Singapore legislation
Regulation 47D
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 47D
Cross-trading
Subregulation 1
The holder of a capital markets services licence to deal in capital markets products shall not knowingly fill or execute a customer’s order for the purchase or sale of a futures contract on an organised market by off-setting against the order or orders of any other person, without effecting such a purchase or sale either —
on the trading floor or electronic futures trading system; or
in accordance with the business rules and practices of an approved exchange or recognised market operator.
Subregulation 2
Any person who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 12 months or to both.