8.1.1
A security or futures contract listed or quoted on SGX-ST must be traded through the Trading System or as otherwise allowed under this Chapter.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.2.1
The trading hours and the application of the market phases are as published by SGX-ST. SGX-ST may vary the trading hours and application of the market phases.
Refer to Practice Note 8.2.1.
8.2.2
The market phases are as follows:—
This phase allows order entry, order modification, and withdrawal of orders but no matching of orders.
No order entry and amendment are allowed in this phase. All existing orders are matched at a single price according to the algorithm set by SGX-ST. All unmatched orders, except at the close of trading, are carried over to the next phase.
This phase allows order entry, order modification, and withdrawal of orders. All orders are matched in accordance with price priority, subject to Rule 8.10A, followed by time priority.
This phase allows order entry, order modification, and withdrawal of orders. At the end of the phase, orders will be matched at a single price based on the algorithm set by SGX-ST. All unmatched orders will be carried over to the next phase.
Refer to Practice Note 8.2.2.
Amended on 24 February 201424 February 2014 and 16 September 201616 September 2016.
8.2A.1
"Prescribed Instrument" refers to such security or futures contract or product or class of securities, futures contracts or products that SGX-ST may prescribe.
Refer to Practice Note 8.2A.2.
Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.
8.2A.2
The closing price of a Prescribed Instrument shall be determined in accordance with the relevant formula and procedures applicable to each Prescribed Security, as determined by SGX-ST from time to time. In arriving at such formula and procedure, SGX-ST may take into account factors, including but not limited to:
Refer to Practice Note 8.2A.2.
Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.
8.2A.3
Notwithstanding the foregoing, SGX-ST shall reserve the right to amend the closing price of any Prescribed Instrument if it so deems necessary.
Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.
8.2A.4
Without limiting Rule 2.4.1, SGX-ST (including SGX-ST's subsidiaries, related companies and holding company), its Directors, Officers, employees and agents make no warranty, express or implied, and shall have no liability to any person in respect of, or in connection with, the closing price of a Prescribed Security, including without limitation:
Added on 24 February 201424 February 2014.
8.3.1
Except for the unit share market, the minimum order size is 1 board lot. Orders may be in multiples of a board lot.
8.3.3
Unless otherwise determined by SGX-ST, the minimum bid size of the following products shall be as follows:
S/N | Product | Price Range ($) | Minimum Bid Size ($) |
1 | Stocks (excluding preference shares), Real Estate Investment Trusts (REITS), business trusts, company warrants and any other class of securities or futures contracts not specified in this Rule 8.3.3 | Below 0.20 | 0.001 |
0.20–0.995 | 0.005 | ||
1.00 and above | 0.01 | ||
1A | Structured warrants | Below 0.20 | 0.001 |
0.20–1.995 | 0.005 | ||
2.00 and above | 0.01 | ||
2 | Exchange traded funds and exchange traded notes | All | $0.01 or $0.001 as determined by SGX-ST |
3 | Debentures, bonds, loan stocks and preference shares | All | $0.001 |
For the avoidance of doubt, the minimum bid sizes above apply to securities and futures contracts denominated in all currencies, except the Hong Kong Dollar ("HKD"), Renminbi ("RMB") or Japanese Yen ("JPY"). For securities and futures contracts traded in HKD, RMB and JPY, the minimum bid sizes shall as far as practicable be aligned to the minimum bid sizes applicable in Hong Kong and Japan respectively.
Amended on 24 December 200724 December 2007, 3 April 20083 April 2008, 4 July 20114 July 2011, 20 July 201220 July 2012, 13 November 201713 November 2017 and 8 October 20188 October 2018.
8.3.4
Each order entered into the Trading System must specify the Position Account code, the Trading Account code and the price and quantity of the security or futures contract.
Amended on 3 April 20083 April 2008, 1 July 20161 July 2016 and 8 October 20188 October 2018.
8.3.5
Each entered order is given a unique order number by the Trading System.
Amended on 3 April 20083 April 2008.
8.4.2
All securities that are designated by CDP as eligible for clearing will be traded on an "ex" basis for two Market Days before and up to the books closure date for an entitlement.
Amended on 3 April 20083 April 2008 and 10 December 201810 December 2018.
8.4.4
A buyer (seller) of securities on a "cum" ("ex") basis who has not received that entitlement may claim the entitlement from the seller (buyer).
8.5.1
A contract made on SGX-ST can be cancelled only in accordance with this Rule. For avoidance of doubt, a contract is not cancelled if:—
8.5.2
SGX-ST may cancel a contract in any of the following circumstances:—
8.5.4
SGX-ST may reprimand or impose a fine not exceeding $2,000 on a Trading Representative or Trading Member who causes a contract to be cancelled. Action under this Rule is in addition to other actions which SGX-ST is entitled to take against the Trading Representative or Trading Member.
8.6.1
An error trade refers to a transaction effected on the Trading System as follows:
Amended on 3 April 20083 April 2008 and 15 September 201715 September 2017.
8.6.2
If an error trade occurs:—
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.6.3
Where the Trading Members cannot agree to the cancellation of an error trade, a Trading Member may request SGX-ST to review the error trade. The following procedures apply:
Amended on 3 April 20083 April 2008.
8.6.3A
Notwithstanding Rules 8.6.2(3) and 8.6.3(1), SGX-ST may in its discretion allow such extension of time for the submitting of information or requests relating to error trades as it deems appropriate, taking into account:
Added on 24 February 201424 February 2014.
8.6.4
SGX-ST will not review an error trade referred to it by a Trading Member, where the error trade falls at or within the upper and lower limits of a no-cancellation range applied pursuant to Rule 8.6.4A
Amended on 24 February 201424 February 2014.
8.6.4A
Subject to Rule 8.6.4B, a no-cancellation range will be applied to the following instruments:
Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.
8.6.4B
SGX-ST retains the discretion to apply or remove no-cancellation ranges from instruments listed for trading on SGX-ST.
Added on 24 February 201424 February 2014.
8.6.7
The requesting Trading Member must pay a trade review fee of $1,000 for each referral accepted for review by SGX-ST, regardless of the outcome of the review.
Amended on 24 February 201424 February 2014.
8.6.8
Notwithstanding Rule 8.6.7, SGX-ST may grant a waiver of the trade review fee where it deems appropriate.
8.6.9
Notwithstanding Rules 8.6.4, 8.6.13, 8.6.13A and 8.6.13B, SGX-ST may review the validity of any transaction effected on the Trading System where SGX-ST deems that the cancellation of the error trade is necessary for the proper maintenance of a fair and orderly market.
Amended on 24 February 201424 February 2014.
8.6.12
SGX-ST may consider the following factors when deciding whether to cancel an error trade under Rules 8.6.13, 8.6.13A and 8.6.13B:
Amended on 24 February 201424 February 2014 and 8 October 20188 October 2018.
8.6.13
Error trades in structured warrants that are referred to SGX-ST will be reviewed in accordance with the following Rules:
Amended on 24 February 201424 February 2014.
8.6.13A
Error trades in all other securities or futures contracts, excluding bonds, will be reviewed in accordance with the following Rules:
Added on 24 February 201424 February 2014 and amended 8 October 20188 October 2018.
8.6.13B
Upon receipt of a request to review an error trade in bonds, SGX-ST will consider the validity of the error trade. SGX-ST may, in its discretion, make a determination that the error trade is to be cancelled, having regard to the factors in Rule 8.6.12.
Added on 24 February 201424 February 2014.
8.6.17
SGX-ST will:
Added on 24 February 201424 February 2014.
8.6.18
SGX-ST will not consider any request to review its decision following the notifications under Rule 8.6.17.
Added on 24 February 201424 February 2014.
8.7.1
A Trading Member may only execute Direct Business that is:—
Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 8 October 20188 October 2018.
8.7.2
Direct Business may be transacted between:—
8.7.4
Direct Business must be reported through the married trade reporting system of the Trading System under Rule 8.7.5. The price, quantity, counterparty, and other details as required under Rule 8A.3.1 must be reported.
Amended on 3 April 20083 April 2008 and 11 March 201311 March 2013.
8.7.5
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.
Amended on 7 June 20107 June 2010 and 13 November 201713 November 2017.
8.7.6
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.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.8.1
The Board may declare publicly a listed or quoted 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 8.8.1.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.8.2
The Board 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 the Board. For avoidance of doubt, the conditions may include:
Amended on 3 April 20083 April 2008, 1 July 20141 July 2014 and 8 October 20188 October 2018.
8.8.3
If asked, a Trading Member must give SGX-ST particulars of all its dealings or trades in Designated Instruments and of the customers involved. The Trading Member must do so by the next business day after being asked or as required.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.9.1
The Board may declare a corner in a listed or quoted security if, in its opinion:—
8.9.2
The Board may impose any conditions it thinks fit on existing ready market or futures contracts on a cornered security or on dealing in a cornered security. For avoidance of doubt, the conditions may include:—
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.9.3
If the Board imposes a condition that contracts are to be cash settled, it must establish a Settlement Committee to advise on the fair settlement price.
8.9.4
A Settlement Committee must comprise no less than 5 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 3 present.
8.9.6
A Settlement Committee may hear evidence as it thinks proper and relevant to the discharge of its functions.
8.9.7
A Settlement Committee must report its findings to the Board. The findings are advisory only. The Board will accept the Settlement Committee's recommendation on the fair settlement price, unless it has good reasons to reject it. The Board may refer a matter to the Settlement Committee for further consideration, before deciding on the fair settlement price.
8.9.8
The fair settlement price determined by the Board is final and binding on all parties to any outstanding ready market or futures contract on the cornered security.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.10.1
SGX-ST may suspend or restrict trading in any or all listed or quoted securities or futures contracts. It may do so for 1 or more markets or 1 or more trading sessions or any part of a trading session. It may do so in any of the following circumstances:—
Refer to Practice Note 8.10.1.
Amended on 3 April 20083 April 2008, 24 February 201424 February 2014 and 8 October 20188 October 2018.
8.10.1A
SGX-ST may restrict trading by such means as it considers appropriate, including placing the market into an Adjust Phase.
Added on 16 September 201616 September 2016.
8.10.2
A suspension and a trading restriction may be lifted by SGX-ST at any time.
Amended on 16 September 201616 September 2016.
8.10.3
Securities or futures contracts which have been suspended from trading cease to be traded on the Trading System. Except with SGX-ST's approval, a Trading Member must not execute any transactions in a suspended security or futures contract.
Refer to Practice Note 8.10.3.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.10.4
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 8.10.1
Amended on 3 April 20083 April 2008, 16 September 201616 September 2016 and 8 October 20188 October 2018.
8.10.5
Where SGX-ST has suspended or restricted trading in all listed or quoted securities or futures contract in 1 or more markets, SGX-ST may extend a trading session for the market when trading recommences.
Amended on 3 April 20083 April 2008, 8 April 20148 April 2014, 16 September 201616 September 2016 and 8 October 20188 October 2018.
8.10.6
Securities or futures contracts subject to suspension will be placed in Adjust Phase for a minimum of 15 minutes before trading recommences.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.10A.1
SGX-ST may prescribe, for certain securities and futures contracts, Circuit Breakers which are designed to temporarily restrict trading in these securities and futures contracts.
Added on 24 February 201424 February 2014 and 8 October 20188 October 2018.
8.10A.2
SGX-ST shall impose a Cooling-Off Period on such security or futures contract referred to in Rule 8.10A.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 24 February 201424 February 2014 and 8 October 20188 October 2018.
8.10A.3
Where the Cooling-Off Period is activated pursuant to Rule 8.10A.2, the following will apply:
Added on 24 February 201424 February 2014.
8.11.1
A trading halt may be imposed by SGX-ST at the request of an Issuer.
Refer to Practice Note 8.10.1.
8.11.1A
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 8.10A.2.
Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.
8.11.4
A trading halt may be imposed for up to 3 Market Days or such other short extension as SGX-ST agrees.
8.11.5
A trading halt is for a minimum duration of 30 minutes or such period SGX-ST prescribes.
Amended on 21 September 201121 September 2011.
8.11.7
Securities or futures contracts which are subject to a trading halt cease to be traded on the Trading System. Except with SGX-ST's approval, a Trading Member must not execute any transactions in a security or futures contract subject to a trading halt.
Refer to Practice Note 8.10.3.
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.12.1
SGX-ST may prohibit or limit a Trading Member from entering orders on the Trading System for a period not exceeding 14 days if the Trading Member:—
Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.
8.12.2
If SGX-ST takes action against a Trading Member under Rule 8.12.1, it will inform the Trading Member in writing.
8.13.1
A Trading Member who has access into the Trading System via SGXAccess or such other open interface applications must comply with the requirements SGX-ST prescribes.
Amended on 3 April 20083 April 2008.
8A.1.1
In this Rule:
Refer to Practice Note 8A.
Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
8A.3.1
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 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
8A.3.1A
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 1 October 20181 October 2018.
8A.3.2
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 8.7
Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
8A.3.3
A Trading Member shall ensure that the necessary procedures and systems are implemented to facilitate compliance with the obligations set out in this Rule.
Refer to Practice Note 8A.
Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
8A.4.1
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 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
8A.4.2
SGX-ST may, at its discretion, waive the requirement to mark sell orders for specific classes of market participants.
Refer to Practice Note 8A.
Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
8A.4.3
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.
Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
8A.5.1
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 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
8A.5.2
SGX-ST may subsequently report corrections to such aggregate volume of Short Sell Orders matched and executed that have been reported pursuant to Rule 8A.5.1.
Added on 11 March 201311 March 2013.
8A.6.1
A Trading Member may submit a report of erroneously marked sell orders through such facility that is provided by SGX-ST.
Added on 11 March 201311 March 2013.
8A.6.2
A Trading Member shall ensure that the report:
Refer to Practice Note 8A.
Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.
9.1.1
Unless otherwise specified by SGX-ST, delivery of securities for settlement of trades in securities or deliverable futures contracts which are designated by CDP as eligible for clearing is by book entry at CDP.
Amended on 3 April 20083 April 2008, 8 October 20188 October 2018 and 10 December 201810 December 2018.
9.1.2
Delivery of physical certificates is not accepted for settlement of trades in securities or deliverable futures contracts that are designated by CDP as eligible for clearing.
Amended on 3 April 20083 April 2008, 8 October 20188 October 2018 and 10 December 201810 December 2018.
9.1.3
A Securities Account must be maintained with CDP by or for customers who trade in securities or deliverable futures contracts that are designated by CDP as eligible for clearing and by or for each Trading Member who trades in such securities or futures contracts for their own account. The Securities Account may be maintained directly with CDP or through a depository agent.
Amended on 3 April 20083 April 2008, 8 October 20188 October 2018 and 10 December 201810 December 2018.
9.1.4
Unless otherwise agreed between a customer and a Trading Member, trades are settled in the currency of quotation at the exchange rate determined by the Trading Member.
Amended on 10 December 201810 December 2018.
9.1A.1
Unless otherwise stated by SGX-ST and subject to Rule 9.1A.2, the Intended Settlement Day and eligibility for clearing of a trade that is executed on the Trading System or reported to SGX-ST is as indicated below:
Ready market (for securities other than wholesale corporate bonds) | T+2 | Eligible for clearing by CDP |
Market for Marginable Futures Contracts | LTD+2 | Eligible for clearing by CDP |
Market for wholesale corporate bonds | T+2 | Not eligible for clearing by CDP |
Unit share market (for securities other than wholesale corporate bonds) | T+2 | Eligible for clearing by CDP |
Buying-in market | T+1 | Eligible for clearing by CDP |
Where T is the date on which the trade is executed and LTD is the Last Trading Day.
Added on 10 December 201810 December 2018.
9.1A.2
SGX-ST may change the trading period and settlement date.
Added on 10 December 201810 December 2018.
9.1A.3
If the day indicated in Rule 9.1A.1 is a holiday for the foreign currency in which a trade is to be settled, the Intended Settlement Day for that trade will be the next common banking day on which CDP is open for business.
In this Rule, "common banking day" means a day on which (a) Singapore banks and (b) the relevant bank transfer clearing system designated by CDP for the foreign currency, are both open for settlement.
Added on 10 December 201810 December 2018.
9.1B.1
Trades that have not been designated by CDP as eligible for clearing will be settled as agreed between the parties.
Added on 10 December 201810 December 2018.
9.2 Relationship Between Trading Member and Selling Customer
Amended on 10 December 201810 December 2018.
9.2.1
A selling customer must look only to its Trading Member, who executes the trade, in relation to all obligations in connection with that trade, including payment of sale proceeds.
Amended on 23 January 200923 January 2009 and 10 December 201810 December 2018.
9.2.2A
Unless a selling customer has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Trading Member must make payment of the sale proceeds to the selling customer on the banking day after the day that CDP makes payment to the Trading Member, save that the Trading Member may withhold payment until the selling customer has made delivery.
In this Rule, "banking day" means a day on which the bank(s) used by the Trading Member for payment to its customer is(are) open for settlement.
Added on 10 December 201810 December 2018.
9.2.3
If a selling customer fails to make securities available on Intended Settlement Day and buying-in is conducted under the Clearing Rules in respect of those securities, the selling customer shall be liable to the Trading Member for any costs or losses incurred by the Trading Member in relation to the buying-in.
Amended on 10 December 201810 December 2018.
9.3 Relationship Between Trading Member and Clearing Member
This Rule 9.3 applies only to trades that are cleared with CDP.
Amended on 10 December 201810 December 2018.
9.3.1
A selling Trading Member must look only to its Clearing Member who qualifies it in relation to all obligations in connection with trades that the selling Trading Member executes, including payment of sale proceeds.
Amended on 23 January 200923 January 2009 and 10 December 201810 December 2018.
9.3.2
A buying Trading Member must look only to its Clearing Member who qualifies it in relation to all obligations in connection with trades that the buying Trading Member executes, including delivery of securities or in the case of a deliverable futures contract, the relevant underlying.
Amended on 3 April 20083 April 2008, 23 January 200923 January 2009, 8 October 20188 October 2018 and 10 December 201810 December 2018.
9.3.3
If a selling Trading Member fails to make securities available on Intended Settlement Day and buying-in is conducted under the Clearing Rules in respect of those securities, the selling Trading Member shall be liable to the Clearing Member for any costs or losses incurred by the Clearing Member in relation to the buying-in.
Added on 10 December 201810 December 2018.
9.3.4
A buying Trading Member must pay its Clearing Member for its trade as follows:
Added on 10 December 201810 December 2018.
9.4 Relationship Between Trading Member and Buying Customer
Amended on 10 December 201810 December 2018.
9.4.2A
A buying customer must look only to its Trading Member, who executes the trade, in relation to all obligations in connection with that trade, including delivery of securities or in the case of deliverable futures contracts, the relevant underlying. A buying customer must pay its Trading Member who executes the trade.
Added on 10 December 201810 December 2018.
9.4.2B
A Trading Member shall, if informed by CDP or its Clearing Member that a right to receive securities pursuant to an Exchange Trade is to be replaced with a right to receive a monetary sum ("Cash Settlement Amount") pursuant to the Clearing Rules, immediately inform the relevant buying customer.
Added on 10 December 201810 December 2018.
9.4.3
Unless a buying customer has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Trading Member must:
In this Rule, "banking day" means a day on which the bank(s) used by the Trading Member for payment to its customer is(are) open for settlement.
Amended on 10 December 201810 December 2018.
9.4.3A
A buying customer must pay its Trading Member for its trade as follows:
See Practice Note 9.4.3A(b).
Added on 10 December 201810 December 2018.
9.4.3B
Subject to Rules 9.4.4, if a buying customer fails to meet any of the timelines in Rule 9.4.3A, the Trading Member shall force-sell the securities of the buying customer on the following Market Day.
Added on 10 December 201810 December 2018.
9.4.4
Amended on 10 December 201810 December 2018.
9.4.5
A Trading Member exercising its discretion under Rule 9.4.4 must not engage in imprudent credit practices.
9.4.6
The following rules apply to all force-sales by a Trading Member:—
Amended on 10 December 201810 December 2018.
9.5 Trades Under Physical Delivery [Rule has been deleted.]
Deleted on 10 December 201810 December 2018.
9.6 Delivery Versus Payment ("DVP") Settlement [Rule has been deleted.]
Deleted on 10 December 201810 December 2018.
10.1.1
In this Chapter, "Order" means:—
Amended on 23 January 200923 January 2009.
10.2.1
A Trading Member (except SGX-SPV) and a Trading Representative are bound by this Chapter or any Directives when accessing a Foreign Market via the Exchange Link to execute Orders in a Selected Foreign Security.
10.2.3
Added on 18 September 201218 September 2012.
10.3.1
Subject to the provisions of this Chapter, a Trading Member may access a Foreign Market via the Exchange Link to execute Orders in a Selected Foreign Security.
10.3.2
SGX-ST may at any time, if it thinks fit:—
10.4.1
SGX-SPV must be a Trading Member and a Clearing Member for the purpose of facilitating Orders pertaining to a Selected SGX Security for execution in SGX-ST (inbound) and Orders pertaining to a Selected Foreign Security for execution in a Foreign Exchange (outbound).
10.4.2
SGX-SPV must be admitted as a Trading Member of SGX-ST if SGX-ST is satisfied that the following conditions have been, or will be, met:—
10.4.3
In relation to SGX-SPV as a Trading Member, SGX-ST will carry out its functions and exercise its powers in a like manner to the way it would carry out its functions in respect of other Trading Members, recognising the limited functions that SGX-SPV is intended to perform. SGX-SPV will not apply for an exemption, waiver or other exercise of discretion under the SGX-ST Rules unless it has first notified the Authority.
10.4.4
For outbound Orders, SGX-SPV:—
10.4.5
For inbound Orders, SGX-SPV, in its capacity as agent for the Foreign Portal Dealer, must:—
Amended on 3 April 20083 April 2008.
10.4.6
SGX-SPV may close out a position or correct an error if, in its opinion, it is necessary or desirable to manage risks prudently or meet requirements for the operation of the Service.
10.4.7
Rule | Heading |
4.1.1 | Admission Criteria (as a Trading Member) |
4.6.1(2) | Compliance (with admission criteria) |
4.6.5 | Responsibility to SGX-ST |
4.6.11 | Approved Executive Director |
4.6.12 | Directors |
4.6.14 | Memorandum and Articles of Association |
4.6.17 | Business Name |
4.6.18 | Issue of Shares |
4.6.19 | Voluntary Liquidation |
6.1–6.5 | Approved Executive Director |
9.5 | Trades under Physical Delivery |
11.1–11.14 | Capital and Financial Requirements |
12.3 | Customer Accounts |
12.4 | Trading Authority |
12.6 | Contract Notes |
12.7 | Statement of Account to Customers |
12.11 | Customer's and Remisier's Money |
12.12 | Customer's and Remisier's Assets |
12.17.4 | Trading by Employees and Agents |
12.21 | Use of Office Premises |
13.5 | Arrangement with Customers |
13.12 | Identification & Password |
Chapter 19 of these Rules |
Amended on 23 January 200923 January 2009.
10.5.1
When accessing a Foreign Market via the Exchange Link to trade in Selected Foreign Securities, a Trading Member:—
10.5.2
The following Rules apply to an Order executed on a Foreign Market via the Exchange Link by SGX-SPV:—
10.5.3
A Trading Member is responsible for its Order, regardless of whether the Trading Member authorised the sending of the Order.
10.6.1
The primary object of the core trading principles is to promote proper and orderly trading of Selected Foreign Securities via the Exchange Link.
10.6.2
Rule 10.6 applies to:—
10.6.3 Prevention of Disorderly Markets
10.6.4 Market Manipulation and False Market
10.6.5 Dealings in Suspended Securities
Unless agreed by the Foreign Exchange concerned, a Trading Member and a Trading Representative must not trade, or make a market in, any Selected Foreign Security on the Foreign Market via the Exchange Link if that security is suspended.
10.6.6 Cancellation of Contracts
10.6.7 Corner
A Trading Member must not act itself or with 1 or more persons in concert with the object of securing or acquiring control of any security on a Foreign Market that the same cannot be obtained for delivery on existing contracts except at prices or on terms dictated by such person or persons.
10.6.8 Short Selling
A Trading Member must not short sell any Selected Foreign Security on a Foreign Market except as permitted by the Foreign Exchange concerned.
10.6.9 Designated Securities
A Trading Member must comply with any conditions on dealing imposed in a Foreign Market in relation to securities that may have been subject to manipulation or excessive speculation.
10.7.1
SGX-ST may undertake any investigation or inspection or take any other action under its Rules if it becomes aware of possible or alleged non-compliance with the core trading principles under Rule 10.6.
10.8.1
None of SGX-ST, SGX-SPV, SGX RegCo, or their respective Directors, Officers, employees, representatives or agents shall be liable to a Trading Member or other person in respect of any loss or damage (including consequential loss or damage) which may be incurred, or arise directly or indirectly, in connection with:—
Amended on 15 September 201715 September 2017.
10.8.2
The limitation of liability under Rule 10.8 includes any loss or damage arising in connection with:—
10.8.3
Rule 10.8 does not affect:—
10A.1.1
In this Chapter:—
“Originating Participant” means a Trading Member who is granted participation privileges by SGX-ST to the ASEAN Trading Linkage, for the execution of orders and trades on a market of a Foreign ASEAN Exchange as a customer of a member of such Foreign ASEAN Exchange.
“Sponsoring Participant” means a Trading Member who is granted participation privileges by SGX-ST to the ASEAN Trading Linkage for the purposes of enabling its Sponsored Access customer to gain access to SGX-ST via the ASEAN Trading Linkage infrastructure.
Added on 18 September 201218 September 2012.
10A.2.1
A Trading Member who has been granted participation privileges by SGX-ST to the ASEAN Trading Linkage and its Trading Representatives are bound by this Chapter in respect of all activities undertaken in connection with the ASEAN Trading Linkage.
Added on 18 September 201218 September 2012.
10A.3.1
Any Trading Member may participate in the ASEAN Trading Linkage as an Originating Participant, subject to the provision of such information and documentation as SGX-ST may require.
Added on 18 September 201218 September 2012.
10A.3.2
A Trading Member may participate in the ASEAN Trading Linkage as a Sponsoring Participant if it is also a Clearing Member, subject to the provision of such information and documentation as SGX-ST may require.
Added on 18 September 201218 September 2012.
10A.4.1
A Trading Member participating in the ASEAN Trading Linkage must, at all times, comply with these Rules and the Securities and Futures Act in carrying on its business in connection with the ASEAN Trading Linkage.
Added on 18 September 201218 September 2012.
10A.4.2
Without prejudice to the generality of Rule 10A.4.1, a Sponsoring Participant must comply with the requirements under these Rules applicable to the authorisation of Sponsored Access to its customer.
Added on 18 September 201218 September 2012.
10A.4.3
Without prejudice to the generality of Rule 10A.4.1, in trading for its customers via the ASEAN Trading Linkage, an Originating Participant must comply with all provisions in the Securities and Futures Act applicable to the conduct of its business.
Added on 18 September 201218 September 2012.
10A.4.4
Without prejudice to the generality of Rule 10A.4.1, in trading on a market of a Foreign ASEAN Exchange via the ASEAN Trading Linkage, an Originating Participant must comply with all provisions in the Securities and Futures Act applicable to market conduct on such markets.
Added on 18 September 201218 September 2012.
10A.5.1
SGX-ST may, at its discretion, determine the products listed or quoted on SGX-ST which may be available for trading via the ASEAN Trading Linkage.
Added on 18 September 201218 September 2012.
10A.5.2
The Foreign ASEAN Exchanges refers to such exchanges and market operators as SGX-ST may prescribe.
Added on 18 September 201218 September 2012.
10A.5.3
Unless prohibited or otherwise excluded by the Foreign ASEAN Exchanges, all products listed or quoted on the Foreign ASEAN Exchanges are available for trading via the ASEAN Trading Linkage.
Added on 18 September 201218 September 2012.
10A.6.1
Without prejudice to Rule 2.4, none of SGX-ST, SGX RegCo, or their respective Directors, Officers, employees, representatives or agents shall be liable to a Trading Member or other person in respect of any loss or damage (including consequential loss or damage) which may be incurred, or arise directly or indirectly, in connection with:—
Added on 18 September 201218 September 2012 and amended on 15 September 201715 September 2017.
10A.6.2
The limitation of liability under Rule 10A.6 includes any loss or damage arising in connection with:—
Added on 18 September 201218 September 2012.