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SGX proposes more flexibility for securities trading, market practices

Singapore Exchange Ltd. proposed changes to its rules on securities trading and market practices, including allowing trading members to have full flexibility in setting the amount of security deposit required of a licensed trading representative.

The proposed changes will result in a more principles-based approach rather than a prescriptive approach.

SGX will also no longer require senior management pre-approval for staff securities trading as long as measures are in place to guard against the misuse of confidential information. Trading representatives are also no longer required to fall under SGX's oversight; instead, members will be responsible for ensuring that such activities do not conflict with the trading representative's trading activities and compromise customer interests.

Further, SGX will formalize exchange practices relating to securities trading and error trade. It will remove rules requiring a member to obtain written customer acknowledgement each time a trading representative starts mobile broking.

The proposed changes are up for public consultation until Nov. 7.