Located at the tip of the Malay Peninsula, the natural meeting point of sea routes, the city flourished as a trading post for vessels such as Chinese junks, Arab dhows, Portuguese battleships, and Buginese schooners. Modern Singapore was founded in the 19th century, thanks to politics, trade and a man known as Sir Thomas Stamford Raffles. During this time, the British empire was eyeing a port of call in this region to base its merchant fleet, and to forestall any advance made by the Dutch.
Singapore, already an up-and-coming trading post along the Malacca Straits, seemed ideal. Recognising the immense potential of the swamp-covered island, he helped negotiate a treaty with the local rulers and established Singapore as a trading station. The city quickly grew as an entrepot trade hub, attracting immigrants from China, India, the Malay Archipelago and beyond.
In , Raffles implemented the Raffles Town Plan, also known as the Jackson Plan, to address the issue of growing disorderliness in the colony. Ethnic residential areas were segregated into four areas. The European Town had residents made up of European traders, Eurasians and rich Asians, while the ethnic Chinese were located in present-day Chinatown and south-east of the Singapore River. Singapore continued to develop as a trading post, with the establishment of several key banks, commercial associations and Chambers of Commerce.
In , a causeway opened linking the northern part of Singapore to Johor Bahru. He also created many Palladian-style houses. The invaders arrived from the north, confounding the British military commanders who had expected an attack by sea from the south. It was the largest surrender of British-led forces in history. When the Japanese surrendered in , the island was handed over to the British Military Administration, which remained in power until the dissolution of the Straits Settlement comprising Penang, Melaka and Singapore.
After completion of buy-in, SGX publishes the list of securities bought-in which includes individual counters. The CDP, in its role as clearing house, has established a clearing fund. This fund can be used if a clearing member is unable to discharge its cash obligations to the CDP or the CDP suffers a loss as a result of liquidating a clearing member's position. Since , all Singapore -listed securities have been converted to the scripless system and are registered in the name of CDP.
Book-entry settlement is mandatory for all immobilised securities traded at the SGX. Physical certificates cannot be used to settle a market transaction and must be deposited with the CDP when intended to be used for settlement. The registration period is approximately 28 business days for re-registration and scripless conversion. Depositors can withdraw securities and hold physical scrips. The certificate is registered in the name of the account holder or any person nominated by him.
The withdrawal period may take approximately 14 business days. A duty of 0. This is not applicable to securities settled on a book-entry basis. All other foreign currency payments are done through telegraphic transfers. The processing of these payments is dependent on various market deadlines and the processing is on a continuous basis. The market deadlines and operating hours are dependent on the markets where the currencies are being paid to. According to the Bye-Laws of the Association of Banks in Singapore, a back valuation charge is payable to the receiving bank for any back valuation request.
It is market practice that back-valuation requests are accommodated if initiated within 60 calendar days from the value date of the transaction.
CLS is a global multi-currency settlement system that aims to eliminate foreign exchange FX settlement risk due to time-zone differences. The continuous linked settlement, provided by CLS bank, allows both legs of an FX trade to be settled simultaneously across the books of CSL Bank and therefore guarantees finality and irrevocability of the settlements.
SGX revised their clearing and depository fees on 10 December This information can be found in the website of the SGX. These apply to both equities and corporate bonds. However they remain as non-matching fields. Back to page Print. My Clearstream. Settlement process - Singapore Central counterparty The CDP, through the process of novation, becomes counterparty to each side of the transaction as soon as the trade is matched.
Linked trades The CDP facilitates automatic linked trades settlement by using the linkage indicator and linked reference in the instructions. Settlement of debt securities Settlement of unlisted corporate bonds Unlisted corporate bonds are held in immobilised form and are settled via book-entry through authorised depositories. Securities and cash are settled on a gross basis. Linked trades The CDP facilitates automatic linked trades settlement of corporate bonds by using the linkage indicator and linked reference in the instructions.
Settlement risk The settlement risk in Singapore is minimal as the majority of the trades are settled via the DVP system and cash and securities settlement takes place simultaneously.
Buy-ins Trades only settle to the extent that securities are available.
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