On 21 September 2023, the Singapore Exchange Regulation (“SGX RegCo“) issued a Consultation Paper titled “Proposed changes to the Futures Trading Rules and other rulebooks”. SGXRegCo is seeking feedback on proposed amendments to the Futures Trading Rules (“FTR“), Singapore Exchange Securities Trading (“SGX-ST“) Rules and Singapore Exchange Derivatives Clearing (SGX-DC) Rules. The consultation period ended on 11 October 2023. The proposed rule amendments will update policies and rules, including those relating to the: (a) admission and management of Singapore Exchange Derivatives Trading (“SGX-DT“) members; (b) requirements regarding customer margining, where members will have increased flexibility in managing margin cycles, customer funds and collateral; (c) requirements for automated trading to formalise key aspects of the Algorithmic Trading Regulatory Guide; and (d) SGX-DT’s emergency powers. Additionally, structural and drafting changes to the FTR have been proposed to improve readability and, where appropriate, ensure consistency with a principle-based approach. These proposed changes include: (a) reorganisation of the rulebook; (b) shifting rules that are more appropriate as non-binding guidance to Practice Notes; and (c) reissuing specific Directives and Practice Notes, where appropriate, as Regulatory Notices. Seeking to improve consistency and clarity across the rulebooks, the proposed changes also align, where appropriate, the rule requirements and drafting of common rules in the FTR and the SGX-ST Rules. Within the Consultation Paper, the areas where the FTR and the SGX-ST Rules have been aligned are marked with an asterisk next to the subheading. Click on the following links for more information (available on the SGX website at www.sgx.com):
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