SINGAPORE: Singapore Exchange (SGX) is amending on 3 June 2019 a raft of SGX rules including those on securities trading and market practices after generally supportive feedback received during an earlier public consultation.[the_ad id=”32940″]The amended rules are more principles-based, and are aimed at supporting Members, dealers and remisiers, including new joiners, in their activities.
Along with the amended rules is an overall re-organisation of the SGX Securities Trading Rulebook for more clarity.
The amended rules include the following:
- Less prescriptive rules on customer account opening.
- Members and remisiers will have full flexibility as to the structure of their relationship including the quantum of security deposit.
- Members will no longer need to obtain written acknowledgement from clients when they operate off-premises.
- Senior management pre-approval for staff trading will no longer be needed as long as procedures are in place to monitor staff trading and guard against misuse of information.
- New notification framework for registration of trading representatives.
- Members will have the discretion to approve substantial shareholdings and other businesses of their trading representatives.
- Designated market makers will have adequate time to make public announcements when they cease to quote