1.1.1
These Clearing Rules apply to all Exchange Trades that are cleared or settled through CDP. The Clearing Rules operate as a binding contract between CDP and each Clearing Member, and between a Clearing Member and any other Clearing Member.
Amended on 3 April 20083 April 2008, 8 October 20188 October 2018 and 3 June 20193 June 2019.
1.1.3
Except where CDP, SGX RegCo, or any person or entity referred to under Rule 1.1.7 otherwise expressly agrees with or expressly commit to any party, the benefit of any performance of obligations under these Clearing Rules and/or Clearing Directives is restricted only to Clearing Members. None of CDP, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.1.7, or their respective directors, officers, employees, representatives or agents (the "Relevant Persons") shall be liable to any other party (including Trading Members). In particular, the Relevant Persons shall have no liability to any party affected or aggrieved by any alleged action or omission.
Amended on 23 January 200923 January 2009, 15 September 201715 September 2017 and 3 June 20193 June 2019.
1.1.4
All Clearing Members are to note the foregoing and ensure that they are taking on membership, and/or carrying on business, as Clearing Members, and that they transact and will transact by reference to CDP or upon information or action referable to CDP, only on the foregoing basis, and will also ensure that they will not open or allow the continued operation of any account for any person with respect to any transaction unless such person has been notified of the foregoing provisions and has satisfied itself that the same is acceptable and accepts the same.
1.1.5
CDP may waive the application of a rule (or part of a rule) to suit the circumstances of a particular case, unless the rule specifies that CDP shall not waive it. CDP may grant a waiver subject to such conditions as it considers appropriate. A waiver is only effective if the conditions are satisfied.
CDP shall notify all Clearing Members of such waivers as soon as practicable.
1.1.6
The Clearing Rules may be amended or repealed by the Board in accordance with the SFA.
Amended on 3 June 20193 June 2019.
1.1.7
CDP may delegate, assign or grant authority to exercise any of its rights, powers, authorities and discretions under these Rules, including any right to enforce these Rules, to such person or entity as it may determine in its sole discretion, without consent from any Clearing Member.
Where these Rules provide that any power, authority or discretion is to be exercised by the Board, the Board may delegate, assign or grant authority to exercise such power, authority or discretion to any person or entity. The Board may authorise a delegate to sub-delegate.
Added on 15 September 201715 September 2017.
1.1.8
SGX RegCo shall have the authority to exercise any rights, powers, authorities and discretions under these Rules, including the right to enforce these Rules. In the exercise of any such rights, powers, authorities and discretions under these Rules, SGX RegCo shall be bound to the same extent as CDP in respect of any obligations arising from the exercise of such rights, powers, authorities and discretions.
Added on 15 September 201715 September 2017.
1.2.1
In these Clearing Rules, unless the context otherwise requires:—
Where a provision of these Clearing Rules refers to or has effect for the purposes of a particular provision of the SFA or the Companies Act — the word or expression has in that provision of these Clearing Rules the same meaning as it has in that provision of the SFA or the Companies Act; in any other case, the word or expression has the same meaning in these Clearing Rules as it has in the SFA or the Companies Act.
Unless the context requires otherwise, where the terms defined below are defined in relation to a holder of a Capital Markets Services Licence, such definitions shall, with the necessary modifications, apply to a Clearing Member as those definitions apply to a holder of a Capital Markets Services Licence whether or not that Clearing Member holds a Capital Markets Services 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
| Term | Meaning |
| A | |
| "acceptable government securities" | means securities issued by a government with a Moody's Investors Service sovereign rating of at least Aaa, Standard & Poor's Corporation sovereign rating of at least AAA, Fitch, Inc sovereign rating of at least AAA or such other rating or such other government security, as may otherwise be prescribed by and acceptable to CDP from time to time |
| “Adjusted Amount” | has the meaning ascribed to it in Rule 7.10.6. |
| "adjusted net head office funds" | has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements). |
| "aggregate indebtedness" | has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements). |
| "aggregate resources" | when used in reference to:— (1) a Clearing Member incorporated in Singapore, means its financial resources and qualifying letters of credit referred to in Rule 5.1C less its total risk requirement; and (2) a Clearing Member incorporated outside Singapore, means its adjusted net head office funds and qualifying letters of credit referred to in Rule 5.1G less its total risk requirement. |
| "Appeals Committee" | means the committee appointed by the SGX RegCo Board to exercise the powers set out in Rule 11. |
| "[Deleted]" | "[Deleted]" |
| "Authority" | means the Monetary Authority of Singapore or such other body that shall be responsible for the administration of the SFA. |
| "Average Aggregate Resources" | means the average of the aggregate resources on the last day of each of the 3 months preceding the previous month. |
| B | |
| "Bank Clearing Member" | means a Clearing Member who has such rights and obligations as set out in Chapter 3. For the avoidance of doubt, a reference to a Bank Clearing Member incorporated outside Singapore shall refer to the branch located in Singapore, of a parent bank incorporated outside Singapore. |
| "base capital" | when used in reference to:— (a) a General Clearing Member, has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements); and (b) a Bank Clearing Member, means its paid-up ordinary share capital and unappropriated profit or loss. |
| "Board" | means the Board of Directors for the time being of CDP or such of them as have authority to act for the Board. |
| "business governed by this Clearing Rules" or "operations governed by this Clearing Rules" | when used in reference to:— (1) a Bank Clearing Member incorporated in Singapore or a Bank Clearing Member incorporated outside Singapore which has satisfied Rule 3.1.3(10)(c), means its business or operations (whichever is applicable) involving all securities and derivatives contracts traded on any exchange and OTC Contracts novated to any clearing facility; and (2) a Bank Clearing Member incorporated outside Singapore which has satisfied Rule 3.1.3(10)(a) or (b), means its business or operations (whichever is applicable) involving securities and derivatives contracts traded on the Exchange and SGX-DT and OTC Contracts novated to CDP and SGX-DC. |
| "buying-in market" | means the market operated by SGX-ST for the sale and purchase of securities to be bought-in by CDP pursuant to these Clearing Rules. |
| C | |
| "Capital Markets Services Licence" | has the meaning ascribed to it in the SFA. |
| “cash settle” | in relation to an obligation to deliver securities or a right to receive securities means the replacing of that obligation or right with an obligation to pay or a right to receive a Cash Settlement Amount. |
| “Cash Settlement Amount” | means the monetary sum, as set out in Practice Note 6.5.1B(2), 6.6.2, 6.7.11 and 8.2.2(3E), to be paid or received pursuant to a cash settlement under these Clearing Rules. |
| "CDP" | means The Central Depository (Pte) Limited. |
| “CDP First Contribution” | has the meaning ascribed to it in Rule 7.4.1(1). |
| “CDP Second Contribution” | has the meaning ascribed to it in Rule 7.4.1(2). |
| “CDP Settlement Facility” | means the settlement facility operated by CDP for settlement pursuant to the CDP Settlement Rules. |
| “CDP Settlement Rules” | means the Settlement Rules of CDP as the same may be amended, modified, supplemented or replaced from time to time. |
| “Chief Executive Officer” | has the meaning ascribed to it in the SFA. |
| [Deleted] | [Deleted] |
| "Circular" | means a binding notice issued by CDP regarding regulatory and non-regulatory matters pertaining to Clearing Members. |
| "Clearing Account" | means, in relation to a Clearing Member, the Securities Account maintained by it for settlement purposes. |
| "Clearing Directives" | means any Directives, Regulatory Notices, Circulars, and terms and conditions governing the operations, facilities and services provided by CDP. |
| "Clearing Fund" | means the fund referred to in Rule 7. |
| "Clearing House Examiner" | means the person appointed as such under Rule 11.1.5. |
| "Clearing House Inspector" | means the person appointed as such under Rule 11.2.1. |
| "Clearing Member" | means the corporation granted or admitted to be a member of CDP for clearing, pursuant to these Clearing Rules and shall include a General Clearing Member and a Bank Clearing Member. |
| "Clearing Member Maintenance Margins" | means that component of the Clearing Member Required Margins, as determined by CDP, deposited by the Clearing Member with CDP for or in relation to all Novated Contracts carried in its books. |
| "Clearing Member Required Margins" | means the sum of Clearing Member Maintenance Margins and Clearing Member Variation Margins. |
| "Clearing Member Variation Margins" | means that component of Clearing Member Required Margins comprising the mark-to-market gains and losses, in relation to the price at which the Novated Contract was bought and sold, arising from CDP's daily valuation of positions. A net loss increases the Clearing Member Required Margins amount, and a net profit decreases the Clearing Member Required Margins amount. |
| "Clearing Membership" | means membership of CDP pursuant to this Clearing Rules. |
| "Clearing Rules" | means the CDP Clearing Rules, including the Directives, Regulatory Notices and Circulars, as the same may be amended, modified, supplemented or replaced from time to time. |
| "Collateral" | means all or any of the monies and assets deposited with, or otherwise provided to, CDP by or for a Clearing Member as margin, credit support and/or security as may be required under these Clearing Rules or as otherwise directed by CDP and shall not include the monies and assets of the Clearing Fund. |
| “Collateralised Contribution” | has the meaning ascribed to it in Rule 7.2.1A(2). |
| "Common Banking Day" | in relation to settlement in a foreign currency means a day on which CDP is open for business and both the central bank in Singapore and the central bank for that foreign currency are open for settlement. |
| "Companies Act" | means the Companies Act 1967, or any statutory modification, amendment or re-enactment thereof for the time being in force, or any and every other act which may replace it, and unless the context otherwise requires, includes any subsidiary legislation or regulations made pursuant thereto. |
| "Confirmation" | has the meaning ascribed to it in Rule 6C.2.3. |
| “Contingent Contribution” | has the meaning ascribed to it in Rule 7.2.1A(3). |
| "Contract Specifications" | means the commercial and technical terms of a Marginable Futures Contract, including the contract size, contract month, underlying security, Last Trading Day and settlement basis. Unless otherwise stated, Contract Specifications are not subject to the rule amendment procedures specified under the SFA. |
| "CPF Trade Settlement" | means an Exchange Trade which is settled using the customer's CPF account as maintained by the CPF Agent Banks. |
| "Customer", | with respect to a Clearing Member, means:— (1) any person from whom, or on whose behalf, a Clearing Member has received or acquired or held moneys or securities for the account of such person and includes directors of the Clearing Member, their connected persons (as defined in section 2 of the SFA) and any other person with whom the Clearing Member has entered into a contract to sell or purchase securities or Futures Contracts; and (2) the Trading Members which are qualified by the Clearing Member but excludes:— (a) a person whose account is carried on the books of a Trading Member (where such person is not the Trading Member itself); (b) the Central Depository (Pte) Limited; and (c) [Deleted] (d) any other person approved by the Authority and which is established for the purpose of providing clearing and settlement facilities in respect of any dealing in securities or trade in Futures Contracts. |
| "Customer Account" | means, unless otherwise specified in these Clearing Rules, a trading account carried on the books of a Clearing Member for a Customer except where such Customer is:— (1) a director, officer, employee or representative of the Clearing Member; or (2) a related corporation of the Clearing Member with respect to accepted instructions to deal for an account belonging to, and maintained wholly for the benefit of, that related corporation. For the avoidance of doubt, a Clearing Member's own proprietary account is not a Customer Account. |
| "Customer Asset Value" | means the market value of the moneys and assets in a customer's account subject to such hair-cut as specified by CDP. |
| "Customer Maintenance Margins" | means that component of Customer Required Margins, as determined by CDP, which must be maintained in a customer's account subsequent to the deposit of Initial Margins for that customer's positions in Marginable Futures Contracts. |
| "Customer Required Margins" | means the sum of Customer Maintenance Margins and Customer Variation Margins. |
| "Customer Variation Margins" | means that component of Customer Required Margins arising from CDP's daily valuation of positions. It comprises the mark-to-market gains and losses, in relation to the price at which the Marginable Futures Contract was bought or sold. A net loss increases the Customer Variation Margins and Customer Required Margins amount, and a net profit decreases the Customer Variation Margins and Customer Required Margins amount. |
| D | |
| "Defaulting Clearing Member" | has the meaning ascribed to it in Rule 8.1.2. |
| "Depository Agent" | has the meaning ascribed to it in the SFA. |
| "Directive" | means a binding notice directing Clearing Members to take corrective or other actions including actions in the interests of a safe and efficient clearing facility or in light of investor protection concerns. |
| "Disciplinary Committee" | means the committee appointed by the SGX RegCo Board to exercise the powers set out in Rule 11. |
| E | |
| "Effective Date" | means 1 December 2003. |
| "Event of Default" | means an event relating to a Clearing Member as referred to in Rule 8.1. |
| "Excess Margin" | means the amount of Customer Asset Value or deposited collateral value that is in excess of the sum of the Initial Margins and Customer Variation Margins. |
| "Exchange" | means SGX-ST or any other organised market or organisation (whether an exchange, association, body corporate or unincorporate or otherwise) the trades on which are cleared by, or novated to CDP. |
| "Exchange Trade" | means:— (1) a trade transacted on or through the Trading System pursuant to the SGX-ST Rules; or (2) a trade reported to SGX-ST pursuant to the SGX-ST Rules, including but not limited to Direct Business (as defined in the SGX-ST Rules); or (3) a trade reported by a Clearing Member to CDP, which CDP accepts for clearing; or (4) a trade transacted on such Exchange (other than SGX-ST) with which CDP may have direct or indirect clearing arrangements from time to time, or in relation to which trade CDP has clearing arrangements in place; with the exception of such trades as CDP may from time to time stipulate as not being "Exchange Trades" falling under these Clearing Rules. |
| "Exempt Person" | has the meaning ascribed to it in the SFA. |
| F | |
| "Final Settlement Balance" | has the meaning ascribed to it in Rule 6.3.2. |
| "financial resources" | has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements). |
| [Deleted] | [Deleted] |
| "futures contract" | has the meaning ascribed to it in the SFA. |
| G | |
| "General Clearing Member" | means a Clearing Member who has such rights and obligations as set out in Chapter 3. |
| H | |
| "House Account" | means, unless otherwise specified in these Clearing Rules, a trading account carried on the books of a Clearing Member which is not a Customer Account. |
| I | |
| "Initial Margin" | means that minimum amount, as determined by CDP, required to be deposited for positions in Marginable Futures Contracts. This minimum amount is distinct from and in addition to Customer Variation Margins. |
| “Intended Settlement Day” | means, in relation to any Novated Contract, the day on which the Exchange Trade from which the Novated Contract arises is due for settlement, as provided in the SGX-ST Rules or the applicable rules or regulations of the relevant Exchange (as the case may be). |
| [Deleted] | [Deleted] |
| "Irredeemable and Non-Cumulative Preference Share Capital" | has the meaning ascribed to it in Regulations 2 of the SFR (Financial and Margin Requirements). |
| L | |
| "Last Trading Day" | means the last day on which a Marginable Futures Contract may be traded prior to its expiration. |
| M | |
| "Marginable Futures Contract" | means such futures contract, as CDP may prescribe, approved for listing on SGX-ST and which is subject to margin requirements. |
| "Market Day" | means in respect of any security or Futures Contract, a day on which the relevant Exchange is open for trading in the security or Futures Contract. |
| N | |
| "net head office funds" | has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements). |
| [Deleted] | [Deleted] |
| "New Purchase Contract" | [Deleted] |
| "New Sale Contract" | [Deleted] |
| "Novated Contract" | means a contract between CDP and a Clearing Member arising as a result of the novation of an Exchange Trade referred to in Rule 6.2.1. |
| O | |
| "On-Line Transmission" | means the on-line transmission referred to in Rule 6.3.3. |
| "Operational Risk Requirement" | has the meaning ascribed to it in the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences. |
| "organised market" | has the meaning ascribed to it in the SFA. |
| "OTC Contracts" | means contracts that are not listed or quoted for trading on any exchange, market or organisation (whether an exchange, association, corporation or otherwise) responsible for administering an organised market. |
| "Other Payment Method" | means any payment method other than Settlement Bank Payment. |
| P | |
| "Payment Instruction" | has the meaning ascribed to it in Rule 6C.2.2. |
| "Position Account" | means an account maintained by a Clearing Member with CDP in CDP's post-trade system, for carrying positions of trades to be cleared with CDP. |
| "Practice Note" | means a non-binding guideline that seeks to explain the application and interpretation of a Rule. |
| “Prescribed Contributions” | means the aggregate of a Clearing Member’s Collateralised Contribution and Contingent Contribution as determined by CDP pursuant to Rules 7.2.1A(2) and 7.2.1A(3) respectively. |
| Q | |
| "Qualifying Letter of Credit" | has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements). |
| "Qualifying Subordinated Loan" | has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements). |
| R | |
| "Recognised Group A Securities Exchange" | means an overseas securities exchange regulated by a financial services regulatory authority of a country or territory specified in Table 4 of Fourth Schedule of the SFR (Financial and Margin Requirements). |
| “Regulatory Notice” | means a binding notice issued by CDP on regulatory matters regarding the clearing facility operated by CDP, as the same may be amended, modified, supplemented or replaced from time to time. |
| "Relevant Period" | means a period of 1 year commencing from a specified day of a specified month (as determined by CDP) of any calendar year. |
| "Relevant Regulatory Authority" | means: (a) the authority(ies) or regulatory body(ies) that regulate(s) a Clearing Member's activities in the country where it is carrying on such activities and from which it has applied for Clearing Membership; and (b) where the Clearing Member are carrying on regulated activities in Singapore, the MAS. |
| "related corporation" | has the meaning ascribed to it in the SFA. |
| "Resignation Notice" | means the resignation notice referred to in Rule 3.10.1. |
| "RRA Financial Requirement" | means all applicable financial requirements (whether relating to capital, liquidity, risk or otherwise) imposed on a Clearing Member by its Relevant Regulatory Authority. |
| S | |
| "securities" | means:— (1) shares, units in a business trust, or any instrument conferring or representing a legal or beneficial ownership interest in a corporation, partnership, or limited liability partnership; (2) debentures; (3) units in a collective investment scheme; (4) derivative contracts (as defined in the SFA) that are not futures contracts and of which the underlying instrument or any of the underlying instruments are any of the instruments set out in (1), (2) or (3) or an index on any of those instruments; or (5) any other product or class of products as SGX-ST or CDP may prescribe; (a) bills of exchange; (b) certificates of deposit issued by a bank or finance company, whether situated in Singapore or elsewhere; or (c) any product or class of products as SGX-ST or CDP may prescribe. For the avoidance of doubt, "securities" include (but are not limited to) warrants, transferrable subscription rights, options to subscribe for stocks or shares, convertibles, depository receipts and exchange traded funds. |
| "Securities Account" | means, in relation to any person, an account maintained directly with CDP or through a Depository Agent or the CPF Board for holding securities for or on behalf of that person. |
| "Security Deed" | means the deed, in such form as prescribed by CDP, setting out the terms under which a Clearing Member's Collateral is provided to, and held by CDP. |
| "Security Interest" | means any mortgage, charge, assignment by way of security, pledge, encumbrance, lien, right of set-off, right of consolidation of accounts, retention of title, trust or flawed asset arrangement for the purpose of, or which has the effect of, granting security or credit support or other interests of any kind whatsoever over or in respect of Collateral. |
| "Settlement Bank" | means a bank approved by CDP to carry out Settlement Bank Payment. |
| "Settlement Bank Payment" | has the meaning ascribed to it in Rule 6C.2.1. |
| "Settlement Day" | means a day on which settlement occurs in CDP. |
| "SFA" | means the Securities and Futures Act 2001, or any statutory modification, amendment or re-enactment thereof for the time being in force, or every and any other act which may replace it, and unless the context otherwise requires, includes any subsidiary legislation or regulations made pursuant thereto. |
| "[Deleted]" | "[Deleted]" |
| "SFR (Financial and Margin Requirements)" | means the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations or any statutory modification, amendment or re-enactment thereof for the time being in force, or any regulations that replace the SFR (Financial and Margin Requirements), and any reference to any provision of the SFR (Financial and Margin Requirements) is to that provision as so modified, amended or re-enacted (or as contained in any replacement regulations). |
| "SFR (Licensing and Conduct of Business)" | means the Securities and Futures (Licensing and Conduct of Business) Regulations or any statutory modification, amendment or re-enactment thereof for the time being in force, or any regulations that may replace the SFR (Licensing and Conduct of Business), and any reference to any provision of the SFR (Licensing and Conduct of Business) is to that provision as so modified, amended or re-enacted (or as contained in any replacement regulations). |
| "SGX" | means Singapore Exchange Limited. |
| "SGX-DC" | means the Singapore Exchange Derivatives Clearing Limited. |
| "SGX-DT" | means the Singapore Exchange Derivatives Trading Limited. |
| "SGX RegCo" | means Singapore Exchange Regulation Pte. Ltd. |
| "SGX RegCo Board" | means the board of directors for the time being of SGX RegCo or such number of them as have authority to act for the SGX RegCo Board. |
| "SGX-ST" | means the Singapore Exchange Securities Trading Limited, an approved exchange under the SFA. |
| "SGX-ST Directives" | means the Directives of SGX-ST as the same may be varied, amended or supplemented from time to time. |
| "SGX-ST Trading Member" | refers to a "Trading Member" as defined in the SGX-ST Rules. |
| "SGX-ST Rules" | means the Rules of SGX-ST as the same may be varied, amended or supplemented from time to time. |
| "Stock Account" | means, in relation to a Clearing Member, the Securities Account maintained by it to house its proprietary securities. |
| "$" | means Singapore Dollar. |
| T | |
| "Third Party" | means any party other than CDP and a Clearing Member. |
| "total risk requirement" | has the meaning ascribed to it in Regulation 2 of the SFR (Financial and Margin Requirements). |
| "Total Turnover" | means at any time the aggregate of the Turnover of all Clearing Members at that time. |
| "Trading Member" or "TM" | means a person who is not a Clearing Member and whose Exchange Trades that has been qualified by a Clearing Member in accordance with Rule 3.10. |
| "Trading System" | means any electronic trading system for the automatic matching of orders designated and approved by SGX-ST for transactions on SGX-ST. |
| "Turnover" | means at any time and in respect of a Clearing Member, the volume of Exchange Trades cleared by such Clearing Member multiplied by the prices of the respective Exchange Trades for the immediately preceding 12 months and if such Clearing Member has traded for less than 12 months, the turnover of Exchange Trades cleared by such Clearing Member for its immediately preceding trading period calculated as aforesaid (adjusted to a 12-month period). |
| V | |
| "Valuation Price" | means the official price of Novated Contracts determined by CDP for the purpose of determining Customer Variation Margins or Clearing Member Variation Margins. |
Amended on 12 October 200512 October 2005, 3 April 20083 April 2008, 23 January 200923 January 2009, 3 May 20113 May 2011, 21 January 201321 January 2013, 22 April 201322 April 2013, 26 April 201326 April 2013, 29 December 201429 December 2014, 1 July 20161 July 2016, 15 September 201715 September 2017, 8 October 20188 October 2018, 10 December 201810 December 2018, 22 April 201922 April 2019 and 3 June 20193 June 2019, 6 September 2021, 18 January 2022, 26 May 2023 and 31 October 2024.
1.3.1
Unless expressly provided to the contrary, all questions concerning the interpretation or application of or any other matter in connection with these Clearing Rules (including, without limitation, CDP Directives) shall be determined by CDP, whose decision shall be final and binding on all parties.
1.3.2
In the interpretation of any provision of the Clearing Rules, a construction that would promote the purpose or object underlying the Clearing Rules (whether the purpose is expressly stated in the Clearing Rules or not) is to be preferred to a construction that would not promote that purpose or object.
1.4.1
Any word signifying any gender shall include all genders and the singular shall include the plural and vice versa.
1.4.2
Any reference to a particular rule in these Clearing Rules shall include the subsections of that rule.
1.4.3
A reference to any legislation or legislative provision includes any subordinate provisions made thereunder and any statutory modification, amendment or re-enactment thereof for the time being in force.
1.4.4
References to a person shall, where the context permits, include references to an individual, partnership, corporate entity, unincorporated association and/or statutory or governmental authority or division.
1.5.1
Headings, titles and sub-titles are provided for ease of reference only and shall not affect the interpretation or construction of the provisions of these Clearing Rules.
1.6.1
If these Clearing Rules include an example of the operation of a rule:—
1.7.1
If there is any conflict between any Clearing Rule and the Clearing Directives, unless specifically provided otherwise in the Clearing Directives, the Clearing Rules shall prevail.
1.8.1
CDP may from time to time issue Clearing Directives which operate as a binding contract between CDP and each Clearing Member, and between a Clearing Member and any other Clearing Member.
1.8.2
CDP may, from time to time, issue Practice Notes (or amend existing Practice Notes) to provide guidance on the interpretation and application of any rule. A Practice Note does not bind CDP in the application of a rule.
1.9.1
CDP may, from time to time, publish transitional arrangement in relation to any amended or new rule.
1.10.1
The order of precedence of the following instruments applicable to the CDP and Clearing Members shall be (in descending order of precedence):
Amended on 26 April 201326 April 2013 and 10 December 201810 December 2018.
1.10.2
Subject to Rule 1.7.1, in the event of any conflict between the provisions of the aforesaid instruments, the provisions in an instrument with a higher level of precedence shall prevail over the provisions in an instrument with a lower level of precedence.
Added on 26 April 201326 April 2013