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Short-Sell & Buying-in by SGX
What is short-selling?
Short-selling happens when:
a. You have a sell position without a corresponding buy position of the same counter and quantity on the same trading day.
b. You do not have the shares of the short-sold position to deliver on the due date of the sell position.
What happens when I short-sell?
Effective Settlement Date: 14 December 2009 If you are unable to cover back the short position on the same trading day, and if you do not have existing shares in the free balance of your CDP account by 12pm on Trade Date +3 (Half-working Day: 8pm, on Trade Date +2), SGX regards the sale transaction as a short-sell and conducts a buying-in at 3pm, Trade Date +3. (Half-working day: 11am, Trade Date +3)
What is the penalty imposed by SGX for failed delivery?
Effective Settlement Date: 14 December 2009 If the buying-in is completed by SGX at the end of Trade Date +3, no penalty will be imposed. However, if the buying-in by SGX is unsuccessful on Trade Date +3, SGX will continue on Trade Date +4 and Trade Date +5. A penalty, of the higher of S$1000 or 5% of the value of the failed trade not bought in will be imposed.
What is the buying-in processing fees and the brokerage charged by SGX for failed trades?
SGX imposes a processing fee of S$75 + GST for each failed contract and charges a brokerage fee for buying -in contract at 0.75% + GST of contract value.
How is buying-in conducted by SGX for a short position?
Effective Settlement Date: 14 December 2009 SGX conducts buying-in on each market day, in the Buying-in Market, from 3pm - 5pm (Half-working day: 11am). SGX publishes on its website daily between 2pm - 2.30pm (Half-working day: 10.30am), a list of shares to be bought-in.
The buying-in bid price, as determined by CDP, will be 2 minimum bids above the highest of the closing price of the previous day, the reference transacted price or the reference bid price. The 27
reference transacted price and the reference bid price will be any of the last transacted prices and bid prices in the 1 hour preceding the commencement of buying-in, as determined by CDP.
If the securities are not obtained, CDP shall have absolute discretion to raise the price bid by 2 minimum bids, as determined by SGX, from time to time throughout the Settlement Day until the securities are bought or delivered to CDP.
If the securities cannot be obtained during the Settlement Day, the buying-in shall continue on the following and successive Market Days at 2 minimum bids, as determined by SGX-ST, higher than the buying-in bid price at the close of the Settlement Day or previous Market Day, and thereafter CDP shall have absolute discretion to raise the buying-in bid price by 2 minimum bids, as determined by SGX, from time to time throughout the Market Day until the securities are bought or delivered to the CDP.
SGX will publish on its website the list of shares it had bought-in, the volume and dollar value at 8.30am the following market day.
What happens if SGX is unable to complete the buying-in and requires the broker to procure the shares?
In the event that CDP requires the broker to procure the requisite securities arising from its unsuccessful buying-in by Trade Date +7 or by the stipulated procurement period (whichever is earlier), a penalty of $5,000 for each day (after the procurement period) a sell contract is overdue, shall be borne by the client.
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