Membership

All entities who propose to become members of the Exchange and SMXCC need to fulfil stringent capital requirements and other non-financial requirements set out by both the Exchange and SMXCC.

The Exchange shall offer the following class of memberships:

Membership Categories

Clearing Membership

• General Clearing Member (GCM)
  A GCM can clear and settle its own trades, as well those of its customers, including any other GCM, Broker Member or Trade Member
  A GCM can be a Singapore licensed bank or a non bank
• Special Clearing Member (SCM)
  An SCM is not a trading member of SMX, as it cannot execute trades, but only clears and settles trades for Non-Clearing Members (Broker Members and Trade Members)

 

Non - Clearing Membership

• Broker Member (BM)
  A BM has to be a corporation, as defined under the Singapore Companies Act
  A BM can trade for itself or on behalf of its customers
• Trade Member (TM)
  Any individual, partnership, or corporation can apply to be a TM
  A TM is entitled to trade only for itself, and can be a resident of either Singapore or elsewhere

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