To become a member of ICE Futures Singapore, a candidate must complete an application form, undergo a due diligence review and execute an agreement stating he will adhere to all Exchange rules. 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* 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* 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.
*General Participant and Trade Participant categories of membership must either be clearing members or, as non-clearing members, must enter into a clearing agreement with a General Participant who is a clearing member.
**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.
- satisfy ICE Futures Singapore that it, its substantial shareholders, officers and directors are fit and proper;
- be able to demonstrate, to the satisfaction of the Exchange, that the applicant has sufficient systems and controls in place to ensure that all the Member’s Representatives who may act on its behalf or in its name in the conduct of business on the ICE Platform are fit and proper, suitable, adequately trained and properly supervised to perform such functions;
- maintain a properly established office (in a location which is acceptable to the Exchange as they may determine in their absolute discretion) for the conduct of its business on the ICE Platform;
- satisfy the minimum financial standing requirements for the time being stipulated by the Exchange in relation to the relevant category of membership, supporting its claim to do so by copies of its last three years of audited accounts (or in the case of an ICE Block member, a copy of its last audited accounts) and by a copy of its latest audited accounts from time to time as they become available, or such other evidence as the Exchange may require. Applicants are referred to the Membership Procedures in particular;
- be party to an Electronic User Agreement, which is in full force and effect, in the form prescribed by the Exchange from time to time for use by the member of the ICE Platform at the address(es) notified to the Exchange;
- be able to access the Trading Server via a front end application which meets the Exchange's conformance criteria;
- if it is to transact business (i) be a clearing member of ICE Clear Singapore; or (ii), be a party to or satisfy the Exchange that it will become a party to a clearing agreement with a clearing member, (see Rule B.10), in either case in respect of all types of products covered by its trading and/or clearing permissions under Rule B.6 from time to time, in each case as permitted by the Exchange rules;
- hold all necessary licenses, authorizations and consents, or benefit from available exemptions, so as to allow it to carry on business as a member on the ICE Platform, including the ICE Block Facility, in accordance with all applicable laws and regulations; and
- be able to demonstrate, to the satisfaction of the Exchange, that the applicant is permitted under applicable laws and regulations, the Exchange rules and any applicable Circulars, to engage in transactions in relevant products, in particular, in respect of restrictions or requirements imposed by the Exchange in respect of activities in specific jurisdictions.
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.