Commodity Trading Act 1992 · 2020 Revised Edition · Part 2 · Commodity Market and Clearing House
5. Power of Board to approve commodity market
Feedback & supportA body corporate may apply to the Board for approval as a commodity market in such form and manner as may be prescribed and the body corporate must, in connection with that application, provide such information as the Board may require.
Board
“Board” means the Enterprise Singapore Board established by section 3 of the Enterprise Singapore Board Act 2018;
The Board may, in writing, approve a body corporate as a commodity market if it is satisfied that —
commodity market
“commodity market” means —(a)a market, whether in Singapore or elsewhere, at which commodity contracts are regularly made; or(b)an electronic system, whether operating in Singapore or elsewhere, through which trading in commodity contracts is carried out, but excludes an electronic facility which merely provides price or other information relating to commodity contracts (whether that facility is part of or carried on in conjunction with the provision of any other information not related to commodity contracts) and which does not permit users of the facility to channel orders for, execute transactions in, or make markets in, commodity contracts;
the business rules of the body corporate make satisfactory provision for the matters referred to in section 6;
the interests of the public will be served by granting the application.
The Board must not refuse to approve a body corporate as a commodity market under this section without giving the applicant an opportunity of being heard.