Currently, banks are required to incorporate a separate company in order to apply for clearing membership with CDP and SGX-DC. To provide greater flexibility for market participants to do business, the consultation papers propose to allow banks to become SGX clearing members without having to incorporate a separate corporate vehicle.
Bank applicants who wish to be admitted as SGX clearing members will have to satisfy the current admission criteria applicable to non-bank clearing members as well as other criteria stated in the consultation papers. The consultation papers which set out the proposed amendments to the CDP and SGX-DC clearing rules to provide for the admission of banks as SGX clearing members will be available on the Exchange's website at www.sgx.com from 30 March 2006.
Market participants and members of the public can forward their feedback and suggestions on the proposed amendments between now and 28 April 2006 via:
Email: rules@sgx.com
Post/Courier: Singapore Exchange Limited
2 Shenton Way, SGX Centre 1
#19-00,
Singapore 068804
Attn: Ms Grace Mok / Mr Lim Ming Siong
Member Supervision
Fax: (65) 6557 2761
