8. Establishment of clearing house

Terms defined in s 2

• clearing house

  clearing house

  Defined · s 2

  “clearing house”, in relation to a commodity market, means a body corporate that —(a)clears and settles commodity contracts; and(b)makes adjustments to the contractual obligations arising out of those commodity contracts;

  Open s 2
• commodity

  commodity

  Defined · s 2

  “commodity” means any produce, item, goods or article that is the subject of any —(a)commodity forward contract;(b)leveraged commodity trading;(c)contract made pursuant to trading in differences; or(d)spot commodity trading,and includes an index, a right or an interest in such commodity, and such other index, right or interest of any nature as the Board may, by notification in the Gazette, prescribe to be a commodity; but does not include any produce, item, goods or article that is the subject of a commodity futures contract and any index, right or interest in such produce, item, goods or article;

  Open s 2
• commodity market

  commodity market

  Defined · s 2

  “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;

  Open s 2