General Announcement::News Release: SGX updates rules on securities trading and market practices

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
10-May-2019 17:21:58
Status
New
Announcement Sub Title
News Release: SGX updates rules on securities trading and market practices
Announcement Reference
SG190510OTHR7XQW
Submitted By (Co./ Ind. Name)
Jo-Ann
Designation
Senior Associate, Marketing & Communications
Description (Please provide a detailed description of the event in the box below)
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 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

A summary of the feedback received as well as SGX's responses is found here.

Attachments