Practice Note 8.2.2 — Procedures for Contingency Order Withdrawal
|Issue Date||Cross Reference||Enquiries|
|Added on 2 November 20052 November 2005, amended on 3 April 20083 April 2008, 26 March 201226 March 2012, 26 August 201326 August 2013, 19 May 201419 May 2014 and 15 September 201715 September 2017.||
Rule 8.2.2 (1)
Rule 8.2.2 (3)
Rule 8.2.2 (4)
Please contact Securities Market Control:—
Hotline: 6236 8820
1.1 This Practice Note explains the circumstances, conditions and operational procedures pursuant to which SGX-ST would assist Trading Members effect order withdrawals.
1.2 Rules 8.2.2 (1), (3) and (4) state that withdrawal of orders are allowed during certain market phases, in particular the Pre-Open/Pre-Close, Trading and Adjust phases. Generally, Trading Members may withdraw their orders at anytime provided that they do so in accordance with their respective internal operational and risk management procedures and applicable laws. However, SGX-ST recognizes that in certain circumstances Trading Members are unable to effect order withdrawals without the assistance of SGX-ST.
2. Technical Fault and Withdrawal by SGX on Reasonable Efforts Basis
2.1 In the event of Technical Faults, SGX-ST would assist in effecting order withdrawals at the request of the Trading Members and subject to the terms and procedures set forth below. "Technical Faults" as used herein refers to any loss of connection to the Trading System or any technical defects in any equipment, system, device or market facility which prevents a Trading Member from effecting order withdrawals without SGX-ST's assistance.
2.2 Order withdrawal by SGX-ST in the event of a Technical Fault would be effected on a reasonable endeavours basis. The Trading Member agrees that SGX-ST has no liability for order withdrawals and related activities conducted on behalf of a Trading Member.
2.3 The Trading Member indemnifies and will keep indemnified SGX-ST against all actions, proceedings, claims, demands, damages, costs, expenses and any other amounts against or incurred by SGX-ST arising out of or in connection with any action taken or any inaction by any of SGX-ST, or its officers, employers, agents, delegates or contractors with respect of such order withdrawals.
2.4 For the avoidance of doubt, nothing in this Practice Note should be construed as limiting a Trading Member's obligation to install and maintain a robust and technically sound system, risk management processes or business continuity plans as required under the Rules or any applicable laws.
2.5 Trading Members may request SGX-ST to withdraw orders at the following levels:
|a) Individual Order level||: based on Order ID no.|
|b) Firm level||
: based on Trading Member Company Code / SGX Access User ID no.
(where the firm has more than one SGX Access connection, it is possible to withdraw orders based on specific SGX Access User ID no)
|c) Client level||: based on Client Account no of a specific SGX Access User ID no.|
3. Operational Safeguards and Discrepancies
3.1 A Trading Member must comply with the instructions and directions issued by Securities Market Control when effecting order withdrawals as contemplated herein. SGX-ST also reserves the right to refuse any such request without providing any reason.
3.2 All verbal requests for order withdrawals ("Request") would be recorded by SGX-ST. Trading Members are also required to comply with various operational safeguards and procedures as issued by Trading Market Control from time to time including matters relating to the:
(a) Appointment of Authorized Officers by Trading Members to effect order withdrawals and the provision of authentication details in connection therewith
(aa) Prompt notification to Securities Market Control of any changes to Authorized Officers, and any changes to an Authorized Officer's information
(b) Effecting Request via telephone numbers as designated by SGX-ST with verification by Securities Market Control on the identity of the caller by requiring the caller to respond correctly to two authentication questions
(c) Submission of an Order Withdrawal Form with the material information as requested by SGX-ST
(d) Processing of Request at firm level, client level and individual levels
3.3 If a Trading Member finds any discrepancies between the Order Withdrawal Form and the Request, the Trading Member should notify SGX Securities Market Control immediately with details of such discrepancies. Depending on the nature of the discrepancy, SGX Securities Market Control would generally rely on the voice recording for its post-withdrawal investigations.