This Rules apply to all Clearing Members and operate as a binding contract between the Clearing House and each Clearing Member and between a Clearing Member and any other Clearing Member and for the exclusive benefit only of the parties to such contract(s). Save as otherwise provided in this Rules, a person who is not a party to this Rules has no rights under the Contracts (Rights of Third Parties) Act 2001 to enforce any terms of this Rules.

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006 and 18 January 2022.

Except where the Clearing House, SGX RegCo, or any person or entity referred to under Rule 1.01.8 otherwise expressly agree with or expressly commit to any party, the benefit of any performance of obligations under:

is restricted to only Clearing Members. The Clearing House, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.01.8, and their respective directors, officers, employees, representatives or agents (the "Relevant Persons") shall have no liability to any other party. In particular, the Relevant Persons shall have no liability to any party affected or aggrieved by any alleged action or omission.

Amended on 27 March 200627 March 2006, 15 September 201715 September 2017 and 3 June 20193 June 2019.

Without prejudice to Rule 1.01.2 or the benefit of any exclusion of liability in any contract or undertaking, the Relevant Persons accept no duty to and therefore shall have no liability whatsoever to any Clearing Member or any Third Party in contract, tort, trust, as a fiduciary or under any other cause of action in respect of any damage, loss, cost or expense of whatsoever nature suffered or incurred by a Clearing Member or any Third Party, as the case may be, arising out of or in connection with the following, or any thing done or not done as a direct or indirect consequence of the following:

Amended on 27 March 200627 March 2006, 26 April 201326 April 2013, 15 September 201715 September 2017 and 3 June 20193 June 2019.

Without prejudice to Rule 1.01.2, and in addition to Rule 1.01.3, each Clearing Member should and must note that in connection with any index used or to be used by the Clearing House for clearing and settlement or in connection or by reference therewith, none of the Relevant Persons or any relevant party that the Clearing House may contract with for the supply of the index or information in relation thereto (each of the foregoing, a "Relevant Party") assume any obligation or liability in connection with the clearing or settlement of any contract based on such index. Accordingly, none of the foregoing parties shall be in any way responsible for any losses, expenses or damages (in all cases direct or indirect) arising in connection with or referable to the clearing or settlement of any contract linked or referable to the said index, provided that nothing herein shall affect either obligations of the Clearing House or its Clearing Members as parties clearing or settling in any contract so linked or referable. None of the Relevant Parties guarantee or warrant or undertake in any manner the accuracy or completeness of any such index or any information or data included in or referable to it.

NONE OF THE RELEVANT PARTIES MAKES ANY WARRANTY OR GIVES ANY GUARANTEE OR UNDERTAKING, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF, OR THE RESULTS TO BE OBTAINED BY ANY PERSON OR ENTITY FROM THE USE OF ANY SUCH INDEX, OR ANY INFORMATION OR DATA INCLUDED IN OR REFERABLE TO IT IN CONNECTION WITH ANY CLEARING OR SETTLEMENT OF ANY CONTRACTS OR FOR ANY OTHER USE. NONE OF THE RELEVANT PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT TO ANY SUCH INDEX, OR ANY INFORMATION OR DATA INCLUDED IN OR REFERABLE TO ANY SUCH INDEX.

Added on 27 March 200627 March 2006 and amended on 15 September 201715 September 2017.

All Clearing Members are to note the foregoing and ensure that they are taking on Clearing Membership in and/or will carry on as Clearing Members of the Clearing House, transact and will transact by reference to the Clearing House or any Contract or information or action referable to the Clearing House or any of its directors or officers, 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 Contract unless such person has been notified of the foregoing provisions and has satisfied him/herself or itself that the same is acceptable and is accepted.

Amended on 27 March 200627 March 2006.

The Clearing House 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 the Clearing House shall not waive it. The Clearing House may grant a waiver subject to such conditions as it considers appropriate. Such waiver is only granted if such conditions are satisfied. The Clearing House shall notify any Clearing Member of such waivers as soon as practicable.

Added on 27 March 200627 March 2006.

No waiver by the Clearing House of any event of default or breach of any obligation under this Rules shall constitute a waiver of any other event or breach, and no exercise or partial exercise by the Clearing House of any remedy shall constitute a waiver of the right subsequently to exercise that or any other remedy.

Added on 27 March 200627 March 2006.

The Clearing House 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.

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 the Clearing House in respect of any obligations arising from the exercise of such rights, powers, authorities and discretions.

Added on 15 September 201715 September 2017.

The Clearing House may from time to time issue, without limitation, Directives, Practice Notes and Circulars to provide guidance on the interpretation or application of this Rules.

Added on 27 March 200627 March 2006.

Directives, Practice Notes and Circulars may only be used in the manner and for such purposes as expressly contemplated under this Rules. "Directives" are binding notices directing Clearing Members to take corrective or other actions in the interests of a safe and efficient clearing facility or in light of investor protection concerns; "Practice Notes" are non-binding guidelines that seek to explain the application and interpretation of a Rule; "Circulars" are binding notices issued by the Clearing House regarding regulatory and non-regulatory matters pertaining to Clearing Members.

Added on 27 March 200627 March 2006 and amended on 26 April 201326 April 2013 .

In the interpretation of any provision of this Rules, a construction that would promote the purpose or object underlying this Rules (whether the purpose is expressly stated in this Rules or not) is to be preferred to a construction that would not promote that purpose or object.

Added on 27 March 200627 March 2006.

If this Rules include an example of the operation of a rule:

Amended on 27 March 200627 March 2006.

Save as provided in Rule 1.04.2 below, the relationship between the Clearing House and a Clearing Member shall be governed by this Rules, and the prevailing Directives, Practice Notes or Circulars (which may contain prescribed procedures) and terms and conditions governing the operations, facilities and services provided by the Clearing House (together, the "Clearing Member Terms").

Added on 27 March 200627 March 2006.

The Clearing House is only responsible for the performance of those duties which are expressly set out in the SFA, the Act, any applicable legislation and any regulations issued thereunder and the Clearing Member Terms. The Clearing House shall have no implied duties or obligations of any kind whatsoever.

Added on 27 March 200627 March 2006.

The order of precedence of the following instruments applicable to the Clearing House and Clearing Members shall be (in descending order of precedence):

Added on 27 March 200627 March 2006 and amended on 26 April 201326 April 2013.

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 27 March 200627 March 2006.

The Clearing House is prohibited from making any amendments to this Rules unless it complies with such requirements as prescribed by the Authority, under the SFA or under any applicable laws. In addition to these requirements Board approval is required to effect any Rule amendments. These safeguards are designed to promote regulatory transparency and accountability on the part of the Clearing House with respect to its rulemaking process and thereby promote investor confidence.

Added on 27 March 200627 March 2006 and amended on 31 December 201331 December 2013.

Any amendment to this Rules shall not come into force unless the prescribed time periods for effecting rule amendments as contemplated under or pursuant to the SFA, any regulations issued thereunder and any applicable laws are met.

Added on 27 March 200627 March 2006 and amended on 31 December 201331 December 2013.

Notwithstanding anything to the contrary as set forth above the Clearing House may effect Rule amendments in such manner as directed by the Authority or pursuant to the SFA or other applicable laws.

This Rules shall be governed by and construed in accordance with the laws of Singapore, unless otherwise specified.

Added on 27 March 200627 March 2006 and amended on 31 December 201331 December 2013.

In the event of any inconsistency between any provision of this Rules and the rules of any Relevant Market, the provisions of this Rules shall prevail as between any Clearing Member and the Clearing House.

Added on 27 March 200627 March 2006.

Save as otherwise provided in this Rules, the courts of Singapore shall have exclusive jurisdiction to determine any dispute arising from or in connection with this Rules.

Added on 26 January 200726 January 2007 and amended on 31 December 201331 December 2013.

Rules 1.06.4, 2.02D.1.1, 2.02D.1.2, 2.14.5.2, 7.03A.1.4, 7.03A.5.1 and 7.03A.11, which apply solely to FCM Clearing Members, shall be governed by and construed in accordance with the federal laws of the United States of America. The federal courts of the United States of America shall have non-exclusive jurisdiction to determine any dispute arising from or in connection with such Rules.

Added on 31 December 201331 December 2013.

No Clearing Member shall have any right to receive notices of any General Meetings required to be given under the Articles of Association of the Clearing House, to attend thereat or to vote thereat or to participate in the assets or profits of the Clearing House.

Deleted on 27 March 200627 March 2006.

Clearing Membership to the Clearing House shall comprise such classes of Clearing Membership as may from time to time be provided in this Rules. All Clearing Memberships to the Clearing House are granted pursuant, and subject, to this Rules and such other terms and conditions as may be imposed at the Clearing House's discretion.

Amended on 27 March 200627 March 2006.

The Clearing Membership of each Clearing Member is conditional upon such Clearing Member being subject to and bound by this Rules and such other terms and conditions as may be specified in the Clearing Membership certificate issued to such Clearing Member or such other terms as may be prescribed by the Clearing House.

Amended on 27 March 200627 March 2006.

Any member of the Exchange, whose name validly remains on the Register of Members of the Exchange as a "Clearing Member" under the Trading Rules at the close of business on the Qualifying Date shall, subject to this Rules, be deemed to be a Clearing Member on and from the Transfer Date.

All relevant membership certificates issued to such Clearing Members of the Exchange and in effect on the Qualifying Date shall be deemed to continue in full force and effect on and after the Transfer Date as if issued by the Clearing House subject to this Rules.

In consideration of such recognition and continued registration, such Clearing Members shall be deemed thereby to have agreed that they shall observe, comply with and be bound by this Rules and such other terms and conditions as may be specified by the Clearing House. Such Clearing Members shall have the same rights and obligations applicable to them on the Qualifying Date, subject only to such amendments provided under this Rules.

Amended on 27 March 200627 March 2006.

Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a General Clearing Member, an applicant must satisfy the Clearing House that:—

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 10 August 200710 August 2007, 31 December 201331 December 2013 and 29 December 201429 December 2014.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a Direct Clearing Member, an applicant must satisfy the Clearing House that:—

Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007 and 26 April 201326 April 2013.

Upon admission as a Direct Clearing Member, if there is any downgrade in the rating of the Direct Clearing Member or its holding company such that it falls below the minimum prescribed rating, the Clearing House may, at its absolute discretion, impose additional conditions as it deems fit, for permitting the Direct Clearing Member to continue to clear Contracts through the Clearing House.

Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007.

Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a Bank Clearing Member, an applicant must satisfy the Clearing House that:—

Added on 10 August 200710 August 2007 and amended on 10 May 201010 May 2010, 3 November 20103 November 2010, 26 April 201326 April 2013, 31 December 201331 December 2013, 22 April 201922 April 2019, 17 July 201917 July 2019 and 18 January 2022.

Upon admission as a Bank Clearing Member, if there is any downgrade in the rating of the Bank Clearing Member or its parent bank such that it falls below the minimum prescribed rating, the Clearing House may, at its absolute discretion, impose additional conditions as it deems fit, for permitting the Bank Clearing Member to continue to clear Contracts through the Clearing House.

Added on 10 August 200710 August 2007.

Deleted on 17 July 201917 July 2019.

Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a Remote Clearing Member that clears Non-Relevant Market Contracts, an applicant must satisfy the Clearing House that:

Added on 31 December 201331 December 2013 and amended on 17 July 201917 July 2019.

Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as a Remote Clearing Member that clears Non-Relevant Market Contracts, an applicant must, in addition to the eligibility criteria prescribed under Rule 2.02C.1, satisfy the Clearing House that:

Added on 31 December 201331 December 2013 and amended on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

If, at any time, the rating of a Remote Clearing Member or its holding company falls below the rating prescribed by and acceptable to the Clearing House, the Clearing House may in its absolute discretion impose additional conditions in permitting the Remote Clearing Member to continue its clearing activities.

Added on 31 December 201331 December 2013.

Unless otherwise prescribed by the Clearing House, to be eligible for Clearing Membership as an FCM Clearing Member, an applicant must, in addition to the relevant eligibility criteria prescribed under Rule 2.02, 2.02B or 2.02C, as the case may be, satisfy the Clearing House that:

Added on 31 December 201331 December 2013.

The Clearing House may invite any person of distinction to be an Honorary Clearing Member for such period and on such terms as it deems fit.

An application for Clearing Membership shall be made to the Clearing House and shall be in such form or forms as the Clearing House may from time to time hereafter prescribe. An applicant for Clearing Membership shall provide to the Clearing House such evidence as the Clearing House may require and shall pay such fees as the Clearing House may from time to time hereafter prescribe. The Clearing House may refuse an application for Clearing Membership.

The Clearing House will endeavour to process, consider and decide upon an application to be a Clearing Member in a timely fashion, but owes no obligation to do so.

The Clearing House may require the applicant to provide such evidence as it may require and may require the applicant to be present at such time and place as the Clearing House requires. The Clearing House, if it deems necessary, may conduct such investigation and make enquiries upon the applicant and any information and particulars given by the applicant.

Upon approval of application being granted by the Clearing House, the Clearing House shall promptly notify the applicant in writing.

If the Clearing House refuses an application, it shall notify the applicant in writing of its decision and it shall not be required to give any reason to the applicant for its decision.

An applicant who has been admitted as a Clearing Member or deemed to have been admitted as a Clearing Member shall comply with this Rules. Without prejudice to the generality of the foregoing the criteria and requirements for Clearing Membership prescribed in this Rules and/or in the Clearing Membership certificate, and/or prescribed by the Clearing House from time to time shall continue to apply even after an applicant has been admitted as a Clearing Member or deemed to have been admitted as a Clearing Member and shall continue to apply during its Clearing Membership. A Clearing Member who fails to comply with such criteria and requirements shall be dealt with in such manner as the Clearing House deems appropriate, including but not limited to suspension of or expulsion from Clearing Membership.

Amended on 27 March 200627 March 2006.

Every Clearing Member which is licensed or is exempted from licensing but whose activities are still subject to regulation by the SFA and thus by the Authority shall comply with all applicable provisions of the SFA, and any applicable order, circular, direction or other requirement made by the Authority pursuant to the SFA, and shall procure that each of its directors, officers, agents, employees and representatives complies with the same.

Violation of this Rule 2.06 may be a major offence.

Amended on 27 March 200627 March 2006.

Except for a Bank Clearing Member, a Clearing Member must inform the Clearing House in writing immediately if it or any of its directors, officers, Registered Persons, employees, or agents:—

Amended on 27 March 200627 March 2006, 3 November 20103 November 2010 and 31 December 201331 December 2013.

A Bank Clearing Member must inform the Clearing House immediately in writing if it or any of its director(s) who is(are) resident in Singapore and/or responsible for its business governed by this Rules, officers, Registered Persons, employees, or agents, in respect of its business governed by this Rules, :—

Added on 3 November 20103 November 2010.

Each General Clearing Member incorporated in Singapore shall at all times :—

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 3 November 20103 November 2010 and 17 July 201917 July 2019.

Each Direct Clearing Member incorporated in Singapore shall at all times:—

Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007.

Each Bank Clearing Member incorporated in Singapore shall at all times:—

Added on 10 August 200710 August 2007 and amended on 3 November 20103 November 2010, 31 December 201331 December 2013, 22 April 201922 April 2019 and 17 July 201917 July 2019.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and deleted on 10 May 201010 May 2010.

The Clearing House may from time to time prescribe other minimum capital and financial requirements and conditions for exemptions or exceptions therefrom.

The Clearing House reserves the right to call on any of the letters of credit and all other forms of security furnished pursuant to this Rules and apply the proceeds thereof in respect of the Clearing Member's default to the Clearing House and/or its common bond liability under Rule 7A.05 and 7A.06.

Amended on 10 August 200710 August 2007 and 7 August 20127 August 2012.

A Clearing Member shall immediately notify the Clearing House if it fails to meet the minimum capital and financial requirements prescribed in the preceding paragraphs or becomes aware that it will fail to comply with such requirements.

If the Clearing House is notified by a Clearing Member under Rule 2.07.5 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.07.5) that the Clearing Member has failed to comply with the minimum capital and financial requirements prescribed in the preceding paragraphs, the Clearing House may direct the Clearing Member to do one (1) or more of the following actions:—

Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007.

The Clearing House may prescribe for one (1) or more Clearing Members, capital, financial and other requirements in excess of the minimum prescribed under this Rules on the basis of volume, types of positions carried, margin policies, nature of business conducted or to be conducted or its membership in any exchange or market and such other criteria as deemed necessary by the Clearing House.

Amended on 27 March 200627 March 2006.

Deleted on 22 April 201922 April 2019.

Each General Clearing Member or Direct Clearing Member incorporated in Singapore shall immediately notify the Clearing House:—

Amended on 10 August 200710 August 2007, 3 November 20103 November 2010 and 22 April 201922 April 2019.

If the Clearing House is notified by a Clearing Member under Rule 2.07A.1.1 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.07A.1.1) that such Clearing Member's financial resources have fallen below 120% of its total risk requirement, the Clearing House may direct such Clearing Member to comply with one (1) or more of the directions prescribed under Regulation 7(3) of the SFR (Financial and Margin Requirements).

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 3 November 20103 November 2010 and 22 April 201922 April 2019.

If the Clearing House is notified by a General Clearing Member or a Direct Clearing Member under Rule 2.07A.1.2 or becomes aware (whether or not there has been any notification by such Clearing Member under Rule 2.07A.1.2) that such Clearing Member's aggregate indebtedness has exceeded 600% of its aggregate resources, the Clearing House may direct:—

Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007.

The Clearing House may from time to time prescribe other early warning financial requirements and conditions for exemptions or exceptions therefrom on all or any of the Clearing Members.

Each Clearing Member incorporated in Singapore shall:

Amended on 3 November 20103 November 2010 and 22 April 201922 April 2019.

The Clearing House may from time to time prescribe other notification requirements and conditions for exemptions or exceptions therefrom on all or any of the Clearing Members.

If the Clearing House is notified by a Clearing Member under Rule 2.07B.1 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.07B.1)that such Clearing Member's financial resources have fallen below 150% of its total risk requirement or that a reportable event in relation to its regulatory capital and liquidity ratios has occurred, the Clearing House may direct such Clearing Member to do one (1) or more of the following actions:—

Added on 10 August 200710 August 2007 and amended on 3 November 20103 November 2010 and 22 April 201922 April 2019.

For the purpose of Rules 2.07 and 2.07A, a Clearing Member may include one (1) or more qualifying letter(s) of credit deposited with the Clearing House in its calculation of aggregate resources, subject to the total amount payable under the qualifying letter(s) of credit or 50% of its total risk requirement, whichever is lower. In the case of a Clearing Member admitted as a clearing member of the Clearing House and CDP, and which has deposited such qualifying letter(s) of credit with CDP, pursuant to the corresponding provisions in the CDP Clearing Rules, it need not deposit another qualifying letter(s) of credit with the Clearing House.

Amended on 10 August 200710 August 2007 and 29 December 201429 December 2014.

For the purpose of Rule 2.07C.1, a qualifying letter of credit is a legally enforceable and irrevocable letter of credit that:—

Amended on 10 August 200710 August 2007 and 7 August 20127 August 2012.

The Clearing House reserves the right to call on any of the qualifying letters of credit furnished pursuant to this Rules and apply the proceeds thereof in respect of the Clearing Member's default to the Clearing House and/or its common bond liability under Rule 7A.05 and 7A.06. In the case of a Clearing Member admitted as a clearing member of the Clearing House and CDP, the Clearing House shall have the discretion to apportion in any manner, the use of the proceeds between the Clearing House and CDP. In deciding on the apportionment, the Clearing House may, in consultation with CDP, take into account factors, including but not limited to, the amount owed by the Clearing Member to the Clearing House and CDP respectively.

Amended on 10 August 200710 August 2007 and 7 August 20127 August 2012.

Each General Clearing Member incorporated outside Singapore shall at all times:—

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 3 November 20103 November 2010.

Each Direct Clearing Member incorporated outside Singapore shall at all times:—

Amended on 10 August 200710 August 2007.

Each Bank Clearing Member incorporated outside Singapore shall at all times:—

Added on 10 August 200710 August 2007 and amended on 25 August 200925 August 2009, 3 November 20103 November 2010, 22 April 201922 April 2019 and 17 July 201917 July 2019.

Each Bank Clearing Member incorporated outside Singapore shall deposit liquidity resources with the Clearing House upon the Clearing House's request, if the Clearing House determines that any conditions exist which may threaten the ability of the Bank Clearing Member to satisfy its obligations to the Clearing House and/or CDP under this Rules and the CDP Clearing Rules respectively.

Such liquidity resources shall be an amount up to S$5,000,000, or S$8,000,000 in the case of a Bank Clearing Member who is also a clearing member of CDP, and shall be paid in cash and/or acceptable government securities within such time as determined by the Clearing House.

Added on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Each Remote Clearing Member incorporated outside Singapore shall at all times:

Added on 31 December 201331 December 2013 and amended on 22 April 201922 April 2019.

In addition to the other applicable requirements under Rule 2.08, each FCM Clearing Member shall at all times maintain an adjusted net capital, in accordance with CFTC Regulation 1.17, of not less than US$50,000,000.

Added on 31 December 201331 December 2013.

Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007 and deleted on 10 May 201010 May 2010.

The Clearing House may from time to time prescribe other minimum capital and financial requirements and conditions for exemptions or exceptions therefrom.

The Clearing House reserves the right to use or call on any cash and/or acceptable government securities deposited with the Clearing House or CDP pursuant to Rule 2.08.1B.1, letters of credit and all other forms of security furnished pursuant to this Rules and apply the proceeds thereof in respect of the Clearing Member's default to the Clearing House and/or its common bond liability under Rule 7A.05 and 7A.06.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 7 August 20127 August 2012.

A Clearing Member shall immediately notify the Clearing House if it fails to meet the minimum capital and financial requirements prescribed in the preceding paragraphs or becomes aware that it will fail to comply with such requirements.

Amended on 10 August 200710 August 2007.

If the Clearing House is notified by a Clearing Member under Rule 2.08.5 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.08.5) that such Clearing Member has failed to comply with the minimum capital and financial requirements prescribed in the preceding paragraphs, the Clearing House may direct such Clearing Member to do one (1) or more of the following actions:—

Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007.

The Clearing House may prescribe for one (1) or more Clearing Members, capital, financial and other requirements in excess of the minimum prescribed under this Rules on the basis of volume, types or positions carried, margin policies, nature of business conducted or to be conducted or its membership in any other exchange or market and such other criteria as deemed necessary by the Clearing House.

Amended on 27 March 200627 March 2006.

Deleted on 22 April 201922 April 2019.

Each General Clearing Member or Direct Clearing Member incorporated outside Singapore shall immediately notify the Clearing House:—

Amended on 10 August 200710 August 2007, 25 August 200925 August 2009, 3 November 20103 November 2010, 31 December 201331 December 2013 and 22 April 201922 April 2019.

If the Clearing House is notified by a Clearing Member under Rule 2.08A.1.1 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.08A.1.1) that such Clearing Member's adjusted net head office funds have fallen below 120% of its total risk requirement, the Clearing House may direct such Clearing Member to comply with one (1) or more of the directions prescribed under Regulation 7(3) of the SFR (Financial and Margin Requirements).

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 25 August 200925 August 2009, 3 November 20103 November 2010, 31 December 201331 December 2013 and 22 April 201922 April 2019.

If the Clearing House is notified by a Clearing Member under Rule 2.08A.1.2 or becomes aware (whether or not there has been any notification by such Clearing Member under Rule 2.08A.1.2) that such Clearing Member's aggregate indebtedness has exceeded 600% of its aggregate resources, the Clearing House may direct such Clearing Member to comply with one (1) or more of the directions prescribed under Regulation 17(2) of the SFR (Financial and Margin Requirements).

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 31 December 201331 December 2013 and 22 April 201922 April 2019.

The Clearing House may from time to time prescribe other early warning financial requirements and conditions for exemptions or exceptions therefrom on all or any of the Clearing Members.

Each Clearing Member incorporated outside Singapore shall:

Amended on 10 August 200710 August 2007, 25 August 200925 August 2009, 3 November 20103 November 2010 and 22 April 201922 April 2019.

The Clearing House may from time to time prescribe other notification requirements and conditions for exemptions or exceptions therefrom on all or any of the Clearing Members.

Amended on 10 August 200710 August 2007.

If the Clearing House is notified by a Clearing Member under Rule 2.08B.1 or becomes aware (whether or not there has been any notification by the Clearing Member under Rule 2.08B.1)that such Clearing Member's adjusted net head office funds or cash and/or acceptable government securities deposited with the Clearing House or CDP pursuant to Rule 2.08.1B.1 (whichever is applicable), have fallen below 150% of its total risk requirement, or that a reportable event in relation to its regulatory capital and liquidity ratios has occurred, the Clearing House may direct such Clearing Member to do one (1) or more of the following actions:—

Added on 10 August 200710 August 2007 and amended on 25 August 200925 August 2009, 3 November 20103 November 2010 and 22 April 201922 April 2019.

For the purpose of Rules 2.08 and 2.08A, a Clearing Member may include one (1) or more qualifying letter(s) of credit deposited with the Clearing House in its calculation of aggregate resources subject to the total amount payable under the qualifying letter(s) of credit or 50% of its total risk requirement, whichever is lower. In the case of a Clearing Member admitted as a clearing member of the Clearing House and CDP, and which has deposited such qualifying letter(s) of credit with CDP, pursuant to the corresponding provisions in the CDP Clearing Rules, it need not deposit another qualifying letter(s) of credit with the Clearing House.

Amended on 10 August 200710 August 2007, 3 November 20103 November 2010, 29 December 201429 December 2014 and 17 July 201917 July 2019.

For the purpose of Rule 2.08C.1, a qualifying letter of credit is a legally enforceable and irrevocable letter of credit that:—

Amended on 10 August 200710 August 2007 and 7 August 20127 August 2012.

The Clearing House reserves the right to call on any of the qualifying letters of credit furnished pursuant to this Rules and apply the proceeds thereof in respect of the Clearing Member's default to the Clearing House and/or its common bond liability under Rule 7A.05 and 7A.06. In the case of a Clearing Member admitted as a clearing member of the Clearing House and CDP, the Clearing House shall have the discretion to apportion in any manner, the use of the proceeds between the Clearing House and CDP. In deciding on the apportionment, the Clearing House may, in consultation with CDP, take into account factors, including but not limited to, the amount owed by the Clearing Member to the Clearing House and CDP respectively.

Amended on 10 August 200710 August 2007 and 7 August 20127 August 2012.

In addition to the minimum capital and financial requirements in Rule 2.07, every General Clearing Member incorporated in Singapore shall maintain a special reserve fund to which a sum of not less than 30% of the audited net profits of each year shall be transferred out of the net profits after due provision has been made for taxation, so long as the base capital less unappropriated profits in the latest audited accounts is less than S$15,000,000.

Amended on 27 March 200627 March 2006.

The special reserve fund for the time being set aside pursuant to this Rule 2.09 shall not be available for the declaration of dividends without the prior written approval of the Clearing House.

Amended on 27 March 200627 March 2006.

In addition to the minimum capital and financial requirements in Rule 2.08, every General Clearing Member incorporated outside Singapore shall maintain a special reserve fund to which a sum of not less than 30% of the audited net profits of each year shall be transferred out of the net profits after due provision has been made for taxation, so long as the net head office funds is less than S$15,000,000.

Amended on 27 March 200627 March 2006.

The special reserve fund for the time being set aside pursuant to this Rule 2.10 shall not be available for the declaration of dividends without the prior written approval of the Clearing House.

Amended on 27 March 200627 March 2006.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 29 December 201429 December 2014.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 29 December 201429 December 2014.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 29 December 201429 December 2014 and 22 April 201922 April 2019.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 29 December 201429 December 2014 and 22 April 201922 April 2019.

Deleted on 19 September 201619 September 2016.

Every Clearing Member shall have only such rights and obligations as are set out in the terms and conditions governing its Clearing Membership. Such terms and conditions shall also set out the Contract Class or Contract Classes, as the case may be, that each class of Clearing Membership is eligible to clear. The rights and obligations attaching to such Clearing Member's Clearing Membership may be varied or abrogated by the Clearing House from time to time.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 3 November 20103 November 2010.

A General Clearing Member can, subject to the Rules and/or unless otherwise notified by the Clearing House:—

Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007.

A Direct Clearing Member can, subject to the Rules and/or unless otherwise notified by the Clearing House:—

Added on 10 August 200710 August 2007.

A Bank Clearing Member can, subject to the Rules and/or unless otherwise notified by the Clearing House:—

Added on 10 August 200710 August 2007.

A Remote Clearing Member can, subject to the Rules and/or unless otherwise notified by the Clearing House:

Added on 31 December 201331 December 2013 and amended on 17 July 201917 July 2019.

A Clearing Member shall, subject to the Rules, also have the following responsibilities and duties:—

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 7 August 20127 August 2012, 8 November 20128 November 2012, 31 December 201331 December 2013, 12 November 2018 and 29 July 2022.

A Clearing Member must assess its business and operational risks and maintain adequate business continuity arrangements.

A Clearing Member must document its business continuity arrangements in a business continuity plan.

A Clearing Member's senior management shall be responsible for the Clearing Member's business continuity plan. Sufficient awareness of the risks, mitigating measures and state of readiness must be demonstrated by way of an attestation to the Clearing Member's Board of Directors.

A Clearing Member must review and test its business continuity plan regularly.

A Clearing Member must appoint emergency contact persons, and furnish the contact information of such persons to the Clearing House. The Clearing Member's emergency contact persons must be contactable at all times, and must immediately notify the Clearing House in the event of emergencies.

Added on 22 January 200922 January 2009.

Each Clearing Member shall prepare, maintain and keep current those books and records required by this Rules, the SFA any applicable laws. Such books and records shall be open to inspection and promptly provided to the Clearing House upon request.

Amended on 27 March 200627 March 2006 and 31 December 201331 December 2013.

Each Clearing Member must file any information requested by the Clearing House within the time period specified in the request.

Each Clearing Member shall maintain at all times the ability to provide to the Clearing House in an acceptable form a complete set of equity system reports (including, at a minimum, the equity run, open position listing, day trade listing, cash adjustments listing and margin call and debit equity listing). Such reports shall forthwith be available to the Clearing House upon the Clearing House's request. Where such request is made at or before 12 p.m. on a Business Day (the "Request Date"), the Clearing Member shall report the required information up to and as at the two (2) Business Days immediately before the Request Date, and where such request is made after 12 p.m. on a Business Day, the Clearing Member shall report the required information up to and as at the Business Day immediately before the Request Date.

Each Clearing Member shall submit to the Clearing House, in the manner as prescribed from time to time:—

Added on 22 September 200622 September 2006.

A Clearing Member must maintain separate accounts for each person whose account is carried on the books of the Clearing Member.

Added on 26 April 201326 April 2013.

Where a Clearing Member at any time fails to make or keep current the books and records required by the Clearing House it shall notify the Clearing House of such failure on the same day, specifying the relevant books and records, and shall thereafter comply with all orders of the Clearing House.

Violation of this Rule may be a major offence.

Amended on 27 March 200627 March 2006.

Added on 31 December 201331 December 2013.

A Clearing Member who:

Added on 31 December 201331 December 2013 and amended on 1 May 20141 May 2014.

Without prejudice to such audit and/or reporting requirements as may be imposed by the Clearing House from time to time, a General Clearing Member shall furnish to the Clearing House within five (5) months of the end of its financial year or within such longer period as may be permitted in writing by the Clearing House, the relevant forms which a General Clearing Member is required to lodge in the prescribed format under Regulation 27(9) of the SFR (Financial and Margin Requirements), the annual accounts duly audited by, and the certificate of, its auditor or auditors who shall be a public accountant or a firm of public accountants acceptable to the Clearing House. The certificate shall pertain to the audit conducted by such auditor or auditors in respect of the financial year aforesaid and shall be in such form prescribed by the Relevant Regulatory Authority.

Reporting obligations of auditors

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 22 April 201922 April 2019.

Without prejudice to such audit and/or reporting requirements as may be imposed by the Clearing House from time to time, a Direct Clearing Member shall furnish to the Clearing House within five (5) months of the end of its financial year or within such longer period as may be permitted in writing by the Clearing House, the relevant forms which a Direct Clearing Member is required to lodge in the prescribed format under Rule 2.26, the annual accounts duly audited by, and the certificate of, its auditor or auditors who shall be a public accountant or a firm of public accountants acceptable to the Clearing House. The certificate shall pertain to the audit conducted by such auditor or auditors in respect of the financial year aforesaid and shall be in such form prescribed by the Relevant Regulatory Authority.

Reporting obligations of auditors

Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007 and 22 April 201922 April 2019.

Without prejudice to such audit and/or reporting requirements as may be imposed by the Clearing House from time to time, a Bank Clearing Member shall furnish to the Clearing House within five (5) months of the end of its financial year or within such longer period as may be permitted in writing by the Clearing House, the annual accounts duly audited by, and the certificate of its auditor or auditors. The certificate shall pertain to the audit conducted by such auditor or auditors in respect of the financial year aforesaid and shall be in such form prescribed by the Relevant Regulatory Authority.

Reporting obligations of auditors

Added on 10 August 200710 August 2007 and amended on 22 April 201922 April 2019.

Without prejudice to such audit and/or reporting requirements as may be imposed by the Clearing House from time to time, a Remote Clearing Member shall furnish to the Clearing House:

Reporting obligations of auditors

Added on 31 December 201331 December 2013 and amended on 22 April 201922 April 2019.

A General Clearing Member, Remote Clearing Member or Bank Clearing Member shall cause its internal auditors to conduct an internal audit of its operations annually or at such times and within such scope as prescribed by the Clearing House and to submit a report of each internal audit conducted and the follow-up actions taken to the Clearing House by such time as may be prescribed by the Clearing House. Without prejudice to the foregoing, where the internal audit is conducted for a Bank Clearing Member, it shall be limited to the Bank Clearing Member's operations governed by this Rules.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 31 December 201331 December 2013.

Deleted on 27 March 200627 March 2006.

Amended on 27 March 200627 March 2006 and 10 August 200710 August 2007.

Deleted on 26 April 201326 April 2013.

Nothing in this Rules shall be regarded, treated, or otherwise interpreted as obliging or requiring the Clearing House to recognise any right or entitlement of any Third Party including a Customer unless required to do so by the provisions of the SFA. Any attempt on the part of a Clearing Member to fix the Clearing House with notice of any fact or claim otherwise would be a violation of this Rule.

Violation of this Rule shall be a major offence.

A Clearing Member carrying Omnibus Accounts must maintain with the Clearing House a complete list of all such accounts, and shall notify the Clearing House in writing within three (3) Business Days from the time such an account is either opened or closed. Information for each Omnibus Account must include the account holder's name, account number and the account holder's address, and such other information as the Clearing House may require, and classification of the account as either "Customer" or "House".

The Clearing House is empowered to place restrictions or limitations on each Clearing Member which carries Omnibus Accounts. In making these determinations, the Clearing House may consider:—

Amended on 27 March 200627 March 2006.

A Clearing Member that maintains an Omnibus Account shall be responsible to the Clearing House to ensure that the Omnibus Account is operated at all times in accordance with all relevant provisions of this Rules including the relevant rules on position limits and position accountability, and shall, without prejudice to any other liability it may have, indemnify the Clearing House for any loss or damage or prejudice that the Clearing House may suffer referable to a violation of this Rule (including such loss, damage or costs the Clearing House incurs in taking such measures as it deems in good faith necessary to preserve the integrity of the Clearing House and/or the Exchange in relation to any claim referable to such violation).

Amended on 27 March 200627 March 2006 and 3 August 2020.

An Omnibus Account Holder shall at all times disclose to the Clearing Member carrying that account the gross long and short positions held by that Omnibus Account in each Commodity. Such Clearing Member shall immediately notify the Clearing House and shall promptly comply with all orders of the Clearing House if the Omnibus Account Holder fails to make such disclosure.

An Omnibus Account Holder shall, prior to the first delivery day in a Delivery Month or as otherwise required by the Clearing House, provide the Clearing Member carrying that account with a complete list of the purchase and sale dates of all open positions for that Delivery Month. Such list shall be kept up to date throughout the Delivery Month in order that the delivery procedure of the Clearing House not be impaired.

A Clearing Member that maintains an Omnibus Account shall ensure that its Omnibus Account Holders are aware of this Rule 2.19.

Amended on 22 September 200622 September 2006.

The Clearing House may from time to time establish limits on the positions owned or controlled by any person or persons acting in concert with respect to any Contracts including the Designated Futures Contracts and the Connect Contracts.

Amended on 29 July 2022.

Any person may request for an increase in initial position limit or previously approved position limit by making an application to the Clearing House on forms provided by Clearing House through its Clearing Member carrying the relevant positions for its account on the books of the Clearing Member.

In conjunction with the foregoing, a Clearing Member shall ensure at all times that:—

shall comply with the respective position limits as may be applicable to them individually or collectively as may be prescribed by the Clearing House from time to time.

Deleted on 3 August 2020.

The positions of all accounts directly or indirectly owned or controlled by a person or persons, and the positions of all accounts of a person or persons acting pursuant to an express or implied agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or beneficial interest, shall be cumulated and deemed to be positions of each such persons as if each owned or controlled all cumulated positions individually.

Added on 27 March 200627 March 2006.

Where any person has exceeded such position limits imposed or approved by the Clearing House, or exceeds such position accountability thresholds, the Clearing House, if it deems it necessary, may subject the Clearing Member to one or more of the following:

1. to cease any further increase in the person’s positions;
2. to liquidate the person’s positions to comply with the position limits or to reduce it below the position accountability thresholds within such time as may be prescribed by the Clearing House;
3. to be subject to higher margin requirements as the Clearing House may impose, in respect of the positions; or
4. to trade under such conditions and restrictions as the Clearing House may consider necessary to ensure compliance with the prescribed position limits or to reduce the positions below such position accountability thresholds.

Added on 3 August 2020.

The Clearing Member shall upon being notified by the Clearing House, withhold:

and shall not release any such profits or monies until such time as determined by the Clearing House.

Added on 1 October 20091 October 2009 and amended on 31 December 201331 December 2013.

Without prejudice to the foregoing, the Clearing House may withhold any profits due or owing to any Clearing Member from the transaction that resulted in overtrading, or such monies due or owing to such Clearing Member, until such time as determined by the Clearing House.

Added on 1 October 20091 October 2009.

Upon request by the Clearing House, a Clearing Member shall provide information, including but not limited to, the nature and size of the position, the trading strategy employed with respect to the position, and hedging information (if applicable) of any Person or Persons acting in concert with respect to any Contract when such position accountability thresholds have been exceeded.

Added on 3 August 2020.

Each Clearing Member shall ensure that its Memorandum and Articles of Association or its constitution shall at all times conform to this Rules so as to enable it to observe and perform fully the covenants, terms, stipulations, conditions and other provisions of this Rules and, in so far as may be necessary, each Clearing Member shall amend its Memorandum and Articles of Association or constitution accordingly.

Amended on 27 March 200627 March 2006.

Without prejudice to any other provisions of this Rules, every Clearing Member shall forthwith notify the Clearing House upon, or where practicable, pre-notify the Clearing House of, the happening of all or any of the following events:—

Amended on 27 March 200627 March 2006, 25 August 200925 August 2009, 3 November 20103 November 2010, 31 December 201331 December 2013, 8 October 20188 October 2018 and 18 January 2022.

Such notice or pre-notification shall be in writing and shall be supplied with full particulars of the relevant event together with such further information as the Clearing House may require.

The Clearing House may upon the happening of any of the events described in the preceding Rules 2.22.1.1 to 2.22.1.3 require such Clearing Member to submit itself within five (5) days of the date of its notice (or within such longer period as may be permitted in writing by the Exchange) for re-election as though applying for Clearing Membership for the first time.

Amended on 27 March 200627 March 2006.

Every Clearing Member shall:—

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 31 December 201331 December 2013 and 22 April 201922 April 2019.

No General Clearing Member, Remote Clearing Member or Direct Clearing Member may appoint a chief executive officer or deputy chief executive officer unless prior written approval of the Clearing House is obtained.

Amended on 10 August 200710 August 2007 and 31 December 201331 December 2013.

Deleted on 10 August 200710 August 2007.

A Bank Clearing Member must notify the Clearing House in writing at least seven (7) days prior to the appointment of any chief executive officer or deputy chief executive officer.

Added on 10 August 200710 August 2007 and amended on 25 August 200925 August 2009.

Deleted on 10 August 200710 August 2007.

A Clearing Member, except for a Bank Clearing Member, shall, unless exempted in writing by the Clearing House, at least thirty (30) days prior to any general meeting whereat new auditors are to be appointed notify the Clearing House in writing of such meeting and shall consult the Clearing House on such appointment.

Amended on 10 August 200710 August 2007.

A Bank Clearing Member shall inform the Clearing House of the appointment of any new auditors within seven (7) days of such appointment.

Added on 10 August 200710 August 2007.

The Clearing House may at any time require any Clearing Member to submit to the Clearing House, as the case may be, financial statements in such form and pertaining to such matters and within such time as may be stipulated by the Clearing House promptly. The Clearing Member shall thereafter comply with such directions as the Clearing House may in its sole discretion issue. Failure to comply with such requirement shall be a major offence.

Amended on 27 March 200627 March 2006.

Each Clearing Member must make and keep as a record formal computations of its capital and financial requirements pursuant to:—

as of the close of business each month, or in the case of capital adequacy report of Bank Clearing Members, quarterly. The computations must be in such form as the Clearing House may prescribe and submitted to the Clearing House within fourteen (14) calendar days after the end of each month, or such time frame as the Clearing House may prescribe.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 31 December 201331 December 2013 and 22 April 201922 April 2019.

Added on 27 March 200627 March 2006 and deleted on 10 August 200710 August 2007.

Each Clearing Member except in the case of a Bank Clearing Member or a Remote Clearing Member, shall immediately notify the Clearing House when any Customer Account and any House Account is under-margined by an amount which exceeds its aggregate resources, except that no notification is required for the Clearing Member's own proprietary House Accounts.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 22 April 201922 April 2019.

Each Bank Clearing Member or Remote Clearing Member shall immediately notify the Clearing House when required to do so by the Clearing House when any Customer Account and any House Account is under-margined by such amount as may be determined by the Clearing House.

Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007 and 22 April 201922 April 2019.

For the purpose of this Rule 2.27, the full amount of qualifying letters of credit deposited pursuant to Rule 2.07 or 2.08C above shall be taken into account for the calculation of aggregate resources.

Amended on 10 August 200710 August 2007.

Failure to comply with such requirement shall be a major offence.

A Clearing Member may at any time request the Clearing House to suspend its Clearing Membership. The Clearing House may give effect thereto upon such terms and conditions as the Clearing House may decide.

Any Clearing Member may resign upon giving notice in writing thereof to the Clearing House. Such resignation shall be effective upon the Clearing Member closing out its positions in all Contracts, subject to a minimum period of 30 days from the Clearing House's receipt of its notice of resignation (such period of 30 days being hereafter referred to as the "Minimum Notice Period"). Notwithstanding the foregoing, the Clearing House shall have the discretion to vary the effective date of resignation in the case of a defaulted or suspended Clearing Member.

Amended on 7 August 20127 August 2012.

Added on 7 August 20127 August 2012 and amended on 29 July 201329 July 2013, 30 June 201430 June 2014, 12 November 201812 November 2018 and 17 July 201917 July 2019 and Deleted on 31 October 2024.

Added on 7 August 20127 August 2012 and Deleted on 31 October 2024.

Added on 7 August 20127 August 2012 and amended on 29 July 201329 July 2013, 30 June 201430 June 2014, 12 November 201812 November 2018 and 17 July 201917 July 2019 and Deleted on 31 October 2024.

Added on 7 August 20127 August 2012 and amended on 30 June 201430 June 2014 and 17 July 201917 July 2019 and Deleted on 31 October 2024.

2.28.3.1 A resignation shall not in any way affect the accrued rights and liabilities of the Clearing Member to the Clearing House and other Clearing Members and all such rights and liabilities shall subsist until satisfied or discharged.

2.28.3.2 The Rules, and any Directives as may be imposed by the Clearing House, shall continue to apply, and the Clearing Member shall be required to comply with them, until the effective date of resignation.

Amended on 7 August 20127 August 2012 and 31 October 2024.

Where proceedings have been commenced against any Clearing Member which resigns, such proceedings may with the consent of the Clearing House be stayed or terminated.

Amended on 7 August 20127 August 2012.

In order to clear the trades of a Trading Member, a Clearing Member shall:—

Added on 11 January 201111 January 2011 and amended on 15 March 201315 March 2013.

If a Clearing Member wishes to cease clearing the trades of its Trading Member, it shall:—

Added on 11 January 201111 January 2011.

If a Clearing Member wishes to suspend its clearing arrangement with a Trading Member, it shall:—

Added on 11 January 201111 January 2011.

A Clearing Member may suspend its clearing arrangement with a Trading Member for not more than 30 days. Before the end of the 30-day period, the Clearing Member must notify the Clearing House in writing of its intention to either resume with the clearing arrangement or cease clearing for the Trading Member. Where the Clearing Member intends to cease clearing for the Trading Member, Rule 2.28A.2 shall apply.

Added on 11 January 201111 January 2011.

Notwithstanding the cessation or suspension of the clearing arrangement, the Clearing Member shall clear and settle all the trades of the Trading Member which are done right up to the point when the Trading Member has been disabled from entering trades to be cleared by the Clearing Member.

Added on 11 January 201111 January 2011.

A Clearing Member shall ensure that it does not clear any trade where the beneficial interest in both sides of the trade belongs to the same person. The Clearing Member's record keeping and audit trails must show that it has taken reasonable measures to establish that both sides of the trade belong to different beneficial owners.

This Rule does not apply in the following circumstances:

Added on 19 September 201619 September 2016.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Without prejudice to Rule 1.01.2, if the Clearing House determines that one (1) of the following conditions is satisfied, namely:—

then:—

Amended on 27 March 200627 March 2006 and 26 April 201326 April 2013.

If a Clearing Member has been found guilty of a rule violation or is found to have a record of frequent rule violations and inadequate management, which in the opinion of the Clearing House, places or may place the Clearing House at risk or the financial condition of such Clearing Member is such that it jeopardizes or may jeopardize the integrity of the Clearing House, the Clearing House may carry out one (1) or more of the following against the Clearing Member:—

Added on 27 March 200627 March 2006 and amended on 8 October 20188 October 2018.

If the Clearing House determines that an emergency exists which threatens the financial integrity of the Clearing House or any of the Clearing Members, it may take any of the actions referred to at Rules 2.34.1A.1 to 2.34.1A.6 and/or order special or advance margins or funds to be deposited with the Clearing House from all or any Clearing Member(s) or from Clearing Members having cleared particular long, and/or short contracts which remain open.

As soon as practicable, the Authority shall be notified of such actions. Nothing in this Rule 2.34 shall in any way limit the authority of the Clearing House, SGX RegCo or any other committee or person or entity referred to under Rule 1.01.8 to act in an emergency situation in accordance with this Rules.

Amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

If the Clearing House determines in accordance with this Rules that an excessive position or unwarranted speculation or any other undesirable situation or practice is developing or has developed which is affecting or capable of affecting a market in a Commodity or any Contract, the Clearing House:

Amended on 26 April 201326 April 2013.

Without prejudice to the generality of Chapter 1, the Clearing House, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.01.8, and their respective directors, officers, employees, representatives and agents shall not be liable to any Clearing Member or any Third Party in respect of any damage, loss, cost or expense of whatsoever nature (whether direct, indirect, special or consequential, including without limitation any loss of business, revenue, goodwill, bargain or profit), suffered or incurred by such Clearing Member or Third Party, arising out of or in connection with, or arising out of or in connection with any thing done or not done as a direct or indirect consequence of, the exercise or non-exercise of powers under Rule 2.34 or the determination of the satisfaction or non-satisfaction of any condition for the exercise of such powers.

Added on 26 April 201326 April 2013 and amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

Without prejudice to Rule 1.01.2, none of the Clearing House, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.01.8, and their respective directors, officers, employees, representatives or agents ("Relevant Persons") shall be liable for, or for any thing done or not done as a direct or indirect consequence of, any failure, hindrance or delay in performance in whole or in part of the Clearing House's obligations under the terms of this Rules or of any Contract if such failure, hindrance or delay arises out of events or circumstances beyond the Relevant Person's control. Such events or circumstances may include, but are not limited to, acts of God or the public enemy, acts of a civil or military authority other than the acts referred in Rule 2.34 above, embargoes, fire, flood, labour dispute, unavailability or restriction of computer or data processing facilities, energy supplies, or of bank transfer systems or wires, and any other causes beyond the Relevant Person's reasonable control.

Amended on 27 March 200627 March 2006, 15 September 201715 September 2017 and 3 June 20193 June 2019.

On the happening of any one (1) or more of the events or circumstances referred to in Rule 2.35.1 above, the Clearing House and any party affected shall immediately notify the same to the relevant party or parties.

Amended on 27 March 200627 March 2006.

In respect of affected Contracts, the Clearing House shall be entitled at any time after the receipt of such notice by the Clearing House or any relevant Clearing Member or Third Party, to close out some or all Contracts in the relevant Clearing Member's name at a price determined by the Clearing House, or to take such other action as it deems necessary or desirable in respect of some or all of the affected Contracts in the relevant Clearing Member's name or require the relevant Clearing Member to take such action as the Clearing House may direct in respect of the same.

Without prejudice to the generality of the foregoing, the Relevant Persons shall not be liable for, or for any thing done or not done as a direct or indirect consequence of, any failure, hindrance or delay in the performance (in whole or in part) of any of the Clearing House's obligations to Clearing Members with regard to any securities or instruments accepted as margin where such failure, hindrance or delay arises from causes beyond the Clearing House's control, such as but not limited to the failure whether partial or total, interruption or suspension of any depository or custodian or other service ("depository", which expression shall include banks or financial institutions with which cash, securities or instruments are placed with) the Clearing House is using, the termination or suspension of the Clearing House's membership or use of the depository or any variation of the depository's operational timetable, whether or not occasioned by action of the depository operator or other party, or any embargo, unavailability or restriction of bank transfer systems or wires, malfunction or overload of the depository or other emergency.

Amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

The Clearing House may from time to time for the purposes of meeting the expenses of the Clearing House or otherwise, impose fees, levies and charges to be paid by Clearing Members in such respects and on such terms as the Clearing House may prescribe. The Clearing House shall give notice of such fees, levies and charges by means of Directives or other means as the Clearing House in its sole discretion shall deem fit.

A Clearing Member who fails to pay any fee, levy or charge within thirty (30) days of it becoming payable shall be notified in writing by the Clearing House of such arrears. If the arrears are not paid in by the Clearing Member within ten (10) days of the date of despatch of such notice, the Clearing Member shall be subject to disciplinary proceedings in accordance with this Rules.

All Contracts including Designated Futures Contracts shall be made subject to this Rules, the SFA, SFR and any other applicable laws and all Clearing Members shall ensure that in their agreements with any Third Party to provide its clearing services that it be so provided and agreed.

Amended on 27 March 200627 March 2006, 12 October 200512 October 2005 and 31 December 201331 December 2013.

The responsibility for the conduct and supervision of the Clearing House shall rest with the Board but the Clearing House shall be subject to the supervision of the Authority and any Other Regulator. The Clearing House may enter into arrangements with the Authority as in the opinion of the Board may be conducive to the objectives of the Clearing House and for the supervision of the Clearing House, and the Clearing House may give to the Authority or (subject to the confidentiality provisions of the SFA, SFR, this Rules and/or any applicable laws) any Other Regulator any information or document relating to transactions in the Clearing House or relating to any Clearing Member or any other person who shall be subject to this Rules.

Amended on 31 December 201331 December 2013.

The Clearing House may from time to time make available to a Relevant Market (or its clearing house) all information and documents:

Without prejudice to the generality of the foregoing the Clearing House may from time to time provide a Relevant Market (or its clearing house) with reports on the large positions as determined by the Clearing House from time to time) in any Contract traded on the Relevant Market on the books of any of its Clearing Members. For the avoidance of doubt, this Rule shall apply to the provision of information or documents to a Participating Market, in relation to transactions in respect of Designated Futures Contracts.

The Clearing House may from time to time provide any information in relation to any Clearing Member or its account(s) to the Exchange.

Amended on 1 October 20091 October 2009.

Except as otherwise specifically provided by this Rules, any notice to any Clearing Member shall be effected by way of letter or facsimile or any electronic means (as the Clearing House shall in its sole discretion deem fit) and, in the case of delivery by letter or facsimile, respectively posted or delivered personally to the last known address or sent to the facsimile number of the Clearing Member as notified to the Clearing House.

Such notice to the Clearing Member shall be deemed to have been duly served, if delivered personally, immediately upon delivery, or if transmitted by facsimile, upon the generation of a successful transmission report from the facsimile machine, or if sent by prepaid post, two (2) days (for local mail) and seven (7) days (for overseas airmail) after posting and in proving the same it shall be sufficient to show that such notice, demand or communication was (in the case of delivery) duly addressed, or (in the case of sending by prepaid post) contained in an envelope which was duly addressed, stamped and posted, or (in the case of facsimile transmission) was duly transmitted from the despatching facsimile machine, as evidenced by a successful transmission report generated by such machine.

The Disciplinary Committee may conduct hearings and investigations on those matters over which it is assigned jurisdiction by Chapter 4.

The Disciplinary Committee comprises persons appointed by the SGX RegCo Board and shall not have a member, who is, or who within three years of the proposed appointment date was, a director, officer or employee of:

Added on 27 March 200627 March 2006 and amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

The SGX RegCo Board shall appoint the chairman and deputy chairman of the Disciplinary Committee. In the absence of the chairman, the deputy chairman will have all the powers of the chairman.

Added on 27 March 200627 March 2006 and amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Procedures may be issued in relation to Disciplinary Committee proceedings. The procedures are binding on all the parties to the proceedings and may be varied by the Disciplinary Committee as provided in the procedures or this Rules. Where any matter is not dealt with by the procedures or this Rules, the Disciplinary Committee may establish its own procedures.

Refer to the [Disciplinary Committee and Appeals Committee Handbook].

Added on 27 March 200627 March 2006 and amended on 3 June 20193 June 2019.

The Appeals Committee may conduct appellate hearings and investigations over which it is assigned jurisdiction by Chapter 4.

The Appeals Committee shall comprise persons appointed by the SGX RegCo Board and approved by the Authority provided that:—

Added on 27 March 200627 March 2006 and amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

The powers of the Appeals Committee include:—

Added on 27 March 200627 March 2006 and amended on 15 September 201715 September 2017 and 3 June 20193 June 2019.

A failure to comply with any sanction imposed by the Appeals Committee constitutes a breach of this Rules.

Added on 3 June 20193 June 2019.

The SGX RegCo Board shall appoint the chairman and the deputy chairman of the Appeals Committee. In the absence of the chairman, the deputy chairman will have all the powers of the chairman.

Added on 27 March 200627 March 2006 and amended on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Procedures may be issued in relation to Appeals Committee proceedings. The procedures are binding on all the parties to the proceedings and may be varied by the Appeals Committee as provided in the procedures or this Rules. Where any matter is not dealt with by the procedures or this Rules, the Appeals Committee may establish its own procedures.

Refer to the [Disciplinary Committee and Appeals Committee Handbook].

Amended on 3 June 20193 June 2019.

This Rules are intended to ensure the financial integrity of the Clearing House and to try to ensure its ability to discharge its clearing or other obligations to the Relevant Markets and to provide protection to its Clearing Members against unwarranted liability arising otherwise than as a consequence upon its own clearing of Contracts. To that end, the Clearing House may carry out investigations and may establish committees to hear charges or appeals and impose fines or other disciplinary actions for violations of any provision of this Rules.

Amended on 27 March 200627 March 2006 and 15 September 201715 September 2017.

The Clearing House may conduct an investigation if:—

Added on 27 March 200627 March 2006 and amended on 31 December 201331 December 2013.

The Clearing House will conduct an investigation if the Authority or any Other Regulator directs.

Added on 27 March 200627 March 2006 and amended on 31 December 201331 December 2013.

The Clearing House may require a Clearing Member, any of its directors, officers, employees or agents to:—

Added on 27 March 200627 March 2006.

A Clearing Member, director, officer, employee or agent must not wilfully make, furnish or permit the making or furnishing of any false or misleading information, statement or report to the Clearing House.

Added on 27 March 200627 March 2006.

The Clearing House may appoint any person or persons to assist in its investigation (the "Clearing House Examiners").

Added on 27 March 200627 March 2006.

The Clearing House may delegate all or any of its powers under this Rule to the Clearing House Examiner. The Clearing House Examiner must report the results of the investigation to the Clearing House.

Added on 27 March 200627 March 2006.

The Clearing House may conduct an inspection on a Clearing Member at any time, and may appoint any person or persons to conduct the inspection (the "Clearing House Inspectors").

Added on 27 March 200627 March 2006.

A Clearing Member, director, officer, employee or agent must give the Clearing House Inspector access to all information, books and records as requested. For the avoidance of doubt, reference to "information, books and records" in relation to a Bank Clearing Member shall refer to information, books and records falling within the Bank Clearing Member's business governed by this Rules.

Added on 27 March 200627 March 2006.

The Clearing House will give a copy of the inspection report to the Clearing Member concerned.

Added on 27 March 200627 March 2006.

The Clearing House may charge a fee for the inspection. The fee is payable immediately by Clearing Members.

Added on 27 March 200627 March 2006.

If an investigation or inspection reveals that a Clearing Member has breached any Rules, the Clearing House may take any of the following forms of disciplinary action, namely:

Amended on 27 March 200627 March 2006 and 16 May 201116 May 2011.

If the Clearing Member does not accept the offer of composition or comply with the terms of the composition within the stipulated time as prescribed by the Clearing House, the Clearing House may refer the said Clearing Member to the Disciplinary Committee.

Added on 16 May 201116 May 2011.

No proceeding or determination in respect of a Rule violation shall be annulled, avoided, called into question or set aside by reason of the fact that the matter under consideration may or should have been dealt with by another committee under this Rules, or that the person concerned was absent from the hearing or any adjournments thereof despite having been given notice thereof.

Amended on 27 March 200627 March 2006.

The Clearing House may make an offer of composition to a Clearing Member if an investigation or inspection shows that the Clearing Member may have breached any Rules. The terms of the offer of composition include payment of a specified sum to the Clearing House and may include the fulfillment of any accompanying terms that the Clearing House may prescribe.

Added on 16 May 201116 May 2011.

Upon payment of the specified sum and fulfillment of the accompanying terms by the Clearing Member within the stipulated time, no further proceedings shall be taken against that Clearing Member for that Rule violation.

Added on 16 May 201116 May 2011.

Acceptance of the offer of composition by the Clearing Member amounts to an admission of liability and the Member will be deemed to have committed the conduct described in the charge.

Added on 16 May 201116 May 2011.

In respect of Rule violations which the Clearing House may offer composition, guidelines on the range of composition which the Clearing House may offer to a Clearing Member who has committed a Rule violation are indicated in Schedule A.

Added on 16 May 201116 May 2011.

The Clearing House retains the discretion to offer composition to a Clearing Member of an amount which does not fall within these guidelines, except that the amount of composition that the Clearing House may offer to a Clearing Member shall not exceed S$10,000 for each Rule violation.

Added on 16 May 201116 May 2011.

Notwithstanding that a Rule violation is indicated as being compoundable or may be compoundable under Schedule A, the Clearing House retains the discretion not to make an offer of composition to the Clearing Member but instead, to charge the Clearing Member before the Disciplinary Committee.

Added on 16 May 201116 May 2011.

If the Clearing House has made an offer of composition, it will not commence disciplinary proceedings against a Clearing Member until after the stipulated period for the offer lapses.

Added on 16 May 201116 May 2011.

For the purposes of determining whether a Rule violation is classified as a first, second, third or subsequent offence under Schedule A, only previous violations under the same Rule will be taken into consideration.

Added on 16 May 201116 May 2011.

The Clearing House may initiate disciplinary proceedings and charge a Clearing Member before the Disciplinary Committee if the Clearing House is of the opinion that the Clearing Member has committed any of the following: —

Added on 27 March 200627 March 2006 and amended on 31 December 201331 December 2013 and 3 June 20193 June 2019.

The Disciplinary Committee shall, as a tribunal of first instance hear and determine charges brought by the Clearing House against a Clearing Member pursuant to Rule 4.03A.1. The Disciplinary Committee may exercise its powers against a Clearing Member if it is satisfied, on a balance of probabilities, that the Clearing Member has committed any of the matters set out in Rule 4.03A.1.

Added on 3 June 20193 June 2019.

The Disciplinary Committee may exercise its powers against a Clearing Member if a director, officer, employee or agent breaches, or causes the Clearing Member to breach this Rules.

Added on 27 March 200627 March 2006.

A former Clearing Member, is bound by this Rules in respect of acts or omissions occurring before expulsion. The Clearing House and the Disciplinary Committee retain their respective jurisdiction notwithstanding expulsion.

Added on 27 March 200627 March 2006.

The powers of the Disciplinary Committee include:—

Added on 27 March 200627 March 2006 and amended on 10 August 200710 August 2007, 22 February 201022 February 2010 and 3 June 20193 June 2019.

Where a mandatory minimum penalty has been stipulated for a particular Rule violation in the seventh column of Schedule A, the Disciplinary Committee:

Added on 16 May 201116 May 2011 and amended on 3 June 20193 June 2019.

A failure to comply with any sanction imposed by the Disciplinary Committee constitutes a breach of this Rules.

Added on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Amended on 3 June 20193 June 2019.

The Clearing House or the Clearing Member charged may appeal to the Appeals Committee against the decision of the Disciplinary Committee.

Added on 27 March 200627 March 2006.

The decision of the Appeals Committee is final and binding.

Amended on 27 March 200627 March 2006.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

The Appeals Committee will determine the appeal by way of rehearing. It will only rehear that part of the decision of the Disciplinary Committee appealed against.

Added on 27 March 200627 March 2006 and amended on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Deleted on 3 June 20193 June 2019.

Amended on 3 June 20193 June 2019.

The Disciplinary Committee or Appeals Committee may require the Clearing Member charged to pay all or part of the costs of the investigation, inspection or hearing.

Added on 27 March 200627 March 2006.

The Disciplinary Committee or Appeals Committee may order the costs awarded to be paid within fourteen (14) days.

Added on 27 March 200627 March 2006.

Where an order for costs of the proceedings has been imposed against a Clearing Member and the Clearing Member does not make payment within the specified period, the outstanding sum shall be a debt payable to the Clearing House. The Clearing House may commence legal action to recover that debt, subject to any subsequent payments made by the Clearing Member. The Clearing House shall be entitled to claim reasonable interest, a month after the payment is due, based on the sum outstanding.

Added on 3 June 20193 June 2019.

A fine must be paid within fourteen (14) days from the date of notice, or such longer time as the chairman of the Disciplinary Committee or the Appeals Committee (as applicable), or his nominee, permits.

Added on 27 March 200627 March 2006.

If the fine remains unpaid after the deadline, the Clearing Member's access to the clearing system established and maintained by the Clearing House may be suspended. The suspension ends upon full payment of the fine.

Added on 27 March 200627 March 2006.

Where a fine has been imposed against a Clearing Member and the Clearing Member does not make payment within the specified period, the outstanding sum shall be a debt payable to the Clearing House. The Clearing House may commence legal action to recover that debt, subject to any subsequent payments made by the Clearing Member. The Clearing House shall be entitled to claim reasonable interest, a month after the payment is due, based on the sum outstanding.

Added on 3 June 20193 June 2019.

The Clearing House will notify all Clearing Members and Authorised Clearing Members of all charges established by the Disciplinary Committee (together with such details as the Clearing House thinks appropriate).

Added on 8 June 20058 June 2005.

The Clearing House may make the decision public (together with such details as the Clearing House thinks appropriate). For avoidance of doubt, this includes publication of the following information:—

Added on 8 June 20058 June 2005 and amended on 27 March 200627 March 2006.

This Rule operates as irrevocable consent by a Clearing Member and an Authorised Clearing Member for the Clearing House to publish or notify a decision. The consent remains valid and effective notwithstanding that the person ceases to be a Clearing Member or Authorised Clearing Member. A Clearing Member or Authorised Clearing Member cannot initiate any action or proceeding against the Clearing House or members of the Disciplinary Committee or Appeals Committee for publishing or notifying a decision under this Rule.

Added on 8 June 20058 June 2005.

No liability (whether in contract, tort or otherwise) shall be incurred by the Disciplinary Committee, Appeals Committee, the Clearing House, or a manager appointed under Rule 4.03A.4.12 for anything done or omitted to be done with reasonable care and in good faith in the course of or in connection with:

Added on 3 June 20193 June 2019.

Offences under this Rules shall be classified into major offences and minor offences.

Major offences may be dealt with by expulsion, suspension, fine not exceeding S$250,000 or, in the case of a delivery contract, as provided in the relevant Contract Specifications or by both suspension and fine.

Amended on 27 March 200627 March 2006 and 22 February 201022 February 2010.

Minor offences may be dealt with by a fine not exceeding S$10,000 or suspension for not more than one (1) year, or both.

Each occasion on which a rule violation occurs or is repeated shall be regarded as a distinct offence. Where the rule violation concerned results in a condition or state of affairs that unless rectified is liable to continue, the Clearing Member shall be liable to pay, on being called upon to do so by the Clearing House or, if the Clearing Member has been charged, the relevant body hearing the matter, a fine not exceeding S$250,000 in the case of a major offence, or a fine not exceeding S$10,000 in the case of a minor offence, as the Clearing House or the relevant body hearing the matter may determine, for every day during which the said rule violation, condition or state of affairs continues.

Amended on 27 March 200627 March 2006 and 15 September 201715 September 2017.

It shall be a major offence for a Clearing Member charged to:—

Amended on 27 March 200627 March 2006, 15 September 201715 September 2017, 12 November 201812 November 2018 and 3 June 20193 June 2019.

For the avoidance of doubt, it shall be a major offence for a Clearing Member to:—

Without prejudice to the foregoing, it may, at the determination of the Clearing House, be a major offence if a Clearing Member commits an offence or violation as a member of any Relevant Market.

Amended on 27 March 200627 March 2006.

Without prejudice to this Rules, it shall be an minor offence for a Clearing Member to:—

Amended on 27 March 200627 March 2006, 15 September 201715 September 2017 and 3 June 20193 June 2019.

Each Clearing Member indemnifies each of the Clearing House, its related corporations, SGX RegCo, any person or entity referred to under Rule 1.01.8, and their respective directors, officers, employees, representatives and agents ("Indemnified Persons") against any loss or liability reasonably incurred or suffered by an Indemnified Person where such loss or liability arose out of or in connection with:—

Amended on 27 March 200627 March 2006, 26 April 201326 April 2013, 15 September 201715 September 2017 and 3 June 20193 June 2019.

Without prejudice to the generality of Rule 4.15.1, in the event that any legal, arbitration or other proceedings are brought to impose any liability on all or any of the Indemnified Persons for an alleged failure on the part of any Indemnified Person to prevent or to require action by a Clearing Member or any of its directors, officers, employees, representatives or agents, the Clearing Member shall reimburse the relevant Indemnified Persons for:—

The Clearing Member shall render such co-operation as the Indemnified Person reasonably requires in respect of such proceedings including without limitation the production of any document or records.

Added on 26 April 201326 April 2013 and amended on 15 September 201715 September 2017.

Without prejudice to Rule 4.15.2, the Clearing Member shall pay to an Indemnified Person, if the Indemnified Person so requires, the costs incurred by or on behalf of the Indemnified Person of producing or obtaining, pursuant to a court order or other legal process, records relating to the business or affairs of a Clearing Member or any of its directors, officers, representatives, employees or agents, regardless of the party requiring such production or obtainment.

Added on 26 April 201326 April 2013 and amended on 15 September 201715 September 2017.

It is the policy of the Clearing House to maintain a forum for the resolution of any dispute between Clearing Members arising out of transactions on the Clearing House or of other matters pertaining to the Clearing House.

Any Clearing Member who has a dispute, grievance or complaint against another Clearing Member may refer the matter to arbitration in accordance with Chapter 5 or may file a written complaint with the Clearing House as appropriate.

Amended on 27 March 200627 March 2006.

A Clearing Member who fails to exhaust the procedures set out above and in Chapter 5 may be found to have engaged in conduct which is substantially detrimental to the interest of the Clearing House.

A Clearing Member found guilty of having engaged in conduct which is substantially detrimental to the interest of the Clearing House may, in addition to the disciplinary actions prescribed for a major offence, be required to pay the Clearing House an amount computed to include the costs and expenses, including legal fees on an indemnity basis, incurred by the Clearing House in defending or responding to any proceeding by such Clearing Member.

A Clearing Member who believes that another Clearing Member or the Clearing House or its officials, officers, employees or representatives has acted in contravention of the law or this Rules may, without violating this Rule, complain directly to the Authority.

For the purposes of this Rule:—

"Reciprocal Arrangement" means any agreement or arrangement between the Clearing House, any Relevant Market and/or any governmental agency or regulatory authority (including, without limitation, a futures exchange, organised market, or clearing house) in Singapore or elsewhere whose functions include the regulation of trading in commodities (in Singapore or elsewhere) which provides for the disclosure of information between the Clearing House, the Relevant Market and/or the other agency or authority relation to dealings in commodities (in Singapore or elsewhere).

Amended on 8 October 20188 October 2018.

Without derogating from the powers of the Clearing House or any Relevant Market (where the Clearing Member is also a member) to obtain information and to conduct inspections and investigations relative to the affairs of a Clearing Member, the Clearing House may request in particular that a Clearing Member provide specified information relating to the terms and circumstances of, and parties to, any dealings in commodities by Customers and/or former Customers of that Clearing Member.

Such request shall be in writing and the Clearing Member shall provide the information to the Clearing House within such period as is specified by the Clearing House being a period of not less than two (2) Business Days of receipt of the request.

Amended on 27 March 200627 March 2006.

Subject to the other provisions of this Rules, the Clearing House shall take all reasonable measures to protect from unauthorised use or disclosure of information provided to the Clearing House in confidence by or on behalf of a Clearing Member pursuant to this Rules. Disclosure of information by the Clearing House is authorised if it:

Amended on 27 March 200627 March 2006 and 17 July 201917 July 2019.

Nothing in this Rule 4.17 limits what may at common law otherwise constitute, for the purposes of this Rule, authorised use or disclosure of information.

Added on 27 March 200627 March 2006 and amended on 22 September 200622 September 2006, 26 January 200726 January 2007 and 26 November 200726 November 2007.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007, 26 November 200726 November 2007 and 1 October 20091 October 2009.

The submission of any dispute to arbitration under this Rules shall in no way limit or preclude the taking of any other step or exercise of any power by the Clearing House in relation to the dispute.

Any delivery of Commodities under any Contract cleared by the Clearing House shall be made in accordance with the relevant Contract Specifications and, if not so dealt with, with the provisions of this Chapter and by such other requirements as the Clearing House may prescribe from time to time (collectively "Delivery Rules").

Amended on 22 September 200622 September 2006 and 1 October 20091 October 2009.

In the case of a Contract traded on the Exchange, the Delivery Rules shall include the Trading Rules.

Added on 1 October 20091 October 2009.

For the avoidance of doubt, this Chapter shall apply in respect of all matters relating to the rights, obligations and liabilities of the Clearing House as against any Clearing Member, regardless of the Relevant Market on which the Contract is traded, unless otherwise provided under this Chapter.

Added on 1 October 20091 October 2009.

Eligible Non-Relevant Market Contracts shall be settled or delivered in accordance with the relevant Delivery Rules.

Added 27 March 200627 March 2006 and amended on 22 September 200622 September 2006, 1 October 20091 October 2009 and 8 November 20128 November 2012.

Cash-settled Contracts which remain open at maturity may be satisfied by payment of cash.

Any Contracts other than cash-settled Contracts which remain open at maturity may be liable to delivery in accordance with the Delivery Rules.

Amended on 22 September 200622 September 2006.

Deleted on 22 September 200622 September 2006.

A Clearing Member sponsoring a Trading Member, or a member of any other Relevant Market, carrying an account for a Seller or Buyer or a Clearing Member carrying an account for a Seller or Buyer shall cause its Seller or Buyer (as the case may be) to comply with all relevant Delivery Obligations for the underlying Commodity under a Contract or delivery contract including those relating to the delivery of information, documents or the underlying Commodity to the Clearing House or to clearing members of the opposite Buyer or Seller (hereafter referred to as the "counterparty clearing member" for the purposes of this Chapter), and shall comply with all time limits in accordance with the Delivery Rules.

For the avoidance of doubt, a counterparty clearing member referred to in this Chapter and Rule 7.04.1B shall include a Clearing Member and the clearing member of any other Relevant Market (or its clearing house) of the opposite Buyer or Seller notwithstanding that such counterparty clearing member is not a Clearing Member.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

A Clearing Member sponsoring a Trading Member, or a member of any other Relevant Market, carrying an account for a Seller or Buyer or a Clearing Member carrying an account for a Seller or Buyer shall guarantee and assume complete responsibility to the counterparty clearing member, for the performance of all Delivery Obligations in accordance with the relevant Delivery Rules.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

Violation of Rule 6.02A.1 or Rule 6.02A.2 may constitute a major offence.

Added on 22 September 200622 September 2006.

In the event of the Clearing House becoming aware of a Clearing Member becoming insolvent or being deemed insolvent after having given any relevant delivery notices or acceptance notices with respect to its Delivery Obligations to the Clearing House, then, notwithstanding the preceding, the Clearing House shall be entitled but not obliged to permit the relevant Sellers or Buyers (as the case may be) of the Clearing Member (if their identities can be readily ascertained and verified) to be directly substituted for such Clearing Member to the extent necessary to effect and/or complete delivery. None of the requirements for delivery, including notices, instructions, payment, etc., shall be waived by the Clearing House in exercising such option. Moreover, substitution shall in no way relieve the insolvent Clearing Member of its obligations to the Clearing House and/or the counterparty clearing member with regard to any claims arising out of that delivery.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

For the purposes of Rule 6.02A, a Clearing Member becomes or shall be deemed insolvent on the occurrence of any of the events stated in Rule 7A.01.3.

Added on 22 September 200622 September 2006 and amended on 7 August 20127 August 2012.

Except as otherwise provided in this Rules, the Clearing House accepts no and is to have no liability either to effect or ensure or guarantee the discharge or satisfactory discharge of any obligation under a delivery contract. The obligations of the Clearing House with respect to the delivery contract shall be limited only to the discharge of its escrow obligations (where applicable) in accordance with this Rules and/or the relevant Contract Specifications. For the avoidance of doubt, Rule 7.04 does not apply to any delivery contract.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007, 1 October 20091 October 2009, 22 February 201022 February 2010 and 22 April 201022 April 2010.

Without prejudice to Rule 6.09, unless otherwise provided in the relevant Contract Specifications, matched positions of lot sizes less than the minimum size prescribed under the relevant Contract Specifications for physical delivery existing after the matching process in Rule 6.02A.7 has been effected, shall be cash-settled in accordance with the relevant Contract Specifications.

Added on 26 January 200726 January 2007.

Unless otherwise provided in the relevant Contract Specifications, Performance Deposits and contract value shall, for the purposes of Rule 6.02A.7 and Rule 7.04.3.3, be deemed to have been posted or paid as follows:

Added on 22 February 201022 February 2010 and amended on 26 April 201326 April 2013.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

The Clearing House may prescribe such forms and/or other requirements for the giving of relevant notice, initiating and/or completing delivery under a Contract and/or necessary to enable the Clearing House to effect the required matching of the relevant parties to effect delivery as between them as are consistent with the relevant Delivery Rules. If a Clearing Member fails to give the relevant delivery notice or acceptance notice within the prescribed time, the Clearing House shall be entitled to match such Clearing Member with the relevant counterparty. Matching may be in accordance with the preference(s) of such opposite counterparty.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

The Clearing House shall notify the relevant matched parties in such manner and at such time as specified in the relevant Contract Specifications.

Added on 1 October 20091 October 2009.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

The Clearing House shall cease to collect margins for a Contract after such time as it ceases to act as a central counterparty pursuant to Rule 6.02A.7 or Rule 6.09.3.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007.

The Clearing House retains the discretion to accept delivery of Title Documents in either physical or electronic format and subject to such safeguards as it deems fit.

Added on 22 September 200622 September 2006.

The Clearing House shall have no responsibility or liability to any person:

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007 and 1 October 20091 October 2009.

The Clearing House shall have no responsibility or liability to any person:

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007 and 1 October 20091 October 2009.

Any delivery default under the relevant Contract Specifications may constitute a major offence.

Added on 22 September 200622 September 2006.

Without prejudice to Rule 6.03.1, the Clearing House may take such disciplinary action including imposing penalties in connection with the performance of Delivery Obligations as provided for under the relevant Contract Specifications. For the avoidance of doubt, penalties which the Clearing House may impose shall include penalties for any delivery default or late performance of any Delivery Obligation.

Added on 1 October 20091 October 2009.

Prior to the Last Trading Day of the relevant Contract, each Clearing Member shall require evidence from its respective Seller or Buyer having accounts on its books, that all open positions which will not be offset on the Last Trading Day will be completed by delivery of the relevant underlying Commodity. If the Seller or Buyer fails to provide such evidence, the Clearing Member shall, unless entitled to opt otherwise under the relevant Contract Specifications, liquidate the remaining open positions on or before the Last Trading Day. Unless otherwise permitted under the relevant Contract Specifications, each Clearing Member shall liquidate any and all open positions relating to lot sizes less than the minimum size prescribed under the relevant Contract Specifications for physical delivery.

Added on 22 September 200622 September 2006 and amended on 7 December 20157 December 2015.

Failure by a Clearing Member to liquidate the open positions pursuant to Rule 6.04.1 may constitute a major offence.

Added on 22 September 200622 September 2006.

If at any time the Clearing House becomes aware of opposite open positions held by different Clearing Members, or by any Clearing Member and clearing member of any other Relevant Market (or its clearing house), for the account of the same Seller or Buyer, the Clearing House may (but is not obliged to) direct such Clearing Members to take steps to liquidate the offsetting positions.

Added on 26 January 200726 January 2007 and amended on 1 October 20091 October 2009.

Where a Seller or Buyer has open positions with more than one Clearing Member, or with any Clearing Member and any clearing member of any other Relevant Market (or its clearing house) on the first Business Day following the Last Trading Day, the Clearing House may (but is not obliged to) consolidate all such open positions held by all the Clearing Members and clearing members of such other Relevant Market (or its clearing house) for the same Seller or Buyer in such manner as it deems fit including, without limitation, effecting the following:

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007 and 1 October 20091 October 2009.

Notwithstanding that the Clearing House is entitled to consolidate the open positions of the Clearing Members and the clearing members of any other Relevant Market (or its clearing house) with reference to the account of the Seller or Buyer, nothing in Rule 6.05.2 shall imply or be construed to mean that a Seller or Buyer (who is not a Clearing Member) shall have any right against the Clearing House with regard to its open positions which have been so consolidated.

Amended on 26 January 200726 January 2007 and 1 October 20091 October 2009.

Property and risk in relation to an underlying Commodity in any delivery contract shall pass in accordance with the relevant Delivery Rules and if not so dealt with, with the provisions of the Sale of Goods Act 1979. For the avoidance of doubt, at no time will property and risk in any underlying Commodity in any delivery contract pass to the Clearing House.

Added on 22 September 200622 September 2006 and Amended on 18 January 2022.

If so required under the relevant Contract Specifications, a Selling Member and/or Buying Member in a delivery contract shall post or cause its respective Seller or Buyer to post with the Clearing House as escrow agent a Performance Deposit and/or other payment (including but not limited to contract value) as may be prescribed under the relevant Contract Specifications (such person responsible for posting the Performance Deposit or other payment being referred to as the "depositing party"), at such time as provided under the relevant Contract Specifications, as security for the benefit of the counterparty under the delivery contract for the performance of the depositing party's obligations under the delivery contract. For the avoidance of doubt, posting of Performance Deposits or other payments by the depositing party is to be made without any set-off or withholding.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007, 1 October 20091 October 2009 and 26 April 201326 April 2013.

A Selling Member or Buying Member shall collect Performance Deposits, other payments and other Escrow Assets (where applicable) from its respective Seller or Buyer within such time as prescribed in the relevant Contract Specifications, or by the Clearing House. Nothing herein prohibits a Member from collecting additional monies or deposits from its Seller or Buyer to secure performance as it sees fit.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007, 22 February 201022 February 2010, 26 January 200726 January 2007, 1 October 20091 October 2009 and 26 April 201326 April 2013.

No Clearing Member shall grant, whether directly or indirectly, any advance, loan or credit facility to any Seller or Buyer for the purpose of posting Performance Deposits, other payments or other Escrow Assets (where applicable) with the Clearing House. For avoidance of doubt, Members shall only post the full sum of Performance Deposits, other payments and/or other Escrow Assets (where applicable) with the Clearing House.

Added on 22 September 200622 September 2006 amended on 26 January 200726 January 2007, 22 February 201022 February 2010 and 26 April 201326 April 2013.

When under this Rules, the Clearing House becomes the escrow agent of any Escrow Asset in connection with the delivery of the underlying Commodity, the following shall apply:

Added on 22 September 200622 September 2006 and amended on 22 February 201022 February 2010 and 26 April 201326 April 2013.

The Clearing House shall be entitled to physically commingle Performance Deposits, other payments and other Escrow Assets (where applicable) with all Collateral subject always to its obligations under the SFA to segregate monies received for House Contracts and Customer Contracts.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007 and 26 April 201326 April 2013.

The Clearing House shall be entitled to charge an administrative fee for acting as the escrow agent.

Added on 22 September 200622 September 2006.

The Clearing House shall credit all Performance Deposits, other payments and other Escrow Assets (where applicable) which a Clearing Member has posted with the Clearing House pursuant to this Rules with interest, dividends, and any other returns or entitlements on the full amount at such rate as prescribed by the Clearing House except for:

The depositing party shall be entitled to the benefit of any such interest, dividends, returns or entitlements that is credited.

Amended on 26 January 200726 January 2007 and 26 April 201326 April 2013.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009 and 26 April 201326 April 2013.

The Clearing House shall release the Escrow Assets other than the Performance Deposits and other payments (less any administrative fees payable) to the respective clearing members of the Seller and/or Buyer, as the case may be, only as provided in the relevant Contract Specifications. For the avoidance of doubt, upon the release of such Escrow Assets, the Clearing House shall be released from its obligations as an escrow agent in relation to such Escrow Assets, and from any liabilities in relation thereto.

Added on 26 January 200726 January 2007 and amended on 1 October 20091 October 2009 and 26 April 201326 April 2013.

The Clearing House may appoint any person as a Facilitator Agent to perform, on its behalf, such function as may be requiredfor the purpose of facilitating delivery of the underlying Commodity of any Contract by Clearing Members.

Added on 1 October 20091 October 2009.

Clearing Members shall perform such Delivery Obligations through the Facilitator Agent as prescribed by the Clearing House.

Added on 1 October 20091 October 2009.

Time is of the essence with respect to the periods stipulated in this Chapter and the relevant Contract Specifications including those pertaining to the posting of Performance Deposits with the Clearing House, delivery of documents, making and taking of delivery and effecting payment.

Added on 22 September 200622 September 2006.

Unless otherwise provided by the relevant Contract Specifications, nothing in this Rules shall prevent the parties otherwise obliged to make and take delivery from effecting delivery via Alternative Delivery Procedure.

Added on 22 September 200622 September 2006.

Upon the delivery of a notice of Alternative Delivery Procedure to the Clearing House (the "ADP Notice"), the Seller and Buyer or such persons designated to make or take delivery as may be prescribed in the ADP Notice shall be solely responsible for completing delivery.

Added on 22 September 200622 September 2006.

Notwithstanding Rule 6.02A.2, the Selling Member and/or Buying Member shall be released from their respective Delivery Obligations, and the Clearing House from its obligations as a central counterparty and/or an escrow agent, and from any liabilities in relation thereto, upon the election of an Alternative Delivery Procedure.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007 and 1 October 20091 October 2009.

In executing such Alternative Delivery Procedure, the Seller and/or Buyer, for whom a Clearing Member acts, or such persons designated to respectively make and/or take delivery in place of such Clearing Member as may be prescribed in the ADP Notice shall indemnify the Clearing House and the Exchange against any liability, costs or expense it may incur for any reason as a result of the execution, delivery or performance of any agreement reached between the Seller and Buyer or such persons designated to respectively make and take delivery as may be prescribed in the ADP Notice, or any breach thereof or default thereunder.

For the avoidance of doubt, where the clearing members of the Relevant Market making or taking delivery prior to the execution of an Alternative Delivery Procedure are both Clearing Members, the Buyer and Seller or such persons designated to make and take delivery in place of the Clearing Members as may be prescribed in the ADP Notice shall jointly and severally indemnify the Clearing House and/or the Exchange.

Added on 22 September 200622 September 2006 and amended on 26 January 200726 January 2007 and 1 October 20091 October 2009.

Where any dispute in connection with a deliverable commodity futures contract is settled by such claim procedure set forth or referred to in the relevant Contract Specifications, the Clearing Member shall follow such post arbitral award procedures as set forth in the relevant Contract Specifications.

Added on 1 October 20091 October 2009.

Without prejudice to Rule 6.10.1, where any dispute in connection with a deliverable commodity futures contract is settled by arbitration before the SIAC, the procedures set out in this Rule 6.10 shall apply.

Added on 22 September 200622 September 2006 and amended on 26 November 200726 November 2007 and 1 October 20091 October 2009.

Upon the conclusion of arbitration and the grant of an arbitral award, SIAC shall serve a notice of the award on the Clearing House and each of the Clearing Members to the arbitration.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

If an arbitral award is made in favour of the Buying Member, the Buying Member shall be entitled to:

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

If the Performance Deposit posted by the Selling Member in relation to the delivery contract is insufficient to satisfy the arbitral award made in favour of the Buying Member, the Buying Member shall be entitled to pursue the balance of such arbitral award against the Selling Member. If such Performance Deposit is greater than the arbitral award made in favour of the Buying Member, the balance of the Performance Deposit shall be returned to the Selling Member.

Added on 22 September 200622 September 2006 and amended on 1 October 20091 October 2009.

Where the arbitral award is made in favour of the Selling Member, Rules 6.10.4 and 6.10.5 shall apply with the references to "Buying Member" and "Selling Member" being changed to "Selling Member" and "Buying Member" respectively.

Amended on 1 October 20091 October 2009.

For the avoidance of doubt, the above procedures do not apply if the Clearing Members have agreed to effect delivery via an Alternative Delivery Procedure.

Amended on 1 October 20091 October 2009.

In the event of a conflict between Chapter 6 of this Rules and the relevant Contract Specifications, this Rules shall prevail.

Added on 22 September 200622 September 2006.

The Clearing House shall facilitate the prompt adjustment of contractual obligations arising out of:

insofar as the same are duly accepted by the Clearing House or with respect to which the Clearing House is otherwise obliged to accept and to protect the integrity of such Contracts in accordance with these Rules.

Amended on 27 March 200627 March 2006, 3 November 20103 November 2010, 8 November 20128 November 2012, 17 July 2019 and 29 July 2022.

Further to Rule 7.01.1, the Clearing House shall accept such Contracts traded on a Relevant Market other than the Exchange, as prescribed in Appendix 2. Notwithstanding the foregoing, the Clearing House shall have the discretion to vary the manner and processes in respect of the clearing of such Contracts accepted for clearing by the Clearing House, and to impose additional requirements in the clearing process as the Clearing House deems necessary in the interests of a safe and efficient clearing facility.

Refer to Appendix 2 — Contracts of Other Relevant Markets Accepted by the Clearing House.

Added on 1 October 20091 October 2009 and amended on 25 April 2023.

Wherever these Rules and/or the Trading Rules create a right in favour of the Clearing House or impose a liability on the Clearing House, such right or liability shall prior to the Transfer Date be construed as the right or liability of the Exchange, and shall be enforced by or against the Exchange and on or after the Transfer Date, shall be construed as the right or liability of the Clearing House, and shall be enforced by or against the Clearing House.

Deleted on 27 March 200627 March 2006.

The Clearing House shall from time to time prescribe in these Rules the rights and obligations of Clearing Members and all requisite matters in relation to the operation and management of the Clearing House (including but not limited to systems of clearing, deposits, margins, delivery, charges, settlement prices, payments and settlement).

Amended on 27 March 200627 March 2006.

Without prejudice to any other limitation or exclusion of liability (including liability with respect to Contracts liable to delivery as opposed to cash settlement) the liability of the Clearing House shall be limited to net losses to the Clearing Members resulting from the substitution of the Clearing House by way of novation, creation of positions, or as otherwise described in Rule 7.04, in respect of Contracts to which Clearing Members are party and/or, where the opposite side of the Contract is cleared through any other Relevant Market (or its clearing house), to net losses in connection with the substitution of such other Relevant Market (or its clearing house) for members of the same or its clearing house. This shall include the substitution of a Participating Market (or where relevant its clearing house) for members of the same or its clearing house pursuant to the Mutual Offset System. Without prejudice to the generality of the foregoing or to the provisions in Chapter 1, the Clearing House shall not be liable for obligations of a Clearing Member to any Third Party including a non-member of the Clearing House, obligations of a Clearing Member to another Clearing Member who is acting for him as broker or obligations to a Customer by a Clearing Member, nor shall the Clearing House become liable to make deliveries whether from any Third Party or any Clearing Member.

Amended on 1 October 2009 and 29 July 2022.

Added on 27 March 200627 March 2006 and amended on 28 November 200828 November 2008, 3 November 20103 November 2010, 8 November 20128 November 2012, 19 September 201619 September 2016, 24 June 201924 June 2019 and 29 July 2022.

Added on 27 March 200627 March 2006 and amended on 28 November 200828 November 2008, 3 November 20103 November 2010, 8 November 20128 November 2012, 31 December 201331 December 2013, 19 September 201619 September 2016, 24 June 201924 June 2019 and 29 July 2022.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

The Clearing House shall be entitled to withdraw any class of Eligible Non-Relevant Market Contracts for clearing at its discretion. The Clearing House will give the Clearing Members reasonable notice where possible, before such withdrawal.

Added on 27 March 200627 March 2006 and amended on 3 November 20103 November 2010, 8 November 20128 November 2012 and 17 July 201917 July 2019.

The Clearing House shall have the sole discretion to disallow the registration or substitution, as the case may be, of:

Added on 27 March 200627 March 2006 and amended on 3 November 20103 November 2010, 8 November 20128 November 2012, 19 September 201619 September 2016 and 17 July 201917 July 2019.

If a Clearing Member has not closed out all open Eligible Non-Relevant Market Contracts novated with the Clearing House in its name pursuant to Rule 7.04 after the Clearing House has given such notice, the Clearing House shall, at its sole discretion, be entitled to:

Added on 27 March 200627 March 2006 and amended on 3 November 20103 November 2010, 8 November 20128 November 2012 and 17 July 201917 July 2019.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

[This Rule has been intentionally left blank.]

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Added on 26 April 201326 April 2013 and amended on 31 December 201331 December 2013.

Prior to the Clearing House commencing any clearing activities in respect of any Clearing Member, the Clearing Member shall execute and deliver a Security Deed in the form and on terms prescribed by the Clearing House, setting out the terms under which its Collateral are provided to, and held by, the Clearing House.

Added on 26 April 201326 April 2013.

Without prejudice and in addition to any Security Interest or other right or remedy which the Clearing House may have under this Rules, contract, law or equity, and subject to any applicable restrictions pursuant to the provisions of the SFA and/or imposed by the Authority, the Clearing House shall have a lien on all Collateral deposited with or provided to the Clearing House and on any other monies and/or assets of the Clearing Member which may be or become available to the Clearing House.

Added on 26 April 201326 April 2013.

A Clearing Member shall deposit or otherwise provide to the Clearing House such Collateral, in such acceptable form and denomination as may be prescribed by the Clearing House from time to time, and may deposit or otherwise provide to the Clearing House Collateral in excess of the amount required by the Clearing House, subject to such terms and conditions prescribed by the Clearing House from time to time.

Added on 26 April 201326 April 2013 and amended on 31 December 201331 December 2013.

Added on 26 April 201326 April 2013 and amended on 31 December 201331 December 2013.

Added on 26 April 201326 April 2013.

Added on 26 April 201326 April 2013 and amended on 31 December 201331 December 2013 and 2 May 20162 May 2016.

Added on 26 April 201326 April 2013.

Added on 26 April 201326 April 2013.

Clearing Members shall provide the Clearing House with any information necessary in relation to such Collateral deposited with or provided to the Clearing House to enable the Clearing House to meet its reporting obligations to the Authority and/or other relevant governmental or regulatory authorities or for any other regulatory purposes, including but not limited to for withholding tax purposes.

Added on 26 April 201326 April 2013.

Added on 31 December 201331 December 2013.

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 26 January 200726 January 2007, 3 November 20103 November 2010, 8 November 20128 November 2012, 26 April 201326 April 2013 and 29 July 2022.

Deleted on 26 April 201326 April 2013.

Added on 29 July 2022.

Amended on 1 October 20091 October 2009, 26 April 201326 April 2013, 19 September 201619 September 2016, 17 July 201917 July 2019 and 29 July 2022.

Added on 29 July 2022.

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 1 October 20091 October 2009, 7 August 20127 August 2012, 26 April 201326 April 2013 and 29 July 2022.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Amended on 16 July 201216 July 2012 and 26 April 201326 April 2013.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Nothing in these Rules shall be regarded, treated or otherwise interpreted as limiting, diminishing, modifying or otherwise affecting the relationship between the Clearing House and a Clearing Member, which, when Contracts have been accepted by the Clearing House, and as between the Clearing House and the Clearing Member, is and is deemed to be, as principals to one another.

Nothing in these Rules shall be regarded, treated or otherwise interpreted as obliging or requiring the Clearing House to recognise any right or entitlement of any Third Party (in so far as such right or entitlement is contrary to the provisions in Chapter 1 of this Rules or Rule 7.04).

With regard to an NLT, EFP or EFS in respect of any Contract listed for trading on a Relevant Market (other than the Connect Contracts) to be cleared through the Clearing House, Clearing Members shall comply with requirements for the registration of such NLT, EFP or EFS, as set forth in the rules of the Relevant Market.

Added on 1 October 20091 October 2009 and Amended on 29 July 2022.

With regard to an NLT in respect of the Connect Contracts, Clearing Members shall comply with requirements for the registration of NLT transactions, as set forth in Rule 7.02A.

Added on 29 July 2022.

All Contracts to which the Clearing House is a party shall remain open until liquidated by offset as provided in Rule 7.06, terminated in accordance with Rule 7A.07, Rule 7A.02.1.5A or Rule 7A.02A, or by delivery in accordance with Chapter 6 of this Rules, and

Amended on 27 March 200627 March 2006, 3 November 20103 November 2010, 7 August 20127 August 2012, 8 November 20128 November 2012, 17 July 201917 July 2019 and 29 July 2022.

Deleted on 17 July 201917 July 2019.

A Clearing Member long or short any Contract to the Clearing House as a result of substitution may liquidate the position by acquiring an appropriate opposite position.

When a Clearing Member buys and sells or (vis-à-vis the Clearing House) is deemed to buy and sell Contracts for the same series and such Contracts are cleared through the Clearing House, the purchases and sales are not automatically offset one against the other where the relevant account is a gross position account. Transactions can only be offset against one another by complying the rules of the Relevant Market(s) at which they were effected and by submission of a close out request to the Clearing House by the relevant Clearing Member.

Amended on 7 December 20097 December 2009.

When a Clearing Member buys and sells or (vis-à-vis the Clearing House) is deemed to buy and sell Contracts for two different fungible series and such Contracts are cleared through the Clearing House, such transactions can only be offset against one another by complying with the rules of the Relevant Market(s) at which they were effected and by submission of a close out request to the Clearing House by the relevant Clearing Member.

Added on 7 December 20097 December 2009.

Where open positions are invoiced back to the Clearing House by any other Relevant Market (or clearing house) relating to a Contract subject to physical delivery prior to the matching process in Rule 6.02A.7, the Clearing House may invoice the positions back to Clearing Members holding appropriate positions (whether reported back to the Clearing House as being House or Customer positions) as at the date of such invoicing back, on a pro-rata basis, calculated as the proportion of such positions of each Clearing Member at the date of such invoicing back relative to the aggregate value of such open positions held by all non-defaulting Clearing Members (to be rounded down or up if the number of lots is not a whole number at the Clearing House's absolute discretion). Invoicing back shall be carried out by the Clearing House effecting and registering opposite positions between itself and each of the affected Clearing Members and thereupon settling such open positions against such opposite positions, at a price determined by the Clearing House. The Clearing House's actions, including the timing of the invoicing back and the price determined by the Clearing House shall be binding on all affected Clearing Members.

Added on 1 October 20091 October 2009.

Without prejudice to the right and power of the Clearing House at the cost and expense of the Clearing Member concerned to effect such rectification or correction measures otherwise, no Clearing Member shall place any false or inaccurate entries on any other submission or otherwise provide false or inaccurate information in any document submitted to the Clearing House for clearing purposes.

Violation of this Rule may constitute a major offence.

Position change sheets must be submitted to the Clearing House each trading day by the time specified by the Clearing House. Position change sheets shall be in such form as prescribed by the Clearing House. When requested, the identification of accounts will be made available to the Clearing House.

Amended on 3 November 20103 November 2010 and 17 July 201917 July 2019.

The Clearing House will produce a recap ledger for each Clearing Member which will itemise, among other things, the incoming positions in respect of any Contract; the position changes the closing positions in respect of any Contract; the net settlements, pay or collect, margins required, the current margin balance, and the net debit balance(s) payable by the Clearing Member and/or credit balance(s) payable by the Clearing House.

The net debit balance(s) reflected on the recap ledger, excluding those arising from margin withdrawals ("Net Debit Balance(s)") and the net credit balance(s) reflected on the recap ledger, excluding those arising from margin deposits and calls ("Net Credit Balance(s)") shall be payable in accordance with Rule 7.14.

Amended on 3 November 20103 November 2010 and 26 April 201326 April 2013.

If a Clearing Member believes that there is any error in the recap ledger, the Clearing Member must immediately notify the Clearing House in writing and in any event, no later than 5 p.m. on the following Business Day.

Violation of this Rule may constitute a major offence.

The daily settlement price of a Contract shall be determined:

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006, 3 November 20103 November 2010, 8 November 20128 November 2012, 17 July 201917 July 2019 and 29 July 2022.

Notwithstanding the foregoing, the Clearing House shall reserve the right to amend the settlement prices of any Contract for the purposes of settlement under this Rules if it so deems necessary.

Amended on 22 September 200622 September 2006.

The daily settlement price of a Contract shall be binding on all Clearing Members.

Added on 22 September 200622 September 2006.

The Final Settlement Price of Non-Relevant Market Contracts shall be determined in the manner as set out in Appendix 1, and of all other Contracts, in the manner as set out in the Trading Rules or relevant Contract Specifications.

Refer to Appendix 1 — Final Settlement Price.

Added on 27 March 200627 March 2006 and amended on 22 September 200622 September 2006, 3 November 20103 November 2010, 8 November 20128 November 2012 and 17 July 201917 July 2019.

The Final Settlement Price shall be binding on all Clearing Members.

Added on 27 March 200627 March 2006 and amended on 22 September 200622 September 2006.

Notwithstanding the foregoing, where the means for determining the Final Settlement Price for Contracts are not available, the Clearing House or the Exchange, as the case may be, may resolve the Final Settlement Price by such means as it may in its discretion decide. The decision of the Clearing House or the Exchange and the price determined by such other means shall be binding upon all Clearing Members.

Added on 27 March 200627 March 2006 and amended on 22 September 200622 September 2006.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

When a Clearing Member is long or short any amount of any Contract at the end of the day, as indicated by the recap ledger prepared by the Clearing House, settlement shall be made with the Clearing House to the settlement price for that day, and such Clearing Member shall be liable to pay to, or entitled to collect from, the Clearing House any loss or profit, as the case may be, represented by the difference between the price at which the Contract was bought or sold and the settlement price of the Contract at the end of the day.

Such settlement must be paid in cash in the respective currencies of the Contracts, or such other currency as the Clearing House may prescribe in the interest of a safe and efficient clearing facility, and at such exchange rate as determined by the Clearing House. Without prejudice to the generality of the foregoing, the Clearing House may refer to exchange rates published by data vendors in determining the relevant exchange rates.

Amended on 26 April 201326 April 2013.

After making such settlement with the Clearing House, such Clearing Member shall be deemed long or short (or long and short) such Contract, as the case may be, at the settlement price of the day.

Notwithstanding the foregoing, the Clearing House shall not be required to pay any profit to a Clearing Member in the event that such Clearing Member fails to meet any required settlement or margin call for that day with the Clearing House.

This Rule 7.12 shall not apply to trading in options contracts in respect of which the following shall apply.

Except for payment of relevant premiums on establishment of an option contract, no variation payments are thereafter required to be made from or to the Clearing House.

In respect of the payment of relevant premiums on establishment of an option contract as referred to in Rule 7.12.6, such payment must be paid in cash in the respective currencies of the options contract, or such other currency as the Clearing House may prescribe in the interest of a safe and efficient clearing facility, and at such exchange rate as determined by the Clearing House. Without prejudice to the generality of the foregoing, the Clearing House may refer to exchange rates published by data vendors in determining the relevant exchange rates.

Added on 26 April 201326 April 2013.

The Clearing House may prescribe an adjustment to the Settlement Variation if, in the Clearing House’s opinion, it is necessary to address a change in the underlying that fundamentally affects the pricing of a Contract. Any adjustments will be specified by the Clearing House in a Circular. A Clearing Member would be liable for or entitled to an adjustment, as the case may be, in respect of its open positions in a relevant Contract.

Added on 27 March 200627 March 2006, 8 November 20128 November 2012 and amended on 8 June 20208 June 2020.

No interest shall be payable by the Clearing House on any amount that has to be refunded to a Clearing Member as a result of any such adjustment to the Settlement Variation.

Added on 27 March 200627 March 2006.

Settlement Variation and adjustments to Settlement Variation (where relevant) as calculated and/or determined at such times as the Clearing House shall determine, must be paid in cash.

Amended on 27 March 200627 March 2006.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

If the recap ledger of any Clearing Member shows a Net Debit Balance against such Clearing Member:

Violation of this Rule may constitute a major offence.

Added on 3 November 20103 November 2010 and amended on 26 April 201326 April 2013.

If the recap ledger of any Clearing Member shows a Net Credit Balance in favour of such Clearing Member payment of such Net Credit Balance shall be effected at the Confirmation Cut Off Time, by the Clearing House crediting the Net Credit Balance directly to the Clearing Member's cash margin held with the Clearing House. Such crediting shall constitute final and irrevocable settlement of the Clearing House's obligation to pay such Net Credit Balance to the Clearing Member.

Added on 3 November 20103 November 2010 amended on 26 April 201326 April 2013.

"Confirmation Cut Off Time", in relation to the Net Debit Balance or the Net Credit Balance shown in the recap ledger of any Clearing Member shall, for the purposes of this Rule 7.14, mean the cut-off time for Confirmation in respect of any margin call that may be made in that recap ledger, as notified by the Clearing House to Clearing Members.

Added on 26 April 201326 April 2013.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Deleted on 7 August 20127 August 2012.

Clearing Members shall submit to the Clearing House a daily report of Customers' Accounts and House Accounts, with details of such large positions in relation to such contracts as the Clearing House may prescribe (whether assumed or entered into on any Relevant Market or elsewhere). Such daily reports shall be submitted to the Clearing House by such time and/or in such manner as may be prescribed by the Clearing House.

Such report shall be in such form as the Clearing House may prescribe from time to time and shall include but not be limited to the account numbers and the number of open contracts in each month for a Commodity and, in the case of options, in each expiration month for a put or call option, in which any person owns or controls open positions in a single Contract Month or contract month or Delivery Month of any Commodity that equals or exceeds the reporting level for such Commodity or option prescribed from time to time by the Clearing House.

Amended on 22 September 200622 September 2006 and 7 December 20107 December 2010.

The Clearing House shall be entitled to require reports from one or more Clearing Members in relation to any contract even if the number of positions (whether assumed or entered into on any Relevant Market or elsewhere) owned or controlled is below the reporting level presently prescribed by the Clearing House.

Amended on 7 December 20107 December 2010.

Subject to Rule 7.16.4 below, Clearing Members shall identify the owner and any controlling parties for any account or ensure that such information is made available directly to the Clearing House within such time as the Clearing House may prescribe.

Amended on 27 March 200627 March 2006.

Upon request of the Clearing House, Clearing Members shall obtain the information required by this Rule regarding the ownership and control of positions (whether assumed or entered into on any Relevant Market or elsewhere) within any Omnibus Account and any Sub-Account of any Omnibus Account. Provided that if the Omnibus Account Holder does not want the identity of any Sub-Account holder (save for a Cleared Swaps Customer, whose identity must always be disclosed) to be disclosed to its carrying Clearing Member, the Omnibus Account Holder may apply to the Clearing House for a special identification for the Sub-Account thereof for reporting positions (whether assumed or entered into on any Relevant Market or elsewhere) covered within this Rule through its carrying Clearing Member.

Amended on 31 December 201331 December 2013.

Violation of this Rule may constitute a major offence.

The Clearing House shall be entitled to disclose the contents of any reports made under this Rule to the Exchange or to any other Relevant Market or its clearing house in so far as such information relates to Contracts traded on the Relevant Market.

Amended on 1 October 20091 October 2009.

Clearing Members shall not be permitted to carry a speculative long position and a speculative short position for any Third Party or for themselves in the case of futures contracts, in the same Commodity for the same Contract Month and in the case of options contracts, in the same Commodity, for the same class, for the same Contract Month and for the same strike price.

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006 and 17 July 201917 July 2019.

The Clearing House may require any Clearing Member to liquidate any or all positions in any Contract belonging to any person concurrently holding a speculative long position and a speculative short position in such Contract.

Added on 1 October 20091 October 2009.

Rule 7.17.1 shall not apply if the concurrent long and short speculative positions result from a transfer under Rule 7.27 and such concurrent long and short speculative positions do not extend beyond the Trading Day on which the transfer is reported to the Clearing House.

Added on 1 October 20091 October 2009.

Deleted on 26 April 201326 April 2013.

Without prejudice to the generality of the foregoing, in addition to any Security Interest or other right or remedy which the Clearing House may have under this Rules, contract, law or equity, and subject to any applicable restrictions pursuant to the provisions of the SFA and/or imposed by the Authority, the Clearing House may at any time consolidate any or all accounts (notwithstanding that relevant positions in such accounts have not been closed out) of the Clearing Member and set-off and/or transfer and/or apply any Collateral in such account towards satisfaction of any liabilities of the Clearing Member to the Clearing House, whether or not:

Amended on 26 April 201326 April 2013.

All margins deposited with or provided to the Clearing House by Clearing Members shall be retained by the Clearing House in whole or in part, as the Clearing House may deem necessary but, subject to this Rules (in particular, Rule 7.03A.3, 7.03A.5, Rule 7.18 and Rule 7A.05.1) and the Security Deed, may be returned to the Clearing Member when the positions for which such margins have been deposited or provided have been liquidated. Notwithstanding the foregoing, the Clearing House may retain margins for freight forward contracts for tanker voyage routes in relation to any potential Flat Rate adjustment, even after the positions of the Clearing Member have been liquidated.

Amended on 27 March 200627 March 2006, 7 August 20127 August 2012 and 26 April 201326 April 2013.

Margin requirements shall be prescribed by the Clearing House from time to time. The Clearing House will accept as margin, cash, government securities or common stocks, units of listed business trusts or units of listed real estate investment trusts in accordance with such procedures as may be prescribed by the Clearing House all of which must be and remain unencumbered, unless otherwise permitted or contemplated under this Rules, the Security Deed or the SFA.

The Clearing Member shall notify the Clearing House as to whether such Collateral is to be maintained for its Customer Contracts or its House Contracts. Where the Collateral is to be maintained for the Clearing Member's Customer Contracts, the Clearing Member shall notify the Clearing House as to whether it is to be held for an Applicable Customer Account. Where the Collateral is to be maintained for the Clearing Member's House Contracts, the Clearing Member shall notify the Clearing House as to whether it is to be held for an Affiliate Account. Collateral will be held by the Clearing House for the relevant account.

Amended on 27 March 200627 March 2006, 26 April 201326 April 2013, 31 December 201331 December 2013 and 2 May 20162 May 2016.

Without prejudice to the generality of the foregoing, the aggregate amount of Collateral deposited with or provided to the Clearing House in respect of the aggregate required margin in relation to Customer Contracts, Affiliate Contracts and House Contracts (excluding Affiliate Contracts) must each separately comply with the following:

Added on 27 March 200627 March 2006 and amended on 3 November 20103 November 2010, 8 November 20128 November 2012, 26 April 201326 April 2013, 2 May 20162 May 2016 and 2 March 20202 March 2020.

The amount of margins required to be deposited by any Clearing Member with the Clearing House shall be calculated and determined:

Amended on 27 March 200627 March 2006.

The Clearing House may make margin calls in respect of the margin requirements prescribed pursuant to this Rule 7.20. Such margin calls shall be paid by such time and means as the Clearing House shall prescribe.

Added on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

A Clearing Member shall procure initial margins from its Third Parties (including Customers), and ensure that its Third Parties comply with maintenance margins for such amounts as required by the Clearing House.

Amended on 27 March 200627 March 2006 and 22 September 200622 September 2006.

Deleted on 25 January 201725 January 2017.

A Clearing Member may accept cash, government securities, common stocks, bank certificates of deposit, bank guarantees, bank letters of credit, gold bars, gold certificates and such other instruments as the Clearing House permits from its Third Parties (including Customers) for meeting their initial margins and maintenance margins requirements. Valuation of such instruments shall be in accordance with procedures specified by the Clearing House. The following are not acceptable forms of margins under this Rule:

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006 and 18 January 2022.

Except for trades which reduce a Third Party's maintenance margins requirements, a Clearing Member shall not accept orders or new trades for clearing from any Third Party (including any Customer) unless:

Amended on 27 March 200627 March 2006, 22 September 200622 September 2006 and 25 January 201725 January 2017.

A Clearing Member shall call for additional margins from a Third Party (including a Customer) for whom the Clearing Member provides carrying and/or clearing services if at any time the Third Party's total net equity falls below the maintenance margins. Such additional margins posted should be sufficient to bring the relevant account up to the initial margins level, within a reasonable period. Nothing herein prohibits a Clearing Member from making a call for additional margins or imposing a stricter settlement period as it sees fit.

For settlement currency denominated in Japanese Yen, "reasonable period" in this Rule 7.22.4 means a period which shall not exceed three (3) Trading Days from the date that the Third Party's total net equity falls below the maintenance margins. For all other settlement currencies it means a period which shall not exceed two (2) Trading Days from the date that the Third Party's total net equity falls below the maintenance margins.

Amended on 22 September 200622 September 2006.

If the Clearing Member is unable to effect personal contact with a Third Party (including a Customer) for whom the Clearing Member provides carrying and/or clearing services, a written notice sent to the Third Party at the most recent address furnished by it to the Clearing Member shall be deemed sufficient.

In the event of a Clearing Member's failure to obtain margins from the relevant Third Parties (including Customers) as required under Rule 7.22, the Clearing House may order such Clearing Member to immediately close out all or such part of the positions of such Third Parties on its books so as to correct the deficiency notwithstanding that the Clearing Member itself has sufficient margins placed with the Clearing House for the support of such positions in Contracts. Nothing herein prohibits a Clearing Member from taking such necessary actions to rectify the deficiency as it sees fit.

Amended on 27 March 200627 March 2006 and 22 September 200622 September 2006.

Clearing Members shall be responsible to the Clearing House for all margin requirements.

A Clearing Member shall comply with such requirements on the computation and monitoring of a Third Party's (including a Customer's) margins as the Clearing House, or where relevant, the Exchange may prescribe.

Added on 22 September 200622 September 2006.

Violation of this Rule 7.22 shall be a major offence.

Notwithstanding Rule 7.22, a Clearing Member may grant margin credit, at a rate not exceeding that which is prescribed by the Clearing House, to a Third Party (including a Customer) which holds long and short positions on contracts (on the same Underlying) with the Clearing House and another clearing house to the extent that the risk on the position in one clearing house is set-off against another ("inter-exchange cross margining"), if the following conditions are satisfied:

Added on 22 September 200622 September 2006 and amended on 10 August 200710 August 2007.

The Clearing House may take any of the following actions:

Amended on 27 March 200627 March 2006.

If market conditions or price fluctuations are such that the Clearing House deems it necessary, it may call upon the Clearing Members whom it believes are affected by such conditions or fluctuations to deposit additional funds with the Clearing House by such time as it shall specify and in the amount it deems necessary to meet settlements.

Amended on 27 March 200627 March 2006.

In the event of the failure of a Clearing Member to deposit additional margins or to comply with the order of transfer of positions or to deposit additional funds as required under Rule 7.23, the Clearing House may direct and the Clearing Member shall in such event forthwith comply with any such direction that the Clearing Member forthwith liquidate all or part of the positions on its books.

Amended on 27 March 200627 March 2006.

If there is a failure to so effect the required reduction in positions by the next Business Day, the Clearing House shall thereupon order the liquidation of all or the required part of the Clearing Member's position with due consideration to the positions in Customer Accounts and Affiliate Accounts. Any Clearing Member whose trades are thus liquidated shall provide for the payment of any loss to the Clearing House on the next settlement cycle by the Clearing House pursuant to Rule 7.12 or 7.13.

Amended on 27 March 200627 March 2006 and 2 May 20162 May 2016.

Clearing fees shall be charged by the Clearing House against a Clearing Member for each Contract cleared by the Clearing House in such amounts as the Clearing House may from time to time prescribe.

Without prejudice to Rule 2.36, administrative fees or similar fees shall be charged by the Clearing House against a Clearing Member in respect of such matters and in such amounts as the Clearing House may from time to time prescribe.

Amended on 27 March 200627 March 2006.

Such fees as may be imposed by the Clearing House pursuant to this Rule shall be payable by the Clearing Members by such times and in such manner as may be prescribed by the Clearing House from time to time.

The Clearing House may impose fines against Clearing Members for errors, delays and omissions with respect to the required position change sheet or any other submission to the Clearing House.

Amended on 27 March 200627 March 2006.

Subject to the approval of the Clearing House:

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007, 31 December 201331 December 2013 and 29 July 2022.

Except with the approval of the Clearing House, existing trades on the books of one Clearing Member may not be transferred to the books of another Clearing Member in order to liquidate a position by offset or where such transfer would result in concurrent long and short positions for the same speculative account.

Amended on 27 March 200627 March 2006.

Where an Executing Member makes a trade on a Relevant Market intended to be an order fill or to be given up to a Recipient Member, as contemplated in Rule 7.27.1.5 (a "Relevant Trade"), each Relevant Trade may be transferred or placed to the books of the Recipient Member provided that the transfer or placement shall occur:

Amended on 27 March 200627 March 2006 and 7 December 20107 December 2010.

If a Recipient Member purports to reject the transfer or placement of an alleged Relevant Trade(s) onto its books and the rejection (if permitted) would result in the Executing Member (if a Clearing Member itself) or its qualifying member having to accept onto its own books the rejected trade(s), and such rejected trade(s) would (whether of itself or together with other similarly rejected trade(s) for the same trading day) give rise to an aggregate maintenance margin obligation equal to S$3,000,000 (or such other amount as the Clearing House may from time to time prescribe):

Amended on 27 March 200627 March 2006.

The Clearing House may, with the consent of both Clearing Members, transfer existing trades on the books of one Clearing Member to the books of another Clearing Member, if in its opinion, the situation so requires and such transfer is to the best interests of the Clearing House. In such case, the Customer may be charged only one commission.

Amended on 27 March 200627 March 2006.

The Clearing House may, in accordance with any Contract Specifications, transfer existing trades from the books of one Clearing Member to the books of another Clearing Member with the consent of both Clearing Members, or from one Customer Account to another Customer Account of a Clearing Member with the consent of that Clearing Member.

Added on 7 December 20157 December 2015.

All transfers or placements made pursuant to this Rule shall be reported to the Clearing House in a form acceptable to the Clearing House for the type of transaction involved. The Clearing Members involved shall maintain a full and complete record of all transactions together.

Notwithstanding any provision in this Rule 7.27, the Clearing House shall require (i) any Clearing Member from whose name one or more trades are to be transferred and, (ii) any Clearing Members in whose name one or more trades are to be transferred to provide the Clearing House with sufficient collateral to meet margin requirements and Settlement Variation and/or comply with any other margin requirement prescribed by the Clearing House as a condition of transfer of such trades .

Amended on 3 November 20103 November 2010.

Transfers of positions under this Rule 7.27 will not require the close-out and re-booking of the relevant positions.

Added on 31 December 201331 December 2013.

Subject to the approval of the Clearing House, existing positions may be transferred between the books of a Clearing Member and the clearing member of any other Relevant Market (other than the Connect Market) at the request of the Customer, if:

Added on 1 October 20091 October 2009 and Amended on 29 July 2022.

All transfers made pursuant to this Rule shall be reported to the Clearing House in a form acceptable to the Clearing House. The Clearing Member involved shall maintain a full and complete record of all such transfers together with all pertinent memoranda.

Added on 1 October 20091 October 2009.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

Deleted on 17 July 201917 July 2019.

For the purposes of Part 7 of these Rules, a Customer mayrequest its Clearing Member to designate any of its Customer Accounts as an Applicable Customer Account. The Clearing Member shall inform each of its Customers of the availability of this choice, and shall designate a Customer Account as being an Applicable Customer Account if the Customer requests for it. If the Clearing Member is not ready to designate a Customer Account as an Applicable Customer Account when the Customer requests for it, the Clearing Member shall inform the Customer when it will be able to do so.

Added on 31 December 201331 December 2013.

A Customer making a request pursuant to Rule 7.30.1 may do so only in respect of the clearing of its Non-Relevant Market Contracts (or Non-Relevant Market Transactions).

Added on 31 December 201331 December 2013 and amended on 17 July 201917 July 2019.

The Clearing House shall be under no obligation to treat a Customer Account as being an Applicable Customer Account unless the Clearing House has received information relating to the identities of the Customers underlying the Applicable Customer Account as it requires.

Added on 31 December 201331 December 2013.

Each Cleared Swaps Customer Account shall be treated by the Clearing House as being an Applicable Customer Account.

Added on 31 December 201331 December 2013.

Each FCM Clearing Member shall provide to the Clearing House information relating to the identity of the Customer underlying each Cleared Swaps Customer Account as required by the Clearing House from time to time.

Added on 31 December 201331 December 2013.

For the purpose of Part 7 and 7A of this Rules, a Clearing Member may designate as an Affiliate Account, any House Account that belongs to and is maintained wholly for the benefit of one or more Affiliates. The Clearing Member must notify the Clearing House of any designation, failing which the Clearing House will be under no obligation to treat the designated account(s) as Affiliate Account(s).

Added on 2 May 20162 May 2016.

The Clearing House shall be entitled to restrict the activities of the Clearing Member on the Clearing House or suspend the Clearing Member without prior notice if:

Added on 7 August 20127 August 2012 and amended on 26 April 201326 April 2013, 29 December 201429 December 2014, 18 January 2022 and 29 July 2022.

In restricting the activities of a Clearing Member pursuant to Rule 7A.01.1, the Clearing House may impose such conditions or requirements for the carrying on of its business on the Clearing House as it deems appropriate, including, without limitation, the following:

Added on 7 August 20127 August 2012.

A Clearing Member or its parent company or its related corporation becomes insolvent or shall be deemed to be insolvent on the occurrence of any of the following events:—

Added on 7 August 20127 August 2012 and amended on 29 July 201329 July 2013.

A Clearing Member shall immediately notify the Clearing House upon the occurrence of any of the events stated in Rule 7A.01.1.

Added on 7 August 20127 August 2012.

Where the Clearing House becomes aware of the occurrence of any of the events stated in Rule 7A.01.1, the Clearing House may take any of the following actions: