Section 124

a contract subject to the business rules of an approved clearing house, or a recognised clearing house, that is entered into between the approved clearing house or recognised clearing house and a participant pursuant to a novation (however described), whether before or after default proceedings have commenced, which is in accordance with those business rules and for the purposes of the clearing or settlement of transactions using the clearing facility of the approved clearing house or recognised clearing house; or

a transaction which is being cleared or settled using the clearing facility of an approved clearing house or a recognised clearing house, and in accordance with the business rules of the approved clearing house or recognised clearing house, whether or not a novation referred to in paragraph (a) is to take place;“specified derivatives contract” means any derivatives contract that is, or that belongs to a class of derivatives contracts that is, prescribed by the Authority by regulations made under section 129 for the purposes of this definition;“specified person” means —

any bank that is licensed under the Banking Act 1970;

any subsidiary of a bank incorporated in Singapore;

any merchant bank licensed under the Banking Act 1970;

any finance company licensed under the Finance Companies Act 1967;

any insurer licensed under the Insurance Act 1966;

[Deleted by Act 4 of 2017](g)any holder of a capital markets services licence; or

any other person who is, or who belongs to a class of persons which is, prescribed by the Authority by regulations made under section 129 for the purposes of this definition.