2.3 Membership Criteria

2.3.1           An applicant for access to trading on the Cleartrade Platform as a Member must, at the time of its application and at all times thereafter:

 

a.   be a corporation or institution duly established and validly existing under the laws and rules of its place of establishment;

b.   be able to demonstrate, to the satisfaction of the Exchange, that the applicant is fit and proper to be a Member according to the criteria determined by the Exchange which reference shall be made to the Guidelines on Fit and Proper Criteria issued by the MAS, as amended from time to time;

c.   be able to demonstrate, to the satisfaction of the Exchange, that the applicant has sufficient systems and controls in place to ensure that all the Member’s Representatives who may act on its behalf or in its name in the conduct of business on the Cleartrade Platform are fit and proper, suitable, adequately trained and properly supervised to perform such functions;

d.   maintain a properly established office (in a location which is acceptable to the Directors as they may determine in their absolute discretion) for the conduct of its business on the Cleartrade Platform;

e.   satisfy the minimum financial standing requirements at any time being stipulated by the Directors in relation to the relevant category of membership;

f.   have sufficient resources and manpower, with adequate knowledge, experience, training and competency, to deal in the relevant products available on the Exchange;

g.   have more than one trader or broker, with adequate knowledge, experience, training and competency, to deal in the relevant products available on the Exchange;

h.   have a designated responsible person for the supervision of all trades conducted on the Exchange and the use of the Exchange in general;

i.   be a party to an Electronic User Agreement, which is in full force and effect, in the form prescribed by the Directors from time to time for use by the Member of the Cleartrade Platform at the address(es) notified to the Exchange;

j.   be a Clearing Member of the Relevant Clearing House(s) (or be accepted for such membership), where permitted by the Rules, or be a party to a clearing agreement with a Clearing Member in respect of Contracts listed on the Exchange and covered by its trading and/or clearing permissions or privilege under Rule 2 from time to time;

k.   hold all necessary licenses, authorizations and consents, or benefit from available exemptions, so as to allow it to carry on business as a Member on the Cleartrade Platform in accordance with all applicable laws and regulations; for avoidance of doubt, in relation to a Member who is based in Singapore, it must be appropriately licensed or exempted under the SFA or relevant Singapore legislation or regulation;

l.   for applicants who are not licensed under the SFA as Capital Markets Service licencees and apply for access to trading on the Cleartrade Platform as Broking Members or Block Trade Broking Members, they shall not have a business presence in Singapore and shall not transact business on behalf of Singapore-based clients; and

m.   such other specific criteria or other requirements stipulated by the Directors from time to time in relation to the particular category of membership applicable to it, supplying such documents in support thereof as they may require.

 

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