The following terms have the following meanings unless the context requires otherwise:—

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009, 29 November 201029 November 2010, 8 July 20118 July 2011, 18 September 201218 September 2012, 26 April 201326 April 2013, 24 February 201424 February 2014, 24 February 201424 February 2014, 19 May 201419 May 2014, 1 July 20141 July 2014, 29 December 201429 December 2014, 1 July 20161 July 2016, 16 September 201616 September 2016, 15 September 201715 September 2017, 1 October 20181 October 2018, 8 October 20188 October 2018, 10 December 201810 December 2018 and 22 April 201922 April 2019.

The Rules, and any Directives, operate as a binding contract between SGX-ST and each Trading Member, and between a Trading Member and any other Trading Member.

A person who is not a party to the Rules has no rights under the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce the Rules, regardless of whether such person has been identified by name, as a member of a class or as answering a particular description.

Amended on 23 January 200923 January 2009.

A person is deemed to be bound by the Rules and any Directives upon approval of the person's admission or registration (where applicable) by SGX-ST.

A person admitted or registered by SGX-ST must comply with the Rules:—

SGX-ST may waive a rule (or part of a rule) to suit the circumstances of a particular case, unless the rule specifies that SGX-ST will not waive it. SGX-ST may grant a waiver subject to such conditions as it considers appropriate. A waiver is only effective if the conditions are satisfied. If a waiver is granted, SGX-ST will notify all Trading Members of the waiver as soon as practicable.

The Rules may be amended by the Board in accordance with the Securities and Futures Act.

Amended on 23 January 200923 January 2009.

SGX-ST may, from time to time, prescribe Directives to supplement the Rules.

SGX-ST may, from time to time, issue Practice Notes to provide guidance on the interpretation and application of any rule. A practice note does not bind SGX-ST in the application of a rule.

SGX-ST may, from time to time, publish transitional arrangements in relation to any amended or new rule(s).

The order of precedence of the following instruments applicable to SGX-ST and Trading Members shall be (in descending order of precedence):

Added 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 26 April 201326 April 2013

Deleted on 15 September 201715 September 2017.

Amended on 15 September 201715 September 2017.

SGX-ST 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 Trading Member.

Amended on 15 September 201715 September 2017.

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.

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

Added on 15 September 201715 September 2017.

SGX-ST will consider (and, if practicable, give effect to) advice tendered by the Securities Industry Council on matters relating to the securities industry.

Amended on 15 September 201715 September 2017.

None of SGX-ST, SGX RegCo, or their respective Directors, Officers, employees, representatives or agents (the "Relevant Persons") shall be liable to any Trading Member, or any of its customers, for but not limited to:—

Amended on 3 April 20083 April 2008, 15 September 201715 September 2017 and 8 October 20188 October 2018.

Without prejudice to the generality of Rule 2.4.1, none of the Relevant Persons (i) makes any warranty, express or implied, or (ii) shall be liable to any person in respect of, or in connection with, any of the following:—

Amended on 15 September 201715 September 2017.

In Rule 2.4.2, a reference to an Index is a reference to making, calculating or compiling the Index, or any intra day proxies related or referable thereto, or any information or data included in or referable thereto.

SGX-ST may require a Trading Member to pay SGX-ST's costs of producing (pursuant to a court order or other legal process) records relating to the business or affairs of a Trading Member, any of its Directors, Officers, Trading Representatives, employees or agents. This applies regardless of who requires the production.

In Rules 2.4.1, 2.4.2 and 2.4.4, references to SGX-ST include SGX-ST's subsidiaries, related companies and holding company.

Amended on 15 September 201715 September 2017.

Each Trading Member indemnifies each of SGX-ST, SGX RegCo, and their respective Directors, Officers, employees, representatives and agents ("Indemnified Persons") against any loss or liability reasonably incurred or suffered by an Indemnified Persons where such loss or liability arose out of or in connection with:—

Amended on 26 April 201326 April 2013 and 15 September 201715 September 2017.

Without prejudice to the generality of Rule 2.5.1, 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 Trading Member or any of its Directors, Officers, employees, representatives (including without limitation Trading Representatives) or agents, the Trading Member shall reimburse the relevant Indemnified Person for:—

The Trading 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.

Amended on 26 April 201326 April 2013 and 15 September 201715 September 2017.

Without prejudice to Rule 2.5.2, the Trading 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 Trading Member or any of its Directors, Officers, representatives (including without limitation Trading Representatives), employees or agents, regardless of the party requiring such production or obtainment.

Amended on 26 April 201326 April 2013 and 15 September 201715 September 2017.

SGX-ST may request a Trading Member to provide information or records for the discharge of SGX-ST's duties or the protection of investors and public interest. Such information or records include the terms and circumstances of, and parties to any dealings in securities or trades in futures contracts by a Trading Member's customers or former customers, and the terms of employment or contract and duties of a person acting for a Trading Member. The information or records must not contain untrue statements, be misleading or omit material statements.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

The Trading Member must provide the information or records to SGX-ST as SGX-ST specifies.

SGX-ST will take all reasonable measures to protect information provided to it by or on behalf of a Trading Member under the Rules from unauthorised use or disclosure.

Disclosure of information by SGX-ST is not unauthorised use or disclosure if it:—

Amended on 3 April 20083 April 2008 and 23 January 200923 January 2009.

Nothing in Rule 2.7.2 limits what may at common law otherwise constitute authorised use or disclosure of information.

For avoidance of doubt, Rules 2.7.1 and 2.7.2 also apply to information provided to SGX-ST in relation to trading in a Foreign Market via the Exchange Link.

SGX-ST will maintain the following registers:—

An entry in a Register will be deleted by SGX-ST when a person ceases membership or registration.

SGX-ST will establish and administer a fidelity fund in accordance with Part XI of the Securities and Futures Act.

The Official List of SGX-ST consists of companies admitted to (and not removed from) the Official List of the SGX Mainboard and the Official List of SGX Catalist.

Amended on 3 April 20083 April 2008.

SGX-ST may, in its absolute discretion, admit, refuse, suspend or remove the official listing of an entity. The decision of SGX-ST is final. SGX-ST is not obliged to give any reasons.

SGX-ST's powers include:—

Amended on 1 February 20071 February 2007, 3 April 20083 April 2008 and 8 October 20188 October 2018.

Trading Members and Trading Representatives shall comply with all prescribed conditions and restrictions imposed under Rule 3.1.3(3).

Added on 1 February 20071 February 2007.

A Non-Listed Security may be quoted for trading on the Non-Listed Securities market on such conditions as SGX-ST prescribes.

Amended on 3 April 20083 April 2008.

All trades in Non-Listed Securities are subject to the Rules and any Directives.

Amended on 3 April 20083 April 2008.

A Non-Listed Security is quoted in the currency SGX-ST prescribes.

Amended on 3 April 20083 April 2008.

SGX-ST may, at its absolute discretion, approve, refuse, suspend or withdraw the quotation of a Non-Listed Security. The decision of SGX-ST is final. SGX-ST is not obliged to give any reasons.

Amended on 3 April 20083 April 2008.

Without limiting Rule 3.2.4, if a Non-Listed Security is declared a Designated Security (or equivalent) or is declared to be cornered (or equivalent) in the foreign stock exchange on which it is listed, SGX-ST will suspend it (including on such terms that it deems necessary) as soon as SGX-ST is aware of the declaration.

Amended on 3 April 20083 April 2008.

A contract note for a trade in a Non-Listed Security must state that the company:—

Amended on 3 April 20083 April 2008.

The delivery and settlement of trades in Non-Listed Securities are subject to the Settlement Rules in Chapter 9. SGX-ST may vary the delivery and settlement terms.

Amended on 3 April 20083 April 2008.

SGX-ST may operate a futures market and list futures contracts for trading on the Trading System.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

To be eligible for admission as a Trading Member, an applicant must:—

Amended on 3 April 20083 April 2008, 19 May 201419 May 2014 and 29 December 201429 December 2014.

To become a Trading Member, an applicant must apply to SGX-ST in the form SGX-ST prescribes.

The applicant must inform SGX-ST in writing of the Clearing Member who has agreed to qualify it (unless it is admitted as a Clearing Member). The applicant must submit to SGX-ST the documentation supporting the agreement.

SGX-ST may, in its absolute discretion, approve or reject an application to be a Trading Member. SGX-ST is not obliged to give any reasons.

Without derogating from Rule 4.2.3, SGX-ST may reject an application to be a Trading Member if:—

Amended on 12 October 200512 October 2005 and 19 May 201419 May 2014.

If SGX-ST rejects an application to be a Trading Member, the applicant may, within 14 days after it is notified of SGX-ST's decision, appeal in writing to the SGX RegCo Board whose decision will be final.

Amended on 15 September 201715 September 2017.

An applicant approved by SGX-ST as a Trading Member will have its name entered in the Register of Trading Members. SGX-ST will notify all Trading Members of the effective date of a Trading Member's admission.

A Trading Member has access to organised markets established or operated by SGX-ST or such organised markets as SGX-ST specifies.

Amended on 8 October 20188 October 2018.

A Trading Member does not have the right to clear and settle contracts concluded on SGX-ST.

Subject to Rule 4.5.4, a Trading Member may deal in securities or futures contracts for 1 or more of the following:—

Amended on 3 April 20083 April 2008, 19 May 201419 May 2014 and 8 October 20188 October 2018.

A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall not deal in securities or futures contracts for customers domiciled in Singapore.

Added on 19 May 201419 May 2014 and amended on 8 October 20188 October 2018.

A Trading Member may authorise Direct Market Access for its customers in respect of markets established by or operated by SGX-ST or such markets as SGX-ST specifies.

Added on 18 September 201218 September 2012.

Added on 18 September 201218 September 2012 and amended on 15 March 201315 March 2013.

For the purpose of this Rule 4.5A.3, "recognised regulatory authority" refers to a signatory to the International Organization of Securities Commissions' Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information, and “regulated activity” shall have the same meaning as in the Securities and Futures Act.

Added on 18 September 201218 September 2012 and amended on 15 March 201315 March 2013.

Added on 18 September 201218 September 2012 and amended on 15 March 201315 March 2013.

A Trading Member must have security arrangements in place to ensure that unauthorised persons are denied access to markets established by or operated by SGX-ST or such markets as SGX-ST specifies.

Added on 18 September 201218 September 2012.

A Trading Member must:—

A Trading Member contracts as principal as regards the other Trading Member when it trades on SGX-ST.

Amended on 3 April 20083 April 2008.

A Trading Member must adhere to the principles of good business practice in the conduct of its business.

A Trading Member is responsible to SGX-ST for:—

A Trading Member must supervise its Trading Representatives, employees and agents.

A Trading Member must:—

Amended on 19 May 201419 May 2014.

Refer to Practice Note 4.6.7A(2).

Added on 18 September 201218 September 2012 and amended on 15 March 201315 March 2013.

Amended on 15 September 201715 September 2017.

A Trading Member must inform SGX-ST in writing immediately if it or any of its Directors, Officers, Trading Representatives, employees, or agents:—

Notwithstanding the foregoing, SGX-ST may require a Trading Member to inform SGX-ST from time to time in respect of any other matters and in such form as SGX-ST determines.

Amended on 19 May 201419 May 2014 and 8 October 20188 October 2018.

A Trading Member must pay SGX-ST all fees, levies and charges SGX-ST prescribes. SGX-ST may reduce or waive any fee, levy or charge.

A Trading Member must inform SGX-ST in writing at least 7 days before an Approved Executive Director ceases to act. If the cessation is with immediate effect, the Trading Member must inform SGX-ST in writing the same day.

A Trading Member must inform SGX-ST in writing of a change in the composition of its board of Directors within 7 days of the change.

A Trading Member must:—

Amended on 3 April 20083 April 2008, 29 November 201029 November 2010 and 8 October 20188 October 2018.

A Trading Member must inform SGX-ST in writing at least 7 days before any change to its Memorandum and Articles of Association takes effect.

Amended on 15 September 201715 September 2017 and 8 October 20188 October 2018.

Amended on 3 April 20083 April 2008, 19 May 201419 May 2014, 29 December 201429 December 2014 and 8 October 20188 October 2018.

A Trading Member must inform SGX-ST in writing at least 7 days before it effects any change in its business name or contact details.

A Trading Member must not issue or allot partly paid shares.

A Trading Member must not commence voluntary liquidation without the prior written approval of SGX-ST.

Amended on 23 January 200923 January 2009 and 19 May 201419 May 2014.

Refer to Practice Note 4.6.21.

Added on 22 January 200922 January 2009 and amended on 19 May 201419 May 2014.

A Trading Member must ensure that its systems and connections to the Trading System operate properly, and have adequate and scalable capacity to accommodate trading volume levels.

Refer to Directive No. 5.

Added on 18 September 201218 September 2012.

A Trading Member must ensure all contracts concluded on SGX-ST are submitted to its qualifying Clearing Member for clearing.

If a Trading Member intends to resign, it must:—

SGX-ST need not accept the resignation of a Trading Member if it is:—

If SGX-ST accepts a Trading Member's resignation, the Trading Member's name will be deleted from the Register of Trading Members upon the effective date of resignation.

A Trading Member's access to organised markets established or operated by SGX-ST ceases if:—

Amended on 29 November 201029 November 2010, 11 January 201111 January 2011, 19 May 201419 May 2014 and 8 October 20188 October 2018.

When a Trading Member's right to access organised markets established or operated by SGX-ST has ceased, SGX-ST will notify all Trading Members of the effective date of cessation and the date of reinstatement of access rights (if applicable).

A Trading Member whose access to organised markets established or operated by SGX-ST has ceased must continue to comply with the relevant Rules, and any Directives.

Amended on 8 October 20188 October 2018.

A former Trading Member remains liable to SGX-ST and its customers for any liabilities incurred under the Rules or Directives during the period of its membership. The former Trading Member also remains subject to disciplinary actions for any offence committed during the period of its membership.

To be eligible for registration as a Designated Market-Maker, an applicant must be a Corporation that is deemed appropriate by SGX-ST.

To become a Designated Market-Maker in respect of Specified Securities, an applicant must apply to SGX-ST in the form SGX-ST prescribes.

SGX-ST may, in its absolute discretion, approve or reject an application to be a Designated Market-Maker. SGX-ST is not obliged to give any reasons.

The approval of a Designated Market-Maker is valid for such period as SGX-ST prescribes.

Without derogating from Rule 5.2.2, SGX-ST may reject an application to be a Designated Market-Maker if:—

Amended on 12 October 200512 October 2005 and 19 May 201419 May 2014.

If SGX-ST rejects an application to be a Designated Market-Maker, the applicant may, within 14 days after it is notified of SGX-ST's decision, appeal in writing to the SGX RegCo Board whose decision will be final.

Amended on 15 September 201715 September 2017.

An applicant approved by SGX-ST as a Designated Market-Maker will have its name entered in the Register of Designated Market-Makers. SGX-ST will notify all Designated Market-Makers and Trading Members of the effective date of the Designated Market-Maker's registration.

A Designated Market-Maker must:—

A Designated Market-Maker may make a market in Specified Securities for 1 or more of the following:—

In this Rule, an Associated Corporation means any body corporate formed in or out of Singapore in which the Designated Market-Maker and its related corporations hold directly or indirectly a beneficial interest of not less than 20% of the issued share capital.

Amended on 29 December 201429 December 2014.

A Designated Market-Maker must publish on the Trading System competitive bid and offer quotations:—

Refer to Directive No. 3.

Amended on 3 April 20083 April 2008.

If a Designated Market-Maker is not a Trading Member, its trades in any Specified Securities must be routed through a Trading Member.

A Designated Market-Maker must appoint at least 1 person as its market-making representative to receive and execute orders on its behalf. The person must be registered with SGX-ST as a market-making representative.

A Designated Market-Maker must submit periodic returns as SGX-ST requires.

If asked, a Designated Market-Maker must provide an independent auditors' report to SGX-ST. This is for SGX-ST to review the Designated Market-Maker's performance or suitability as a Designated Market-Maker. The report may relate to the Designated Market-Maker's financial standing, personnel or internal control procedures.

A Designated Market-Maker must pay all fees, levies and charges SGX-ST prescribes. SGX-ST may reduce or waive any fee, levy or charge.

A Designated Market-Maker shall immediately notify SGX-ST if any of the following occurs, or is likely to occur:

Added on 27 May 201327 May 2013.

SGX-ST may suspend or restrict trading in any or all Specified Securities in accordance with Rule 8.10 or Rule 8.11. It may do so for 1 or more markets or 1 or more trading sessions or any part of a trading session.

Specified Securities which have been suspended from trading or subject to a trading halt cease to be traded on the Trading System.

Amended on 3 April 20083 April 2008.

Except with SGX-ST's approval, a Designated Market-Maker must not make a market in a Specified Security which is suspended or subject to a trading halt. SGX-ST may specify conditions under which the Designated Market-Maker is permitted to do so.

If SGX-ST imposes restrictions on trades in any Specified Securities, a Designated Market-Maker must not make a market in Specified Securities that will breach the restrictions.

SGX-ST may suspend or restrict the activities of a Designated Market-Maker for such period as SGX-ST specifies if the Designated Market-Maker:—

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

SGX-ST may revoke the registration of a Designated Market-Maker in the circumstances under Rules 5.7.1(1)–(7) or if the Designated Market-Maker:—

If SGX-ST takes action against a Designated Market-Maker under Rule 5.7.1 or 5.8.1, it will inform the Designated Market-Maker in writing. Such action shall be effective on the date specified in the written notification.

If SGX-ST revokes the registration of a Designated Market-Maker under Rule 5.8.1, the Designated Market-Maker may, within 14 days after it is notified of SGX-ST's decision, appeal in writing to the SGX RegCo Board whose decision will be final.

Amended on 15 September 201715 September 2017.

A failure to comply with Chapter 5, or any applicable Rules or Directives, is a breach and may be subject to disciplinary action.

A Designated Market-Maker and a registered market-making representative are bound by the Supervisory Rules in Chapter 14 of these Rules and must comply with any disciplinary decision as if it were a Trading Member and he or she were a Trading Representative respectively.

Amended on 23 January 200923 January 2009.

SGX-ST needs not accept the resignation of a Designated Market-Maker if it is:—

If SGX-ST accepts a Designated Market-Maker's resignation, the Designated Market-Maker's name will be deleted from the Register of Designated Market-Makers upon the effective date of resignation.

A former Designated Market-Maker remains liable to SGX-ST and its customers (if applicable) for any liabilities incurred under the Rules or Directives during the period of its registration in respect of a Specified Security. The former Designated Market-Maker also remains subject to disciplinary action for any offence committed during the period of its registration.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

Upon registration, an Approved Executive Director is deemed to have agreed to be bound by the Rules, or any Directives SGX-ST prescribes.

An Approved Executive Director must comply with the Rules, and any Directives SGX-ST prescribes.

An Approved Executive Director must pay SGX-ST all fees, levies and charges as SGX-ST prescribes. SGX-ST may reduce or waive any fee, levy or charge.

Refer to Directive No. 1.

Amended on 15 September 201715 September 2017.

An Approved Executive Director will automatically cease to be registered as an Approved Executive Director if he or she:—

Amended on 19 May 201419 May 2014.

An Approved Executive Director who ceases to hold office will have his or her name deleted from the Register of Approved Executive Director upon the effective date of cessation.

A former Approved Executive Director remains liable to SGX-ST for any liabilities incurred under the Rules or Directives during the period of his or her registration. The former Approved Executive Director also remains subject to disciplinary actions for any offence committed during the period of his or her registration.

To be eligible for registration as a Trading Representative, an applicant must:—

Amended on 3 April 20083 April 2008, 29 November 201029 November 2010 and 19 May 201419 May 2014.

* SGX-ST shall evaluate "fit and proper" criteria in this Rule 7.1.1 in a manner similar to the MAS Guidelines on Fit and Proper Criteria.

To become a Trading Representative, an applicant must apply to SGX-ST in the form SGX-ST prescribes. The application must be supported by a Trading Member as his or her principal.

SGX-ST may, in its absolute discretion, approve or reject an application to be a Trading Representative. SGX-ST is not obliged to give any reasons.

In approving an application to be a Trading Representative, SGX-ST may consult the Relevant Regulatory Authority.

Amended on 19 May 201419 May 2014.

Without derogating from Rule 7.2.2, SGX-ST may reject an application to be a Trading Representative if:—

Amended on 12 October 200512 October 2005 and 19 May 201419 May 2014.

If SGX-ST rejects an application to be a Trading Representative, the applicant's principal Trading Member may, within 14 days after it is notified of SGX-ST's decision, appeal in writing to the SGX RegCo Board whose decision will be final.

Amended on 15 September 201715 September 2017.

An applicant approved by SGX-ST as a Trading Representative will have his or her name entered in the Register of Trading Representatives.

Upon registration, a Trading Representative is deemed to have agreed to be bound by the Rules, or any Directives SGX-ST prescribes.

A Trading Representative must comply with the Rules, and any Directives SGX-ST prescribes.

A Trading Representative must act for only 1 Trading Member.

A Trading Representative must adhere to the principles of good business practice in the conduct of his or her business affairs.

A Trading Representative must pay SGX-ST all fees, levies and charges as SGX-ST prescribes. SGX-ST may reduce or waive any fee, levy or charge.

Amended on 3 April 20083 April 2008, 19 May 201419 May 2014, 29 December 201429 December 2014 and 8 October 20188 October 2018.

Refer to Directive No. 1.

Amended on 15 September 201715 September 2017.

A Trading Representative must inform SGX-ST in writing of any change in his or her residential or mailing address or contact numbers within 7 days of the change.

A Remisier must give a deposit of at least $30,000 to the Trading Member. It must be in the form of cash, Marketable Securities or a guarantee from a bank or financial institution operating in Singapore.

Amended on 23 January 200923 January 2009.

A Trading Member may require a Remisier to increase the amount of deposit or restrict the Remisier's volume of business if, in the Trading Member's opinion, the deposit is not enough for the volume of business transacted by the Remisier.

Amended on 19 May 201419 May 2014.

A Trading Representative will automatically cease to be registered as a Trading Representative if he or she:—

Amended on 29 November 201029 November 2010 and 19 May 201419 May 2014.

The Exchange may terminate the registration of a Trading Representative if the Relevant Regulatory Authority imposes conditions or restrictions on the Trading Representative in respect of the relevant regulated activities.

Added on 19 May 201419 May 2014.

A Trading Representative who ceases to act for his or her Trading Member will have his or her name deleted from the Register of Trading Representatives upon the effective date of cessation.

A former Trading Representative remains liable to SGX-ST for any liabilities incurred under the Rules or Directives during the period of his or her registration. The former Trading Representative also remains subject to disciplinary actions for any offence committed during the period of his or her registration.

A security or futures contract listed or quoted on SGX-ST must be traded through the Trading System or as otherwise allowed under this Chapter.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

The trading hours and the application of the market phases are as published by SGX-ST. SGX-ST may vary the trading hours and application of the market phases.

Refer to Practice Note 8.2.1.

The market phases are as follows:—

Refer to Practice Note 8.2.2.

Amended on 24 February 201424 February 2014 and 16 September 201616 September 2016.

SGX-ST will publish how the algorithm operates.

Refer to Practice Note 8.2.1.

"Prescribed Instrument" refers to such security or futures contract or product or class of securities, futures contracts or products that SGX-ST may prescribe.

Refer to Practice Note 8.2A.2.

Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.

The closing price of a Prescribed Instrument shall be determined in accordance with the relevant formula and procedures applicable to each Prescribed Security, as determined by SGX-ST from time to time. In arriving at such formula and procedure, SGX-ST may take into account factors, including but not limited to:

Refer to Practice Note 8.2A.2.

Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.

Notwithstanding the foregoing, SGX-ST shall reserve the right to amend the closing price of any Prescribed Instrument if it so deems necessary.

Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.

Without limiting Rule 2.4.1, SGX-ST (including SGX-ST's subsidiaries, related companies and holding company), its Directors, Officers, employees and agents make no warranty, express or implied, and shall have no liability to any person in respect of, or in connection with, the closing price of a Prescribed Security, including without limitation:

Added on 24 February 201424 February 2014.

Except for the unit share market, the minimum order size is 1 board lot. Orders may be in multiples of a board lot.

An order for the unit share market may be matched in any quantity of less than 1 board lot.

Unless otherwise determined by SGX-ST, the minimum bid size of the following products shall be as follows:

For the avoidance of doubt, the minimum bid sizes above apply to securities and futures contracts denominated in all currencies, except the Hong Kong Dollar ("HKD"), Renminbi ("RMB") or Japanese Yen ("JPY"). For securities and futures contracts traded in HKD, RMB and JPY, the minimum bid sizes shall as far as practicable be aligned to the minimum bid sizes applicable in Hong Kong and Japan respectively.

Amended on 24 December 200724 December 2007, 3 April 20083 April 2008, 4 July 20114 July 2011, 20 July 201220 July 2012, 13 November 201713 November 2017 and 8 October 20188 October 2018.

Each order entered into the Trading System must specify the Position Account code, the Trading Account code and the price and quantity of the security or futures contract.

Amended on 3 April 20083 April 2008, 1 July 20161 July 2016 and 8 October 20188 October 2018.

Each entered order is given a unique order number by the Trading System.

Amended on 3 April 20083 April 2008.

Unless otherwise indicated, trading of securities is on a "cum" basis.

All securities that are designated by CDP as eligible for clearing will be traded on an "ex" basis for two Market Days before and up to the books closure date for an entitlement.

Amended on 3 April 20083 April 2008 and 10 December 201810 December 2018.

A buyer (seller) of securities on an "ex" ("cum") basis has no right to that entitlement.

A buyer (seller) of securities on a "cum" ("ex") basis who has not received that entitlement may claim the entitlement from the seller (buyer).

A contract made on SGX-ST can be cancelled only in accordance with this Rule. For avoidance of doubt, a contract is not cancelled if:—

SGX-ST may cancel a contract in any of the following circumstances:—

SGX-ST may impose any conditions it thinks appropriate for the cancellation of a contract.

SGX-ST may reprimand or impose a fine not exceeding $2,000 on a Trading Representative or Trading Member who causes a contract to be cancelled. Action under this Rule is in addition to other actions which SGX-ST is entitled to take against the Trading Representative or Trading Member.

An error trade refers to a transaction effected on the Trading System as follows:

Amended on 3 April 20083 April 2008 and 15 September 201715 September 2017.

If an error trade occurs:—

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

Where the Trading Members cannot agree to the cancellation of an error trade, a Trading Member may request SGX-ST to review the error trade. The following procedures apply:

Amended on 3 April 20083 April 2008.

Notwithstanding Rules 8.6.2(3) and 8.6.3(1), SGX-ST may in its discretion allow such extension of time for the submitting of information or requests relating to error trades as it deems appropriate, taking into account:

Added on 24 February 201424 February 2014.

SGX-ST will not review an error trade referred to it by a Trading Member, where the error trade falls at or within the upper and lower limits of a no-cancellation range applied pursuant to Rule 8.6.4A

Amended on 24 February 201424 February 2014.

Subject to Rule 8.6.4B, a no-cancellation range will be applied to the following instruments:

Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.

SGX-ST retains the discretion to apply or remove no-cancellation ranges from instruments listed for trading on SGX-ST.

Added on 24 February 201424 February 2014.

Deleted on 24 February 201424 February 2014.

Deleted on 24 February 201424 February 2014.

The requesting Trading Member must pay a trade review fee of $1,000 for each referral accepted for review by SGX-ST, regardless of the outcome of the review.

Amended on 24 February 201424 February 2014.

Notwithstanding Rule 8.6.7, SGX-ST may grant a waiver of the trade review fee where it deems appropriate.

Notwithstanding Rules 8.6.4, 8.6.13, 8.6.13A and 8.6.13B, SGX-ST may review the validity of any transaction effected on the Trading System where SGX-ST deems that the cancellation of the error trade is necessary for the proper maintenance of a fair and orderly market.

Amended on 24 February 201424 February 2014.

Deleted on 24 February 201424 February 2014.

Deleted on 24 February 201424 February 2014.

SGX-ST may consider the following factors when deciding whether to cancel an error trade under Rules 8.6.13, 8.6.13A and 8.6.13B:

Amended on 24 February 201424 February 2014 and 8 October 20188 October 2018.

Error trades in structured warrants that are referred to SGX-ST will be reviewed in accordance with the following Rules:

Amended on 24 February 201424 February 2014.

Error trades in all other securities or futures contracts, excluding bonds, will be reviewed in accordance with the following Rules:

Added on 24 February 201424 February 2014 and amended 8 October 20188 October 2018.

Upon receipt of a request to review an error trade in bonds, SGX-ST will consider the validity of the error trade. SGX-ST may, in its discretion, make a determination that the error trade is to be cancelled, having regard to the factors in Rule 8.6.12.

Added on 24 February 201424 February 2014.

Deleted on 24 February 201424 February 2014.

Deleted on 24 February 201424 February 2014.

Deleted on 24 February 201424 February 2014.

SGX-ST will:

Added on 24 February 201424 February 2014.

SGX-ST will not consider any request to review its decision following the notifications under Rule 8.6.17.

Added on 24 February 201424 February 2014.

A Trading Member may only execute Direct Business that is:—

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 8 October 20188 October 2018.

Direct Business may be transacted between:—

SGX-ST may vary the size or value of trades under this Rule.

Direct Business must be reported through the married trade reporting system of the Trading System under Rule 8.7.5. The price, quantity, counterparty, and other details as required under Rule 8A.3.1 must be reported.

Amended on 3 April 20083 April 2008 and 11 March 201311 March 2013.

Direct Business must be reported within 10 minutes of execution save that Direct Business executed after market close must be reported in the first 20 minutes of the Opening Routine on the following Market Day.

Amended on 7 June 20107 June 2010 and 13 November 201713 November 2017.

SGX-ST may suspend Direct Business on any or all securities or futures contracts. SGX-ST may specify conditions under which Direct Business is permitted for securities or futures contracts.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

Amended on 8 October 20188 October 2018.

The Board may declare publicly a listed or quoted security or futures contract to be a "Designated Instrument" if, in its opinion, there has been manipulation of the security or futures contract (or its underlying), excessive speculation in the security or futures contract (or its underlying), or it is otherwise desirable in the interests of organised markets established or operated by SGX-ST.

Refer to Practice Note 8.8.1.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

The Board may impose any conditions it thinks fit on dealing or trading in a Designated Instrument. A condition applies from the date of declaration to all contracts of the Designated Instrument entered into on or after the date of declaration, or as indicated by the Board. For avoidance of doubt, the conditions may include:

Amended on 3 April 20083 April 2008, 1 July 20141 July 2014 and 8 October 20188 October 2018.

If asked, a Trading Member must give SGX-ST particulars of all its dealings or trades in Designated Instruments and of the customers involved. The Trading Member must do so by the next business day after being asked or as required.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

The Board may rescind or vary a declaration at any time. It will make the decision public.

The Board may declare a corner in a listed or quoted security if, in its opinion:—

The Board may impose any conditions it thinks fit on existing ready market or futures contracts on a cornered security or on dealing in a cornered security. For avoidance of doubt, the conditions may include:—

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

If the Board imposes a condition that contracts are to be cash settled, it must establish a Settlement Committee to advise on the fair settlement price.

A Settlement Committee must comprise no less than 5 persons, including at least:—

The quorum of the Settlement Committee is all members when the meeting proceeds to business, but the Settlement Committee may complete the business with any 3 present.

A Settlement Committee may include such other persons as the Board thinks fit.

A Settlement Committee may hear evidence as it thinks proper and relevant to the discharge of its functions.

A Settlement Committee must report its findings to the Board. The findings are advisory only. The Board will accept the Settlement Committee's recommendation on the fair settlement price, unless it has good reasons to reject it. The Board may refer a matter to the Settlement Committee for further consideration, before deciding on the fair settlement price.

The fair settlement price determined by the Board is final and binding on all parties to any outstanding ready market or futures contract on the cornered security.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

SGX-ST may suspend or restrict trading in any or all listed or quoted securities or futures contracts. It may do so for 1 or more markets or 1 or more trading sessions or any part of a trading session. It may do so in any of the following circumstances:—

Refer to Practice Note 8.10.1.

Amended on 3 April 20083 April 2008, 24 February 201424 February 2014 and 8 October 20188 October 2018.

SGX-ST may restrict trading by such means as it considers appropriate, including placing the market into an Adjust Phase.

Added on 16 September 201616 September 2016.

A suspension and a trading restriction may be lifted by SGX-ST at any time.

Amended on 16 September 201616 September 2016.

Securities or futures contracts which have been suspended from trading cease to be traded on the Trading System. Except with SGX-ST's approval, a Trading Member must not execute any transactions in a suspended security or futures contract.

Refer to Practice Note 8.10.3.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

Unmatched orders in a security or futures contract in the Trading System may lapse in the event of a suspension of that security or futures contract, as determined by SGX-ST.

Refer to Practice Note 8.10.1

Amended on 3 April 20083 April 2008, 16 September 201616 September 2016 and 8 October 20188 October 2018.

Where SGX-ST has suspended or restricted trading in all listed or quoted securities or futures contract in 1 or more markets, SGX-ST may extend a trading session for the market when trading recommences.

Amended on 3 April 20083 April 2008, 8 April 20148 April 2014, 16 September 201616 September 2016 and 8 October 20188 October 2018.

Securities or futures contracts subject to suspension will be placed in Adjust Phase for a minimum of 15 minutes before trading recommences.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

SGX-ST may prescribe, for certain securities and futures contracts, Circuit Breakers which are designed to temporarily restrict trading in these securities and futures contracts.

Added on 24 February 201424 February 2014 and 8 October 20188 October 2018.

SGX-ST shall impose a Cooling-Off Period on such security or futures contract referred to in Rule 8.10A.1 if an incoming order seeks to be matched, either partially or fully, with an existing order in the Trading System at a price outside the Circuit Breaker.

Added on 24 February 201424 February 2014 and 8 October 20188 October 2018.

Where the Cooling-Off Period is activated pursuant to Rule 8.10A.2, the following will apply:

Added on 24 February 201424 February 2014.

A trading halt may be imposed by SGX-ST at the request of an Issuer.

Refer to Practice Note 8.10.1.

A trading halt may be imposed by SGX-ST on a security or futures contract when its underlying, or such instrument on the same underlying as SGX-ST may prescribe, is subject to a Cooling-Off Period pursuant to Rule 8.10A.2.

Added on 24 February 201424 February 2014 and amended on 8 October 20188 October 2018.

A trading halt may be lifted by SGX-ST at any time.

A trading halt may be changed to a suspension by SGX-ST at any time.

A trading halt may be imposed for up to 3 Market Days or such other short extension as SGX-ST agrees.

A trading halt is for a minimum duration of 30 minutes or such period SGX-ST prescribes.

Amended on 21 September 201121 September 2011.

A trading halt operates in the same way as an Adjust Phase.

Securities or futures contracts which are subject to a trading halt cease to be traded on the Trading System. Except with SGX-ST's approval, a Trading Member must not execute any transactions in a security or futures contract subject to a trading halt.

Refer to Practice Note 8.10.3.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

SGX-ST may prohibit or limit a Trading Member from entering orders on the Trading System for a period not exceeding 14 days if the Trading Member:—

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

If SGX-ST takes action against a Trading Member under Rule 8.12.1, it will inform the Trading Member in writing.

A Trading Member who has access into the Trading System via SGXAccess or such other open interface applications must comply with the requirements SGX-ST prescribes.

Amended on 3 April 20083 April 2008.

In this Rule:

Refer to Practice Note 8A.

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

Deleted on 1 October 20181 October 2018.

Each sell order for Specified Capital Markets Products shall be marked to indicate to SGX-ST whether it is a Short Sell Order or a normal sell order. The quantity, volume or value of the Specified Capital Markets Product in which a person intends to make or is making a Short Sell Order shall also be indicated.

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

A Trading Member and its Trading Representative shall not enter a sell order in the Trading System if a customer has not indicated whether the sell order is a Short Sell Order or a normal sell order and/or has not provided the information relating to the quantity, volume or value of the Specified Capital Markets Product in which the customer intends to make or is making a Short Sell Order.

Added on 1 October 20181 October 2018.

The requirement to mark sell orders as set out in this Rule shall include Direct Business reported through the married trade reporting system of the Trading System pursuant to Rule 8.7

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

A Trading Member shall ensure that the necessary procedures and systems are implemented to facilitate compliance with the obligations set out in this Rule.

Refer to Practice Note 8A.

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

SGX-ST may, at its discretion, exempt any specific Specified Capital Markets Product from the requirement to mark sell orders as set out in this Rule.

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

SGX-ST may, at its discretion, waive the requirement to mark sell orders for specific classes of market participants.

Refer to Practice Note 8A.

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

A Trading Member and its Trading Representatives shall not be required to comply with this Rule in respect of sell orders from the market participants for whom SGX-ST has waived the requirement to mark sell orders for or in such Specified Capital Markets Products as exempted by SGX-ST.

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

SGX-ST shall report before the start of each Market Day the aggregate volume of Short Sell Orders matched and executed for the preceding Market Day and in respect of each Specified Capital Markets Product for which marking is required.

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

SGX-ST may subsequently report corrections to such aggregate volume of Short Sell Orders matched and executed that have been reported pursuant to Rule 8A.5.1.

Added on 11 March 201311 March 2013.

A Trading Member may submit a report of erroneously marked sell orders through such facility that is provided by SGX-ST.

Added on 11 March 201311 March 2013.

A Trading Member shall ensure that the report:

Refer to Practice Note 8A.

Added on 11 March 201311 March 2013 and amended on 1 October 20181 October 2018.

Amended on 10 December 201810 December 2018.

Unless otherwise specified by SGX-ST, delivery of securities for settlement of trades in securities or deliverable futures contracts which are designated by CDP as eligible for clearing is by book entry at CDP.

Amended on 3 April 20083 April 2008, 8 October 20188 October 2018 and 10 December 201810 December 2018.

Delivery of physical certificates is not accepted for settlement of trades in securities or deliverable futures contracts that are designated by CDP as eligible for clearing.

Amended on 3 April 20083 April 2008, 8 October 20188 October 2018 and 10 December 201810 December 2018.

A Securities Account must be maintained with CDP by or for customers who trade in securities or deliverable futures contracts that are designated by CDP as eligible for clearing and by or for each Trading Member who trades in such securities or futures contracts for their own account. The Securities Account may be maintained directly with CDP or through a depository agent.

Amended on 3 April 20083 April 2008, 8 October 20188 October 2018 and 10 December 201810 December 2018.

Unless otherwise agreed between a customer and a Trading Member, trades are settled in the currency of quotation at the exchange rate determined by the Trading Member.

Amended on 10 December 201810 December 2018.

Unless otherwise stated by SGX-ST and subject to Rule 9.1A.2, the Intended Settlement Day and eligibility for clearing of a trade that is executed on the Trading System or reported to SGX-ST is as indicated below:

Where T is the date on which the trade is executed and LTD is the Last Trading Day.

Added on 10 December 201810 December 2018.

SGX-ST may change the trading period and settlement date.

Added on 10 December 201810 December 2018.

If the day indicated in Rule 9.1A.1 is a holiday for the foreign currency in which a trade is to be settled, the Intended Settlement Day for that trade will be the next common banking day on which CDP is open for business.

In this Rule, "common banking day" means a day on which (a) Singapore banks and (b) the relevant bank transfer clearing system designated by CDP for the foreign currency, are both open for settlement.

Added on 10 December 201810 December 2018.

Trades that have not been designated by CDP as eligible for clearing will be settled as agreed between the parties.

Added on 10 December 201810 December 2018.

Amended on 10 December 201810 December 2018.

A selling customer must look only to its Trading Member, who executes the trade, in relation to all obligations in connection with that trade, including payment of sale proceeds.

Amended on 23 January 200923 January 2009 and 10 December 201810 December 2018.

Deleted on 10 December 201810 December 2018.

Unless a selling customer has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Trading Member must make payment of the sale proceeds to the selling customer on the banking day after the day that CDP makes payment to the Trading Member, save that the Trading Member may withhold payment until the selling customer has made delivery.

In this Rule, "banking day" means a day on which the bank(s) used by the Trading Member for payment to its customer is(are) open for settlement.

Added on 10 December 201810 December 2018.

If a selling customer fails to make securities available on Intended Settlement Day and buying-in is conducted under the Clearing Rules in respect of those securities, the selling customer shall be liable to the Trading Member for any costs or losses incurred by the Trading Member in relation to the buying-in.

Amended on 10 December 201810 December 2018.

This Rule 9.3 applies only to trades that are cleared with CDP.

Amended on 10 December 201810 December 2018.

A selling Trading Member must look only to its Clearing Member who qualifies it in relation to all obligations in connection with trades that the selling Trading Member executes, including payment of sale proceeds.

Amended on 23 January 200923 January 2009 and 10 December 201810 December 2018.

A buying Trading Member must look only to its Clearing Member who qualifies it in relation to all obligations in connection with trades that the buying Trading Member executes, including delivery of securities or in the case of a deliverable futures contract, the relevant underlying.

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009, 8 October 20188 October 2018 and 10 December 201810 December 2018.

If a selling Trading Member fails to make securities available on Intended Settlement Day and buying-in is conducted under the Clearing Rules in respect of those securities, the selling Trading Member shall be liable to the Clearing Member for any costs or losses incurred by the Clearing Member in relation to the buying-in.

Added on 10 December 201810 December 2018.

A buying Trading Member must pay its Clearing Member for its trade as follows:

Added on 10 December 201810 December 2018.

Amended on 10 December 201810 December 2018.

Deleted on 10 December 201810 December 2018.

Deleted on 10 December 201810 December 2018.

A buying customer must look only to its Trading Member, who executes the trade, in relation to all obligations in connection with that trade, including delivery of securities or in the case of deliverable futures contracts, the relevant underlying. A buying customer must pay its Trading Member who executes the trade.

Added on 10 December 201810 December 2018.

A Trading Member shall, if informed by CDP or its Clearing Member that a right to receive securities pursuant to an Exchange Trade is to be replaced with a right to receive a monetary sum ("Cash Settlement Amount") pursuant to the Clearing Rules, immediately inform the relevant buying customer.

Added on 10 December 201810 December 2018.

Unless a buying customer has in place arrangements to settle trades with its Trading Member on a delivery-versus-payment basis through the CDP Settlement Facility, the Trading Member must:

In this Rule, "banking day" means a day on which the bank(s) used by the Trading Member for payment to its customer is(are) open for settlement.

Amended on 10 December 201810 December 2018.

A buying customer must pay its Trading Member for its trade as follows:

See Practice Note 9.4.3A(b).

Added on 10 December 201810 December 2018.

Subject to Rules 9.4.4, if a buying customer fails to meet any of the timelines in Rule 9.4.3A, the Trading Member shall force-sell the securities of the buying customer on the following Market Day.

Added on 10 December 201810 December 2018.

Amended on 10 December 201810 December 2018.

A Trading Member exercising its discretion under Rule 9.4.4 must not engage in imprudent credit practices.

The following rules apply to all force-sales by a Trading Member:—

Amended on 10 December 201810 December 2018.

Deleted on 10 December 201810 December 2018.

Deleted on 26 April 201326 April 2013.

Deleted on 26 April 201326 April 2013.

Deleted on 10 December 201810 December 2018.

Deleted on 10 December 201810 December 2018.

Deleted on 10 December 201810 December 2018.

Deleted on 10 December 201810 December 2018.

In this Chapter, "Order" means:—

Amended on 23 January 200923 January 2009.

A Trading Member (except SGX-SPV) and a Trading Representative are bound by this Chapter or any Directives when accessing a Foreign Market via the Exchange Link to execute Orders in a Selected Foreign Security.

SGX-SPV is bound by this Chapter to the extent that it is expressly referred to.

Added on 18 September 201218 September 2012.

Subject to the provisions of this Chapter, a Trading Member may access a Foreign Market via the Exchange Link to execute Orders in a Selected Foreign Security.

SGX-ST may at any time, if it thinks fit:—

The Trading Member, Trading Representative and SGX-SPV must act on a direction of SGX-ST.

SGX-SPV must be a Trading Member and a Clearing Member for the purpose of facilitating Orders pertaining to a Selected SGX Security for execution in SGX-ST (inbound) and Orders pertaining to a Selected Foreign Security for execution in a Foreign Exchange (outbound).

SGX-SPV must be admitted as a Trading Member of SGX-ST if SGX-ST is satisfied that the following conditions have been, or will be, met:—

In relation to SGX-SPV as a Trading Member, SGX-ST will carry out its functions and exercise its powers in a like manner to the way it would carry out its functions in respect of other Trading Members, recognising the limited functions that SGX-SPV is intended to perform. SGX-SPV will not apply for an exemption, waiver or other exercise of discretion under the SGX-ST Rules unless it has first notified the Authority.

For outbound Orders, SGX-SPV:—

For inbound Orders, SGX-SPV, in its capacity as agent for the Foreign Portal Dealer, must:—

Amended on 3 April 20083 April 2008.

SGX-SPV may close out a position or correct an error if, in its opinion, it is necessary or desirable to manage risks prudently or meet requirements for the operation of the Service.

Amended on 23 January 200923 January 2009.

When accessing a Foreign Market via the Exchange Link to trade in Selected Foreign Securities, a Trading Member:—

The following Rules apply to an Order executed on a Foreign Market via the Exchange Link by SGX-SPV:—

A Trading Member is responsible for its Order, regardless of whether the Trading Member authorised the sending of the Order.

The primary object of the core trading principles is to promote proper and orderly trading of Selected Foreign Securities via the Exchange Link.

Rule 10.6 applies to:—

Unless agreed by the Foreign Exchange concerned, a Trading Member and a Trading Representative must not trade, or make a market in, any Selected Foreign Security on the Foreign Market via the Exchange Link if that security is suspended.

A Trading Member must not act itself or with 1 or more persons in concert with the object of securing or acquiring control of any security on a Foreign Market that the same cannot be obtained for delivery on existing contracts except at prices or on terms dictated by such person or persons.

A Trading Member must not short sell any Selected Foreign Security on a Foreign Market except as permitted by the Foreign Exchange concerned.

A Trading Member must comply with any conditions on dealing imposed in a Foreign Market in relation to securities that may have been subject to manipulation or excessive speculation.

SGX-ST may undertake any investigation or inspection or take any other action under its Rules if it becomes aware of possible or alleged non-compliance with the core trading principles under Rule 10.6.

Amended on 15 September 201715 September 2017.

None of SGX-ST, SGX-SPV, SGX RegCo, or their respective Directors, Officers, employees, representatives or agents shall be liable to a Trading Member or other person in respect of any loss or damage (including consequential loss or damage) which may be incurred, or arise directly or indirectly, in connection with:—

Amended on 15 September 201715 September 2017.

The limitation of liability under Rule 10.8 includes any loss or damage arising in connection with:—

Rule 10.8 does not affect:—

In this Chapter:—

“Originating Participant” means a Trading Member who is granted participation privileges by SGX-ST to the ASEAN Trading Linkage, for the execution of orders and trades on a market of a Foreign ASEAN Exchange as a customer of a member of such Foreign ASEAN Exchange.

“Sponsoring Participant” means a Trading Member who is granted participation privileges by SGX-ST to the ASEAN Trading Linkage for the purposes of enabling its Sponsored Access customer to gain access to SGX-ST via the ASEAN Trading Linkage infrastructure.

Added on 18 September 201218 September 2012.

A Trading Member who has been granted participation privileges by SGX-ST to the ASEAN Trading Linkage and its Trading Representatives are bound by this Chapter in respect of all activities undertaken in connection with the ASEAN Trading Linkage.

Added on 18 September 201218 September 2012.

Any Trading Member may participate in the ASEAN Trading Linkage as an Originating Participant, subject to the provision of such information and documentation as SGX-ST may require.

Added on 18 September 201218 September 2012.

A Trading Member may participate in the ASEAN Trading Linkage as a Sponsoring Participant if it is also a Clearing Member, subject to the provision of such information and documentation as SGX-ST may require.

Added on 18 September 201218 September 2012.

A Trading Member participating in the ASEAN Trading Linkage must, at all times, comply with these Rules and the Securities and Futures Act in carrying on its business in connection with the ASEAN Trading Linkage.

Added on 18 September 201218 September 2012.

Without prejudice to the generality of Rule 10A.4.1, a Sponsoring Participant must comply with the requirements under these Rules applicable to the authorisation of Sponsored Access to its customer.

Added on 18 September 201218 September 2012.

Without prejudice to the generality of Rule 10A.4.1, in trading for its customers via the ASEAN Trading Linkage, an Originating Participant must comply with all provisions in the Securities and Futures Act applicable to the conduct of its business.

Added on 18 September 201218 September 2012.

Without prejudice to the generality of Rule 10A.4.1, in trading on a market of a Foreign ASEAN Exchange via the ASEAN Trading Linkage, an Originating Participant must comply with all provisions in the Securities and Futures Act applicable to market conduct on such markets.

Added on 18 September 201218 September 2012.

SGX-ST may, at its discretion, determine the products listed or quoted on SGX-ST which may be available for trading via the ASEAN Trading Linkage.

Added on 18 September 201218 September 2012.

The Foreign ASEAN Exchanges refers to such exchanges and market operators as SGX-ST may prescribe.

Added on 18 September 201218 September 2012.

Unless prohibited or otherwise excluded by the Foreign ASEAN Exchanges, all products listed or quoted on the Foreign ASEAN Exchanges are available for trading via the ASEAN Trading Linkage.

Added on 18 September 201218 September 2012.

Amended on 15 September 201715 September 2017.

Without prejudice to Rule 2.4, none of SGX-ST, SGX RegCo, or their respective Directors, Officers, employees, representatives or agents shall be liable to a Trading Member or other person in respect of any loss or damage (including consequential loss or damage) which may be incurred, or arise directly or indirectly, in connection with:—

Added on 18 September 201218 September 2012 and amended on 15 September 201715 September 2017.

The limitation of liability under Rule 10A.6 includes any loss or damage arising in connection with:—

Added on 18 September 201218 September 2012.

Amended on 29 December 201429 December 2014.

In this Chapter,

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

Amended on 23 January 200923 January 2009, 19 May 201419 May 2014, 29 December 201429 December 2014 and 22 April 201922 April 2019.

Unless the context requires otherwise, where the terms defined in Rule 11.1.1 are defined in relation to a holder of a Capital Markets Services Licence, such definitions shall, with the necessary modifications, apply to a Trading Member, as those definitions apply to a holder of a Capital Markets Services Licence whether or not that Trading Member holds a Capital Markets Services Licence.

Added on 29 December 201429 December 2014.

The following requirements apply in relation to Trading Members:—

Added on 19 May 201419 May 2014 and amended on 29 December 201429 December 2014.

Deleted on 22 April 201922 April 2019.

Amended on 29 December 201429 December 2014 and 22 April 201922 April 2019.

The base capital requirement of:—

If a Trading Member fails to comply or becomes aware that it will fail to comply with the base capital requirement prescribed under Rule 11.2, or such higher base capital requirement as SGX-ST may have imposed under Rule 11.5, it shall immediately notify SGX-ST.

SGX-ST may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to do all or any of the following, as SGX-ST deems fit and appropriate:—

Amended on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

Deleted on 22 April 201922 April 2019.

This Rule 11.3 shall apply to a Trading Member that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member shall not cause or permit:—

to fall below its total risk requirement.

Amended on 29 December 201429 December 2014.

Financial resources and adjusted net head office funds shall be calculated in the same manner as prescribed in Regulation 2 of the SFR (Financial and Margin Requirements).

Amended on 29 December 201429 December 2014.

Total risk requirement shall be calculated in the same manner as prescribed in the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences.

Amended on 29 December 201429 December 2014.

Deleted on 29 December 201429 December 2014.

If a Trading Member fails to comply or becomes aware that it will fail to comply with the financial resources requirement prescribed under Rule 11.3, or such higher financial resources requirement as SGX-ST may have imposed under Rule 11.5, it shall immediately notify SGX-ST.

Regardless whether or not there has been any notification by a Trading Member under Rule 11.3.5, if the financial resources or adjusted net head office funds of the Trading Member, as the case may be, are below the total risk requirement prescribed under Rule 11.3 or such higher percentage of the total risk requirement as SGX-ST may have imposed under Rule 11.5, it shall be deemed a breach of a provision of the SGX-ST Rules by the Trading Member. SGX-ST may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to do all or any of the following, as SGX-ST deems fit and appropriate:—

A Trading Member shall immediately notify SGX-ST if:—

fall below 120% of its total risk requirement.

If SGX-ST is notified by a Trading Member under Rule 11.3.7 or becomes aware (whether or not there has been any notification by the Trading Member under Rule 11.3.7) that the Trading Member's financial resources or adjusted net head office funds, as the case may be, have fallen or will fall below 120% of its total risk requirement, or such higher percentage as SGX-ST may have imposed under Rule 11.5, SGX-ST shall be entitled to require the Trading Member to comply with any or all of the directions prescribed under Regulation 7(3) of the SFR (Financial and Margin Requirements).

A Trading Member shall immediately notify SGX-ST if:—

fall below 150% of its total risk requirement.

If SGX-ST is notified by a Trading Member under Rule 11.3.9 or becomes aware (whether or not there has been any notification by the Trading Member under Rule 11.3.9) that the Trading Member's financial resources or adjusted net head office funds, as the case may be, have fallen or will fall below 150% of its total risk requirement, or such higher percentage as SGX-ST may have imposed under Rule 11.5, SGX-ST shall be entitled to require the Trading Member to:—

Deleted on 29 December 201429 December 2014.

This Rule 11.4 shall apply to a Trading Member that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member shall not cause or permit its aggregate indebtedness to exceed 1200% of its aggregate resources.

If a Trading Member fails to comply or becomes aware that it will fail to comply with the aggregate indebtedness requirement prescribed under Rule 11.4, or such lower percentage of aggregate indebtedness over aggregate resources as SGX-ST may have imposed under Rule 11.4, it shall immediately notify SGX-ST.

Regardless of whether or not there has been any notification by a Trading Member under Rule 11.4.2, if the aggregate indebtedness of the Trading Member exceeds 1200% of its aggregate resources prescribed under Rule 11.4, or such lower percentage of aggregate indebtedness over aggregate resources as SGX-ST may have imposed under Rule 11.5, it shall be deemed a breach of a provision of the SGX-ST Rules by the Trading Member. SGX-ST may refer the matter to the Disciplinary Committee, and may take such interim control measures, including but not limited to do all or any of the following, as SGX-ST deems fit and appropriate:—

A Trading Member shall immediately notify SGX-ST if its aggregate indebtedness exceeds 600% of its aggregate resources.

If SGX-ST is notified by a Trading Member under Rule 11.4.4 or becomes aware (whether or not there has been any notification by the Trading Member under Rule 11.4.4) that the Trading Member's aggregate indebtedness has exceeded or will exceed 600% of its aggregate resources, or such lower percentage as SGX-ST may have imposed under Rule 11.5, SGX-ST shall be entitled to require the Trading Member to comply with any or all of the directions prescribed under Regulation 17(2) of the SFR (Financial and Margin Requirements).

Added on 29 December 201429 December 2014.

SGX-ST may prescribe for 1 or more Trading Members, capital, financial and other requirements in excess of the minimum prescribed under Chapter 11 herein on the basis of volume, risk exposure of positions carried, risk concentration, 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 SGX-ST.

Deleted on 30 May 200730 May 2007.

This Rule 11.7 shall apply to a Trading Member that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member shall immediately notify SGX-ST if the Trading Member's exposure to a single customer exceeds 20% of its average aggregate resources. To reduce the Trading Member's risk exposure to a single customer, SGX-ST shall have the right to impose on the Trading Member such risk management measures as it deems necessary.

For the purpose of Rule 11.7.1, the full amount of the letter(s) of credit or any part thereof deposited pursuant to Rule 11.4.6 may be taken into account for the calculation of aggregate resources.

Amended on 29 December 201429 December 2014.

In this Rule, "exposure to a single customer" means:—

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 1 July 20161 July 2016.

For the purposes of Rule 11.7.3, a security or futures contract is deemed to be carried in a customer's account (other than a margin account) carried on the books of the Trading Member on the contract date specified in the contract note in respect of the transaction in that security or futures contract or on the exercise date specified in the exercise notice in respect of an option in that security which has been exercised.

Amended on 23 January 200923 January 2009 and 1 July 20161 July 2016.

In this Rule:—

"single customer" means, in relation to a customer who is:—

This Rule 11.7A shall apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b). Such Trading Member shall have in place adequate tools and procedures to monitor its exposure to a single customer. SGX-ST shall have the right to require such Trading Member to demonstrate the adequacy of such tools and procedures as it deems necessary.

Added on 19 May 201419 May 2014.

The Trading Member shall immediately notify SGX-ST if the Trading Member's exposure to a single customer exceeds its internal threshold.

Added on 19 May 201419 May 2014.

In this Rule 11.7A, "single customer" and "exposure to a single customer" shall have the meaning ascribed to it in Rule 11.7.

Added on 19 May 201419 May 2014.

This Rule 11.8 shall apply to a Trading Member that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member shall immediately notify SGX-ST if the Trading Member's exposure to a single security exceeds:—

To reduce a Trading Member's risk exposure to a single security, SGX-ST shall have the right to impose on the Trading Member such risk management requirements as it thinks fit.

For the purpose of Rule 11.8.1, the full amount of the letter(s) of credit or any part thereof deposited pursuant to Rule 11.4.6 may be taken into account for the calculation of aggregate resources.

Amended on 29 December 201429 December 2014.

For the purpose of Rule 11.8.1, "exposure to a single security" means:—

Amended on 23 January 200923 January 2009, 29 December 201429 December 2014, 1 July 20161 July 2016 and 8 October 20188 October 2018.

For the purposes of this Rule, a security is deemed to be carried in a customer's cash account or a Trading Member's own account (such account being an account carried on the books of the Trading Member) on the contract date specified in the contract note in respect of the transaction in that security or on the exercise date specified in the exercise notice in respect of an option in that security which has been exercised.

Amended on 1 July 20161 July 2016.

For the purposes of this Rule, in calculating exposure in any particular security, all outstanding options exercisable into that security shall be included in such computation.

For the purposes of Rule 11.8.4(2) and Rule 11.8.4(4), in calculating exposure in any particular security, all futures contracts with that security as an underlying shall be included in such computation.

Added on 3 April 20083 April 2008.

This Rule shall not apply to:—

For the purposes of this Rule, where a security quoted on SGX-ST or any recognised group A securities exchange has been suspended for more than 30 consecutive days, a Trading Member shall not permit its exposure to the security to increase in monetary value above the level subsisting on the thirtieth consecutive day of suspension until such time that the suspension has been lifted.

In this Rule:—

"single security" includes ordinary and preference shares, loan stocks, company warrants, structured warrants, transferable subscription rights, bonds, debentures, depository receipts, options and any other debt instruments or equity securities.

Amended on 3 April 20083 April 2008.

This Rule 11.8A shall apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b). Such Trading Member shall have in place adequate tools and procedures to monitor its exposure to a single security. SGX-ST shall have the right to require such Trading Member to demonstrate the adequacy of such tools and procedures as it deems necessary.

Added on 19 May 201419 May 2014.

The Trading Member shall immediately notify SGX-ST if the Trading Member's exposure to a single security exceeds its internal threshold.

Added on 19 May 201419 May 2014.

In this Rule 11.8A, "single security" and "exposure to a single security" shall have the meaning ascribed to it in Rule 11.8.

Added on 19 May 201419 May 2014.

Subject to the margin financing requirements of this Rule, a Trading Member who is licensed to conduct product financing may extend credit facilities to customers for transactions in Specified Products.

Amended on 23 January 200923 January 2009 and 8 October 20188 October 2018.

Added on 19 May 201419 May 2014 and amended on 29 December 201429 December 2014.

Margin financing arrangements shall be evidenced in the form of a written agreement executed between the Trading Member and the customer.

Amended on 23 January 200923 January 2009.

If a Trading Member seeks to mortgage, pledge or hypothecate the Specified Products or property of any customer who operates a margin financing account with a Trading Member (such account being an account carried on the books of the Trading Member) shall authorise the Trading Member to mortgage, pledge or hypothecate the customer's securities or property for a sum not exceeding the debit balance in the margin financing account and without obligation to retain in its possession or control Specified Products of like character. The Trading Member shall also be given the discretion to sell or dispose of any or all the Specified Products in any manner in order to meet with the prescribed margin financing requirements.

Amended on 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

A Trading Member shall not cause or permit any new transaction made in a customer's margin financing account (such account being an account carried on the books of the Trading Member) unless the resulting equity in the account is not less than 140% of the debit balance, or the Trading Member has required the customer to deposit margin in the margin financing account within 2 Market Days from the date of the Specified Products transaction to bring the equity to not less than 140% of the debit balance.

Amended on 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

A Trading Member who provides margin financing must obtain margin from each customer in respect of any margin financing account (such account being an account carried on the books of the Trading Member) and in respect of any credit facility provided to the customer for Specified Products transactions. The margin deposited by customers with the Trading Member shall be in the form of acceptable collateral and such other instruments as SGX-ST may from time to time prescribe.

Amended on 10 November 200610 November 2006 and 8 October 20188 October 2018.

Amended on 10 November 200610 November 2006, 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

Deleted on 14 November 200514 November 2005.

A Trading Member shall cause daily review to be made of all margin financing accounts carried on the books of the Trading Member to ensure that credit is not over-extended beyond the approved facility and that the margin financing requirements prescribed above are met at all times. For the purpose of computing margin financing requirements in a margin financing account, the last done price of the Specified Product on the preceding Market Day, or in the case of a Prescribed Instrument, the closing price of the Prescribed Instrument on the preceding Market Day, shall be used. All transactions done on the same day shall be combined on a transaction date basis and the total cost of purchase or the net proceeds of sale including any commission charged and other expenses shall be taken into account for computing margin financing requirements.

Amended on 23 January 200923 January 2009, 24 February 201424 February 2014, 1 July 20161 July 2016 and 8 October 20188 October 2018.

A Trading Member shall have the discretion to impose higher margin financing requirements on any of its customers.

Amended on 23 January 200923 January 2009.

A customer may withdraw cash or Specified Products from his margin financing account carried on the books of his Trading Member provided that the equity in his account does not fall to 140% of the debit balance or less.

Amended on 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

A Trading Member shall not cause or permit:

Amended on 12 October 200512 October 2005, 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

Deleted on 12 October 200512 October 2005.

All transactions in a margin account carried on the books of the Trading Member shall be on an immediate or a ready basis. The margin account shall not be used to subscribe for new issue of securities, or to meet margin requirements in respect of Marginable Futures Contracts.

Amended on 23 January 200923 January 2009 and 1 July 20161 July 2016.

In computing the market value of Specified Products bought and carried in a customer's margin financing account (such account being an account carried on the books of the Trading Member) and the market value of securities deposited as collateral by the margin customer, the Trading Member shall apply such applicable discounts as SGX-ST may prescribe from time to time.

Amended on 23 January 200923 January 2009, 1 July 20161 July 2016 and 8 October 20188 October 2018.

SGX-ST shall have the absolute discretion to vary any or all of the margin financing requirements stipulated in Rule 11.9, and impose such other requirements for margin financing transactions from time to time as it deems fit and appropriate.

Amended on 23 January 200923 January 2009.

In this Rule:—

Amended on 12 October 200512 October 2005 and 10 November 200610 November 2006.

Amended on 19 May 201419 May 2014.

A Trading Member shall submit to SGX-ST financial returns as follows:

Refer to SGX Data Submission Website (https://esub.sgx.com) for the submission template.

Amended on 3 January 20073 January 2007, 19 May 201419 May 2014, 29 December 201429 December 2014 and 22 April 201922 April 2019.

Where a Trading Member fails to submit the statements required in Rule 11.10.1 within the prescribed time, there shall be imposed upon the Trading Member a late fee of $100 for each day that the statements are not submitted in the prescribed time, unless an extension of time has been granted.

Requests for extension of time shall be submitted to SGX-ST at least 3 Market Days prior to the due date for submission of the statements.

A Trading Member shall be required to resubmit the statements and documents prescribed under Rule 11.10.1 and take such other steps as SGX-ST may require upon SGX-ST's notification that the statements and documents are inaccurate or incomplete.

A Trading Member shall:

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

If SGX-ST is not satisfied with the performance of duties by an external auditor appointed by a Trading Member in relation to the Trading Member's activities on SGX-ST, it may:

Added on 19 May 201419 May 2014.

A Trading Member shall, within 5 months after the close of the financial year, furnish to SGX-ST the following information:

Amended on 12 October 200512 October 2005, 19 May 201419 May 2014, 29 December 201429 December 2014, 8 October 20188 October 2018 and 22 April 201922 April 2019.

Where, in the performance of his duties, the Trading Member's auditor becomes aware:—

the auditor shall immediately report the matter to SGX-ST.

Amended on 19 May 201419 May 2014 and 8 October 20188 October 2018.

A Trading Member which is incorporated in Singapore shall make such provisions in its annual accounts as SGX-ST may from time to time require.

Deleted on 20 June 200520 June 2005.

Deleted on 20 June 200520 June 2005.

A Trading Member which is incorporated in Singapore shall not reduce its paid-up ordinary share capital or paid-up irredeemable and non-cumulative preference share capital without the prior written approval of SGX-ST.

Amended on 10 November 200610 November 2006 and 29 December 201429 December 2014.

Amended on 29 December 201429 December 2014.

Amended on 29 December 201429 December 2014.

A Trading Member shall not, without the prior written approval of SGX-ST, make any unsecured loan or advance, pay any dividend or director's fees or increase any director's remuneration if:—

Amended on 29 December 201429 December 2014.

Rules 11.13.1 to 11.13.4 shall not apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b). Such a Trading Member shall notify the Exchange immediately of any actions taken relating to:

Added on 19 May 201419 May 2014 and amended on 22 April 201922 April 2019.

A Trading Member that holds a Capital Markets Services Licence licence shall keep a register of its directors and their connected persons. For the purpose of this Rule, a "connected person" has the meaning ascribed to it in Section 2 of the SFA.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member, Director or Trading Representative must:—

Refer to Directive No. 4.

Amended on 18 September 201218 September 2012, 19 May 201419 May 2014 and 29 December 201429 December 2014.

A Trading Member must ensure the integrity, security and confidentiality in the transmission and storage of all records.

A Trading Member must make records available to SGX-ST at such time as SGX-ST requires.

Added on 18 September 201218 September 2012.

A Trading Member and its Trading Representative must maintain confidentiality of a customer's information, unless:—

A Trading Member must ensure that a person to whom it discloses a customer's information under Rules 12.2.1(2) and (3) maintains confidentiality of such information.

Before opening an individual customer account on its books, a Trading Member must:—

Refer to Practice Note 12.3.1, Practice Note 12.3.1, 12.3.2 and Practice Note 12.3.1, 12.3.4.

Amended on 1 July 20161 July 2016.

Before opening a corporate customer account on its books, a Trading Member must:—

Refer to Practice Note 12.3.1, 12.3.2.

Amended on 3 April 20083 April 2008, 1 July 20161 July 2016 and 8 October 20188 October 2018.

For an agency customer account carried on the books of a Trading Member, the Trading Member must have on file:—

Amended on 1 July 20161 July 2016.

Refer to Practice Note 12.3.1, 12.3.4.

Amended on 14 May 200914 May 2009 and 1 July 20161 July 2016.

Amended on 1 July 20161 July 2016.

A Trading Member must ensure that the customer is aware of and must obtain a written acknowledgement from the customer that the customer is aware of and understands the risks associated with holding and trading securities and futures contracts in accordance with:

Amended on 3 April 20083 April 2008, 18 September 201218 September 2012, 19 May 201419 May 2014, 29 December 201429 December 2014 and 8 October 20188 October 2018.

Amended on 18 September 201218 September 2012, 26 April 201326 April 2013 and 1 July 20161 July 2016.

In this Rule 12.3, a customer account on the books of a Trading Member includes an account of a Trading Representative.

Amended on 1 July 20161 July 2016.

Deleted on 1 July 20161 July 2016.

Save for Accredited Investors and Institutional Investors, a Trading Member must provide its Internet Trading customers with adequate information, guidance and training on:—

With respect to Accredited Investors and Institutional Investors, a Trading Member's obligation relates solely to the provision of adequate information in relation to prohibited trading practices.

Added on 18 September 201218 September 2012.

Before accepting any orders from a third party, a Trading Member must obtain written authorisation from the customer empowering the third party to trade for the customer's account carried on the books of the Trading Member.

Amended on 1 July 20161 July 2016.

Unless SGX-ST decides otherwise, the commission rate chargeable for the purchase or sale of securities or futures contracts is negotiable.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

All charges and expenses, including any fees imposed by CDP and/or SGX-ST, stamp duty and Goods and Services Tax, to be borne by the customer (whether included as part of the brokerage or otherwise) must be accurately disclosed to the customer and agreed between the customer and the Trading Member.

Amended on 1 July 20161 July 2016.

A Trading Member must send its customer a contract note for the purchase or sale of securities or futures contracts.

Refer to Practice Note 12.6.1.

Amended on 3 April 20083 April 2008, 19 May 201419 May 2014, 1 July 20161 July 2016 and 8 October 20188 October 2018.

The contract note must state that the contract is subject to the Rules and Directives of SGX-ST if the trade is:—

Amended on 3 April 20083 April 2008.

In the case of a Trading Member that holds a Capital Markets Services Licence<:

Amended on 23 January 200923 January 2009, 19 May 201419 May 2014, 29 December 201429 December 2014 and 1 July 20161 July 2016.

In the case of a Trading Member that holds a licence specified in Rule 4.1.1(1)(b), a contract note must comply with such requirements as may be prescribed by the Relevant Regulatory Authority, including requirements relating to a customer's contract note in electronic form. The Trading Member shall immediately notify SGX-ST on any changes to such requirements. Notwithstanding the foregoing, SGX-ST shall have the discretion to prescribe additional requirements.

Amended on 19 May 201419 May 2014.

[Rule has been deleted.]

Deleted on 19 May 201419 May 2014.

[Rule has been deleted.]

Deleted on 19 May 201419 May 2014.

If asked by SGX-ST, a Trading Member must produce the contract notes in substantially the same form and containing the same trading information as were given to customers.

Amended on 19 May 201419 May 2014.

A Trading Member must send its customer statements of account on a regular basis in accordance with:

Amended on 19 May 201419 May 2014, 1 July 20161 July 2016 and 8 October 20188 October 2018.

[Rule has been deleted.]

Deleted on 8 October 20188 October 2018.

[Rule has been deleted.]

Deleted on 19 May 201419 May 2014.

[Rule has been deleted.]

Deleted on 19 May 201419 May 2014.

If asked by SGX-ST, a Trading Member must produce the statement of accounts in substantially the same form and containing the same information as were given to customers.

A Trading Member may amend a contract if there is a valid reason for the amendment.

At least 1 senior management staff independent of sales or dealing of a Trading Member, or a senior management staff of a related corporation of that Trading Member charged with the contract amendment function, must approve the amendment of contract.

The approval must be given before the contract is amended.

A Trading Member must communicate directly with its customers in respect of statements, contract notes, or all other information, whether in writing or electronically, unless the customer has authorised otherwise in writing.

A Trading Member must not allow any person other than the customer to collect any cash, share certificates, contract notes, credit or debit notes, cheques or statements, unless the customer has authorised that person in writing.

All cheques to customers must be crossed, unless:—

A Trading Member must not accept a house cheque (a crossed cheque issued by the Trading Member in favour of a customer) from a customer unless:—

Subject to Rule 12.10A.2, a Trading Member must discharge its fiduciary obligations to its Customers by:

Added on 19 May 201419 May 2014.

A Trading Member shall:

Added on 19 May 201419 May 2014 and amended on 29 December 201429 December 2014.

A Trading Member must comply with Part III, Divisions 2 and 4 of the Securities and Futures (Licensing and Conduct of Business) Regulations on customer's money. For the purpose of this Rule, "customer" includes a Remisier, unless otherwise specified.

Amended on 23 January 200923 January 2009.

Regulation 16(1)(b) of the Securities and Futures (Licensing and Conduct of Business) Regulations does not apply to a Remisier. A Trading Member must deposit all money received on account of a Remisier in a trust account.

Amended on 23 January 200923 January 2009.

A Trading Member must designate the accounts maintained with a financial institution specified in Regulation 17 of the Securities and Futures (Licensing and Conduct of Business) Regulations for a customer or a Remisier as a trust account, or customer or Remisier account, as the case may be.

Amended on 23 January 200923 January 2009.

A Trading Member must deposit money received on account of customers in a separate trust account from Remisiers.

Amended on 23 January 200923 January 2009.

A Trading Member must not commingle money received on account of its customers or its Remisiers with its own funds. However, a Trading Member may deposit its own funds into a trust account under the circumstances specified in Regulation 23(1) of the Securities and Futures (Licensing and Conduct of Business) Regulations.

Amended on 23 January 200923 January 2009.

A Trading Member must not withdraw a Remisier's money from a trust account except to:—

A Trading Member must notify the Remisier of the withdrawal made under Rule 12.11.6 by the next business day.

This Rule shall not apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b).

Added on 19 May 201419 May 2014.

A Trading Member must comply with Part III, Divisions 3 and 4 of the Securities and Futures (Licensing and Conduct of Business) Regulations on customer's assets. For the purpose of this Rule, "customer" includes a Remisier, unless otherwise specified.

Amended on 23 January 200923 January 2009.

Regulations 30, 33 and 34 of the Securities and Futures (Licensing and Conduct of Business) Regulations do not apply to a Remisier.

Amended on 23 January 200923 January 2009.

A Trading Member must designate the accounts maintained with a financial institution specified in Regulation 27 of the Securities and Futures (Licensing and Conduct of Business) Regulations for a customer or a Remisier as a trust account, or customer or Remisier account, as the case may be.

Amended on 23 January 200923 January 2009.

A Trading Member must deposit assets of its customers in a separate custody account from Remisiers.

Amended on 23 January 200923 January 2009.

A Trading Member must not commingle the assets of a customer or Remisier with its own assets.

A Trading Member must not withdraw a Remisier's assets from a custody account except to:—

A Trading Member must notify the Remisier of the withdrawal under Rule 12.12.6 by the next business day.

For the purpose of this Rule, "Remisier's assets" means any securities and assets (other than money) that are beneficially owned by a Remisier.

This Rule shall not apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b).

Added on 19 May 201419 May 2014.

A Trading Member that holds a Capital Markets Services Licence must inform SGX-ST (or any third party to whom SGX-ST has outsourced its operational functions) of the particulars of any customer account carried on the books of the Trading Member that it considers to be a delinquent account. SGX-ST (or the third party) may disseminate such information to all other Trading Members that holds a Capital Markets Services Licence.

Amended on 19 May 201419 May 2014, 29 December 201429 December 2014 and 1 July 20161 July 2016.

A Trading Member must have processes in place to minimise and manage any conflicts of interest, including but not limited to separating its front office and back office functions to prevent any conflict of interests.

Amended on 18 September 201218 September 2012.

All purchases and sales of securities or futures contracts by a Trading Member for its proprietary account must be made under a separate Stock Account of the Trading Member.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Stock Account must be operated by a Director, or his designate, who is licensed to trade.

Amended on 3 April 20083 April 2008.

A Trading Member must not allow a Remisier to operate a Stock Account.

Amended on 3 April 20083 April 2008.

Deleted on 1 July 20161 July 2016.

Amended on 3 April 20083 April 2008 and 23 January 200923 January 2009 and deleted on 1 July 20161 July 2016

Deleted on 1 July 20161 July 2016.

Deleted on 1 July 20161 July 2016.

Deleted on 1 July 20161 July 2016.

A Trading Member must require a Director, Officer, Dealer and employee to obtain the prior written approval of a senior management staff independent of sales or dealing of a Trading Member, or a senior management staff of a related corporation of that Trading Member charged with the approval function, for each trade in his or her personal account or an account over which he or she has control or influence (other than a customer's Discretionary Account) (such account(s) being an account carried on the books of the Trading Member).

Refer to Practice Note 12.17.1.

Amended on 3 April 20083 April 2008 and 1 July 20161 July 2016.

A Trading Representative of the Trading Member must not execute an order for an account referred to in Rule 12.17.1, unless the order is authorised in writing as required under Rule 12.17.1.

A Trading Member must require a Director, Officer, Trading Representative or employee of the Trading Member to trade through it. However, if this is impractical, the Trading Member meets this Rule if it has procedures to monitor such trades and it documents the circumstances that give rise to the impracticality.

A Trading Member must not knowingly buy or sell securities or futures contracts for a Director, Officer, Trading Representative or employee of another Trading Member, except with the prior written approval of the other Trading Member.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member must have in place procedures to ensure that agents who are privy to confidential information relating to dealing in securities or trading in futures contracts, do not use such information to trade for their own benefit.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member must have in place procedures to monitor the trading activities of its Directors, Officers, Trading Representatives and employees.

Refer to Practice Note 12.17.1.

A Trading Member must carry out checks from time to time to ensure compliance with:

Amended on 19 May 201419 May 2014.

The checks must be carried out by an internal audit or compliance department/person whose reporting line is independent of dealing, sales and operations.

Added on 19 May 201419 May 2014.

A Trading Member linked to a broker-linked balance must have a written agreement with the holder of the broker-linked balance setting out (a) the circumstances under which the Trading Member may cause securities to be delivered or transferred into the broker-linked balance; and (b) the conditions to which the Trading Member's rights over the securities in the broker-linked balance are subject. The Trading Member must provide the written agreement to SGX-ST for inspection if requested.

Added on 10 December 201810 December 2018.

The Trading Member shall act in accordance with the written agreement, the Rules and the Act, save that nothing in the Rules shall prevent a Trading Member from releasing securities from the broker-linked balance linked to it into the customer's main balance.

Added on 10 December 201810 December 2018.

Subject to Rule 12.18A.4, a Trading Member must approve the release of securities from the broker-linked balance linked to it by the end of the Market Day following the day on which it receives the customer's request for such release. SGX-ST may, at its discretion, waive or vary this timeline. In accordance with Rule 12.1.1, a Trading Member must maintain proper, complete and accurate records of each customer's requests and its response to such requests.

Added on 10 December 201810 December 2018.

A Trading Member may withhold approval for the release of any securities from a broker-linked balance linked to it only to the extent necessary to secure an obligation owed to it by the holder of the broker-linked balance.

Added on 10 December 201810 December 2018.

A Trading Member that does not approve a customer's request for release of any securities must:

Added on 10 December 201810 December 2018.

SGX-ST may, in respect of any Securities Account that is maintained directly with it:

Added on 10 December 201810 December 2018.

A resigning Trading Member must, in respect of each customer that has a broker-linked balance linked to it, release all securities in the broker-linked balance into the customer's main balance by the effective date of resignation.

Added on 10 December 201810 December 2018.

A Trading Member must ensure that any advertising or publicity:—

A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall not direct any advertising or publicity to deal in securities or futures contracts on SGX-ST to customers domiciled in Singapore or to the extent that it may be acted upon by customers in Singapore.

Added on 19 May 201419 May 2014 and amended on 8 October 20188 October 2018.

A Trading Member and its Trading Representatives may receive goods and services from a broker for directing business to the broker if:—

Refer to Practice Note 12.20.1.

A Trading Member may pay for goods and services to customers for directing business to the Trading Member if:—

Refer to Practice Note 12.20.1.

A Trading Member must not allow any unauthorised person to use, or operate out of, its office premises.

A Trading Member must use forms that SGX-ST prescribes.

The following Rules shall not apply to a Trading Member that holds a licence specified in Rule 4.1.1(1)(b).

Added on 19 May 201419 May 2014 and amended on 1 July 20161 July 2016.

A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall comply with such requirements established by the Relevant Regulatory Authority, if any, and principles of good business practice in relation to the areas set out in Rule 12.23.1.

Added on 19 May 201419 May 2014.

In this Chapter 12A:-

"Authorized Trading Member" means a Trading Member who has been duly authorized under Rule 5A.4 of the Clearing Rules by its qualifying Clearing Member to open and maintain Position Accounts or to open, maintain and allocate positions to Position Accounts, as the case may be.

"Authorized Account" means the Position Account (of the Authorized Trading Member or of the Authorized Trading Member's customer) that an Authorized Trading Member is authorized by its qualifying Clearing Member to open and maintain or to open, maintain and allocate positions to, under Rule 5A.4 of the Clearing Rules.

"TPC Trading Member" means a Trading Member who is qualified by a third-party Clearing Member and includes, unless otherwise specified, an Authorized Trading Member.

Added on 1 July 20161 July 2016.

Where an Authorized Trading Member is authorized by a Clearing Member to open and maintain Authorized Accounts under Rule 5A.4.1(a) of the Clearing Rules, Rules 5A.1 and 5A.2 of the Clearing Rules shall, with the necessary modifications, apply to the Authorized Trading Member in respect of each Authorized Account, as those provisions apply to the Clearing Member.

Added on 1 July 20161 July 2016.

Where an Authorized Trading Member is authorized by a Clearing member to open, maintain and allocate positions to the Authorized Accounts under Rule 5A.4.1(b) of the Clearing Rules, Rules 5A.1, 5A.2, 5A.3 and 5A.6 of the Clearing Rules shall, with the necessary modifications, apply to the Authorized Trading Member in respect of each of its Authorized Account, as those provision apply to the Clearing Member.

Added on 1 July 20161 July 2016.

Subject to Rule 12A.3.2., an Authorized Trading Member shall identify, or ensure that such information is made available, to SGX-ST any underlying beneficial owner and/or any controlling party of any Authorized Account. This shall be provided upon request by SGX-ST within such time as SGX-ST may require.

Added on 1 July 20161 July 2016.

If the Authorized Account holder does not want the identity of any underlying beneficial owner and/or any controlling party of such account to be disclosed to its Trading Member, the Authorized Account holder may apply to the SGX-ST, through its Trading Member, to provide such information as SGX-ST may require directly to SGX-ST.

Added on 1 July 20161 July 2016.

Each TPC Trading Member shall instruct its qualifying Clearing Member to allocate the position of each trade executed by the Trading Member to the Trading Member's Position Account or, where the position is of a trade executed for a customer, in accordance with that customer's instructions, as soon as practicable, and in any event no later than such time as may be required for timely and orderly settlement of such trade into the intended Securities Account.

Refer to Practice Note 12A.4.1, 12A.5.2.

Added on 1 July 20161 July 2016.

A customer's Position Account must only be used for that customer's positions. However, a TPC Trading Member may instruct its qualifying Clearing Member to sub-allocate a position carried in a Position Account (the "originating Position Account") to another Position Account (the "destination Position Account"), provided that:

Added on 1 July 20161 July 2016.

This Rule 12A.4 shall not apply to an Authorized Trading Member who is authorized to allocate trades to the Authorized Accounts under Rule 5A.4.1(b) of the Clearing Rules.

Added on 1 July 20161 July 2016.

A Position Account in the name of the Trading Member may be used to hold positions of trades for different customers, provided that the Trading Member has procedures to ensure fair allocation to the customers.

Added on 1 July 20161 July 2016.

If a customer's order is unlikely to be completed during a Market Day, the Trading Member may warehouse the customer's trades until the order is completed. The Trading Member must ensure that no customer's trade is warehoused for more than one Market Day, unless under exceptional circumstances. In such cases, the Trading Member must document the reasons for the extension of time.

Refer to Practice Note 12A.4.1, 12A.5.2.

Added on 1 July 20161 July 2016 and amended on 10 December 201810 December 2018.

If a Trading Member or its Trading Representative wants to trade as principal with a customer who is not a holder of a Capital Markets Services Licence, the customer must first be informed.

Amended on 29 December 201429 December 2014.

This Rule shall apply only to a Trading Member that holds a Capital Markets Services Licence. Any contract note relating to the above transaction must show that the Trading Member or Trading Representative acted as principal.

Amended on 19 May 201419 May 2014 and 29 December 201429 December 2014.

This Rule does not apply to trades that are matched on the Trading System without the Trading Member's or Trading Representative's knowledge.

Amended on 3 April 20083 April 2008.

When acting as agent, a Trading Member and its Trading Representative must:

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member must ensure that a person to whom it discloses a customer's order under Rules 13.2.1(9)(b) and (c) maintains confidentiality of such information.

A Trading Member must have procedures to prevent any conflict of interest between its customer trading activities and proprietary trading activities.

A Trading Member or a Trading Representative must not deal in securities or trade in futures contracts for his or her own account or for a Prescribed Person's account if the Trading Representative has an unexecuted order on the same terms from a customer. However, this Rule does not apply if:—

Refer to Practice Note 13.4.1.

Amended on 1 July 20051 July 2005, 3 April 20083 April 2008 and 8 October 20188 October 2018.

In this Rule, "Prescribed Person" means:—

Amended on 1 July 20051 July 2005.

In this Rule, "own account" means an account in which the Trading Member or the Trading Representative has a beneficial interest in.

Amended on 1 July 20051 July 2005.

A Trading Member or its Trading Representative must not:—

Amended on 1 July 20161 July 2016.

Where the Trading Member collects margins from the customer in connection with trades executed on SGX-ST, regardless of whether it is required to under the Rules, the following shall apply:

Added on 21 January 201321 January 2013.

A Trading Representative must not:—

A Trading Member or a Trading Representative, when acting as agent, must not encourage transactions if the sole object is generating commission.

A Trading Member or a Trading Representative must not engage in, or knowingly act with any other person in, any act or practice that will or is likely to:—

Refer to Practice Note 13.8.1.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

The following factors are relevant when considering whether an act or practice may breach Rule 13.8.1:—

Refer to Practice Note 13.8.1.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must not enter a buy order or a sell order on the Trading System if there is an existing opposite order from that same Trading Member or Trading Representative in the same security or futures contract for the same price. This Rule does not apply if:—

Refer to Practice Note 13.8.1.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must not directly or indirectly deal in securities which involve no change of beneficial ownership as defined in Section 197(5) of the Securities and Futures Act, or knowingly execute, or hold himself out as having executed, an order for the bona fide purchase or sale of futures contracts without having effected a bona fide purchase or sale of futures contracts as defined in Section 207(1) of the Securities and Futures Act. It is a defence if the Trading Member or Trading Representative can show that it, or he or she had no reason to suspect, or no reasonable Trading Member or Trading Representative ought to have suspected or known, that the transaction was a wash sale.

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must not deal in securities or trade in futures contracts in a manner that will or may affect or maintain the price of the securities, futures contract or their underlying, with intent to induce other persons to subscribe for, buy or sell the securities or futures contracts. This Rule does not apply to stabilising action carried out in accordance with Regulation 3 of the Securities and Futures (Market Conduct) (Exemptions) Regulations.

Amended on 3 April 20083 April 2008, 23 January 200923 January 2009 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must not disseminate information that is false or misleading if the Trading Member or Trading Representative:

A Trading Member or a Trading Representative must not participate in any prohibited market conduct in securities or futures contracts or in any insider trading, or knowingly assist a person in such conduct.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member or a Trading Representative must immediately inform SGX-ST if it or he or she reasonably suspects, or knows of, any attempted market manipulation, creation of a false market or insider trading.

A Trading Member must have in place processes to review orders and trades for the purpose of detecting suspicious trading behaviour.

Refer to Practice Note 13.8.9.

Added on 18 September 201218 September 2012.

A Trading Member or a Trading Representative must ensure that a daily record of orders received from customers is maintained. The record must show the identity of the Trading Representative, account identification of each customer, the specific order, date and the time the order was received, transmitted, amended, and executed or cancelled. For avoidance of doubt, the record may be kept in the order management system.

A Trading Member must have a robust system to prevent tampering of the audit trail of orders entered into the Trading System.

A Trading Member may appoint a person to enter orders on the Trading System on instructions given by a Trading Representative or team of Trading Representatives. A Trading Member must ensure that a Trading Representative is supported by no more than 1 order entry person. For avoidance of doubt, an order entry person who supports a Remisier must be appointed by a Trading Member.

Amended on 3 April 20083 April 2008.

A Trading Member must ensure that the order entry person does not:—

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.

A Trading Member must provide SGX-ST with the name and identity card/passport number of the order entry persons appointed.

A Trading Member must inform SGX-ST in writing if an order entry person ceases to act. If possible, at least 7 days prior notice should be given.

A Trading Member is responsible for the accuracy of all orders entered into the Trading System by its Trading Representatives and any order entry person.

Amended on 3 April 20083 April 2008.

A Trading Representative is responsible for the accuracy of orders entered into the Trading System by or on behalf of the Trading Representative.

Amended on 3 April 20083 April 2008.

Orders must be entered in accordance with any procedures SGX-ST prescribes.

A Trading Member must have in place controls to prevent unauthorised changes to order information entered into the Trading System, including Trading Representative identification numbers.

Added on 18 September 201218 September 2012.

A Trading Representative must have a unique identification number of not more than 3 characters and password to enter orders into the Trading System and must maintain confidentiality of the identification number and password.

Amended on 3 April 20083 April 2008 and 18 September 201218 September 2012.

A Trading Member must submit, upon admission, a list of Trading Representative identification numbers and names to SGX-ST, and notify SGX-ST of any amendments to the list on an ongoing basis.

Added on 18 September 201218 September 2012.

Before allowing its Trading Representatives to carry out dealing activities outside its office premises, a Trading Member must inform SGX-ST.

A Trading Member must inform all customers that Trading Representatives are operating away from its office premises and of any resulting limitations that might affect customer service and get written acknowledgement.

A Trading Member must ensure its Trading Representatives do not misuse customers' accounts for third party trading. In this regard, contract notes and statements must be sent to the customer's residential address, and not to "care-of" address, "PO Box" address or the Trading Representative's address. However, if the customer chooses otherwise, the Trading Member must explain the risk of unauthorised trading to the customer, get written acknowledgement, and monitor the trading activities for any unauthorised trading in customers' accounts.

Rules 13.13.1 to 13.13.3 shall apply only to a Trading Member that holds a Capital Markets Services Licence. A Trading Member that holds a licence specified in Rule 4.1.1(1)(b) shall comply with such requirements established by the Relevant Regulatory Authority, if any, and principles of good business practice in relation to carrying out dealing activities outside its office premises.

Added on 19 May 201419 May 2014 and amended on 29 December 201429 December 2014.