5A.1.1
A Clearing Member must maintain separate Position Accounts for each Customer or each group of joint Customers whose account is carried on the books of the Clearing Member.
Added on 1 July 20161 July 2016.
5A.1.2
Each Position Account must be identified and designated, by the full name of the Customer(s) whose account is carried on the books of the Clearing Member and by a unique account code.
Added on 1 July 20161 July 2016.
5A.2.1
Each Clearing Member shall report to CDP such information as CDP may require for each Position Account opened with CDP as soon as practicable, and in any event, no later than such time as may be required for timely and orderly settlement of the first trade cleared by the Clearing Member for the holder of such Position Account into the intended Securities Account.
Refer to Practice Note 5A.2.1, 5A.2.2.
Added on 1 July 20161 July 2016.
5A.2.2
Each Clearing Member shall report to CDP any change in information previously reported to CDP for any Position Account as soon as practicable.
Refer to Practice Note 5A.2.1, 5A.2.2.
Added on 1 July 20161 July 2016.
5A.3.1
Each Clearing Member shall allocate the position of each trade cleared by the Clearing Member for a Customer to that Customer's Position Account or in accordance with that Customer's instructions, as soon as practicable, and in any event no later than such time as may be required for timely and orderly settlement of such trade into the intended Securities Account.
Refer to Practice Note 5A.3.1, 5A.3.4.
Added on 1 July 20161 July 2016.
5A.3.2
A Customer's Position Account must only be used for that Customer's positions. However, a Clearing Member may sub-allocate a position carried in a Customer's Position Account (the "originating Position Account") to another Position Account (the "destination Position Account"), provided that:
Added on 1 July 20161 July 2016.
5A.3.3
A Position Account may be used to hold positions for different Customers, provided that such positions are allocated out in accordance with the requirements provided in Rules 5A.3.1 and 5A.3.2.
Added on 1 July 20161 July 2016.
5A.3.4
For cases in which an SGX-ST Trading Member is warehousing its customer's trades, the Clearing Member shall ensure that no trades are warehoused for more than one Market Day, unless under exceptional circumstances. In such cases, the Clearing Member must document the reasons for the extension of time.
Refer to Practice Note 5A.3.1, 5A.3.4
Amended on 1 July 20161 July 2016 and 10 December 201810 December 2018.
5A.4 — Authorisation of SGX-ST Trading Member to Maintain Position Accounts
Amended on 10 December 201810 December 2018.
5A.4.1
For third-party clearing arrangements, a Clearing Member may authorise an SGX-ST Trading Member it qualifies (referred to in this Rule 5A.4. as the "Authorised Trading Member") to:
the SGX-ST Trading Member and/or the SGX-ST Trading Member's customers (such Position Accounts referred to in this Rule 5A.4 as the "Authorised Accounts"), in accordance with such procedures as CDP may require.
Amended on 1 July 20161 July 2016 and 10 December 201810 December 2018.
5A.4.2
Where a Clearing Member authorises an Authorised Trading Member to open and maintain Authorised Accounts under Rule 5A.4.1(a), Rules 5A.1and 5A.2 shall, with the necessary modifications, apply to an Authorised Trading Member in respect of each Authorised Account, as those provisions apply to a Clearing Member. The Clearing Member who authorises the Authorised Trading Member under Rule 5A.4.1(a) shall ensure that the Authorised Trading Member performs the obligations under Rules 5A.1 and 5A.2, as they apply to the Authorised Trading Member in respect of each Authorised Account.
Refer to Practice Note 5A.4.2, 5A.4.3.
Amended on 1 July 20161 July 2016 and 10 December 201810 December 2018.
5A.4.3
Where a Clearing Member authorises an Authorised Trading Member to open, maintain and allocate positions to the Authorised Accounts under Rule 5A.4.1(b), Rules 5A.1, 5A.2, 5A.3 and 5A.6 shall, with the necessary modifications, apply to an Authorised Trading Member in respect of each Authorised Account, as those provisions apply to a Clearing Member. The Clearing Member who authorises the Authorised Trading Member under Rule 5A.4.1(b) shall ensure that the Authorised Trading Member performs the obligations under Rules 5A.1, 5A.2, 5A.3 and 5A.6, as they apply to the Authorised Trading Member in respect of each Authorised Account.
Refer to Practice Note 5A.4.2, 5A.4.3.
Amended on 1 July 20161 July 2016 and 10 December 201810 December 2018.
5A.4.4
If a Clearing Member wishes to cease authorising an Authorised Trading Member, it shall:-
Added on 1 July 20161 July 2016 and amended on 10 December 201810 December 2018.
5A.5.1
Subject to Rule 5A.5.2, a Clearing Member shall identify the beneficial owner(s) and/or controlling party(ies) of any Position Account to CDP upon request by CDP within such time as CDP may require.
Amended on 1 July 20161 July 2016 and 10 December 201810 December 2018.
5A.5.2
If the Position Account holder does not want the identity of any underlying beneficial owner and/or any controlling party of such account to be disclosed to its carrying Clearing Member, the Position Account holder may apply to the CDP, through its carrying Clearing Member, to provide such information as CDP may require directly to CDP.
Added on 1 July 20161 July 2016.
5A.6.1
Each Clearing Member shall ensure that positions in each Position Account maintained with CDP are accurate. If any discrepancy between CDP's and the Clearing Member's records is noted, the Clearing Member must inform CDP and if required rectify the discrepancy immediately.
Amended on 1 July 20161 July 2016 and 10 December 201810 December 2018.
5A.7.1
Each Clearing Member irrevocably authorises CDP to disclose the contents of any information reported to CDP under this Rule 5A to any Exchange in so far as such information relates to trades executed on that Exchange or to any Position Account carrying such trades.
Added on 1 July 20161 July 2016 and amended 10 December 201810 December 2018.