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RETAIL FINANCIAL SERVICES | Tony Chua, Singapore
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SGX seeks comment on proposed rules

Singapore Exchange wants to know public view on planned acceptance of banks as securities trading members.

Singapore Exchange (SGX) is inviting public feedback on the proposed introduction of banks as Trading Members in the securities market.

Banks have been Clearing Members in the securities market since July 2008. However, they are currently unable to participate directly as a Trading Member in the securities market. Instead they have to incorporate a separate company to take up the membership, according to a press statement 20 April.

Under the proposal, SGX will admit banks directly as Trading Members. Compared with membership through a subsidiary, banks will be able to improve their capital and resource efficiency.

The structure of the Trading Membership for banks will be similar to that of the derivatives market. Banks have participated directly as Trading, as well as Clearing Members of SGX-DT and SGX-DC respectively for the past one to two years.

The consultation paper on the proposed admission of banks as Trading Members in the securities market which details the rationale and proposed membership requirements will be available on the SGX website www.sgx.com.

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