In force2020 Revised Edition

Contents

Commodity Trading Act 1992 · 2020 Revised Edition · Part 2 · Commodity Market and Clearing House

9. Power of Board to approve clearing house

(1)

A body corporate may apply to the Board for approval as a clearing house 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.

(2)

The Board may in writing approve a body corporate as a clearing house if it is satisfied that —

(a)

the business rules of the body corporate make satisfactory provision relating to the registration of, and guaranteeing to its members of the performance of, commodity contracts made in a commodity market; and

(b)

the interests of the public will be served by granting the application.

Terms defined in s 2

Board
Defined · s 2
“Board” means the Enterprise Singapore Board established by section 3 of the Enterprise Singapore Board Act 2018;
Open s 2
business rules
Defined · s 2
“business rules”, in relation to a body corporate that maintains or proposes to maintain a commodity market, means the rules, regulations and by-laws, by whatever name called, governing the activities and conduct of —(a)the body corporate and its members;(b)its clearing house; and(c)other persons in relation to the commodity market,whether those rules, regulations or by-laws are made by the body corporate or are contained in the Memorandum and Articles of Association of the body corporate or altered or supplemented by the Board;
Open s 2
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
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
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