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All futures trades executed on the ICE platform are monitored by or attributable to responsible individuals who are accountable for the trading activities of both the member and the member's customers. They are also responsible for the conduct of trades executed in the member's name.
There are two categories of Exchange membership that determine the type of business which members may conduct at ICE Singapore. In addition to Membership categories, a member's status as a clearing member of ICE Clear Singapore will also impact the type of business they may conduct.
General Participants
General Participants* may trade their own** business and clients' business. They may also do give ups. If the General Participant is a clearing member of ICE Clear Singapore as well, they may clear their own business, clients' business or clear for any other member of the exchange who is not a member of the clearing house.
Trade Participants
Trade Participants* may trade their own** business, but may not trade on behalf of clients or do give ups. Likewise, if a Trade Participant is a clearing member of ICE Clear Singapore, he may only clear his own business.
**It is understood that "Own" business is business transacted solely for the benefit of that member, a wholly owned subsidiary of that member, the parent company of that member, or a company in that member's group of companies. Such business undertaken by a member on behalf of another group company must not in turn be business undertaken on behalf of a third party.
The criteria for membership which an applicant must meet at the outset and must continue to meet as a member are summarized below. They are detailed in the ICE Futures Singapore rules and members are expected to inform ICE Futures Singapore of failure or anticipated failure to meet the membership criteria. An Applicant for ICE Futures Singapore Membership must:
In order to trade on the electronic platform the member must register at least one Responsible Individual (RI) with ICE Futures Singapore in accordance with ICE Futures Singapore Trading Procedures. Responsible Individuals must follow the guidelines that govern trading on the Exchange. The full set of requirements for Responsible Individuals should be reviewed by those wishing to register as an RI.
All members conducting regulated activity in Singapore, as set out in the Securities And Futures Act ("SFA"), must be authorized by the Monetary Authority of Singapore (“MAS”) unless exempted under the SFA and related regulations. Individuals conducting any regulated activity in Singapore must, where relevant, be registered with the MAS. Overseas members must, in addition, have the appropriate regulatory status in the jurisdiction of their incorporation or place of business. All members must check that ICE Futures Singapore has the relevant regulatory status in each jurisdiction from which they wish to trade ICE Futures Singapore products on the ICE Platform.
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