53. Manipulation of price of futures contract and cornering

Terms defined in s 2

• commodity

  commodity

  Defined · s 2

  “commodity”, in relation to a futures contract, means —(a)a financial instrument; and(b)gold and such other items, goods, articles, services, rights and interests, which are the subject of futures contracts, as the Authority may by order prescribe;

  Open s 2
• futures contract

  futures contract

  Defined · s 2

  “futures contract” means a contract the effect of which is that —(a)one party agrees to deliver a specified commodity, or a specified quantity of a specified commodity, to another party at a specified future time and at a specified price payable at that time pursuant to terms and conditions set forth in the business rules or practices of a Futures Exchange or a futures market; or(b)the parties will discharge their obligations under the contract by settling the difference between the value of a specified quantity of a specified commodity at the time of the making of the contract and at a specified future time, such difference being determined in accordance with the business rules or practices of the Exchange or futures market at which the contract is made,and includes a futures option transaction;

  Open s 2
• futures market

  futures market

  Defined · s 2

  “futures market” means —(a)a market, a Futures Exchange or other place, whether in Singapore or elsewhere, at which trading in futures contracts regularly takes place; or(b)an electronic system, whether operating in Singapore or elsewhere, through which trading in futures contracts is carried out; but excludes an electronic facility which merely provides price or other information on futures contracts (whether the facility is part of or carried on in conjunction with the provision of any other information not related to futures contracts) and which does not permit users of the facility to channel orders for, execute transactions in, or make a market in, futures contracts;

  Open s 2