prompt notification to SGX Securities Market Control of any changes to authorised officers, and any changes to an authorised officer's information.
(c) Effecting of Requests via telephone numbers as designated by SGX-ST with verification by SGX Securities Market Control on the identity of the caller by requiring the caller to respond correctly to authentication questions.
(d) Submission of an order withdrawal forms with such material information as requested by SGX-ST.
(e) Processing of Requests at firm level, client level and individual level.
3.3 If a Trading Member finds any discrepancies between an order withdrawal form and the Request, the Trading Member should notify SGX Securities Market Control immediately with details of such discrepancies. Depending on the nature of the discrepancy, SGX Securities Market Control would generally rely on the voice recording for its post-withdrawal investigations.
Added on 3 June 20193 June 2019.