Risk Disclosure


    RISK DISCLOSURE STATEMENTS


    NOTIFICATION ON SGX FUTURES TRADING RULE (FTR) 1.6 ON EXCLUSION OF LIABILITY, DISCLAIMER OF WARRANTIES & STATUTORY IMMUNITY


    The SGX-DT (the “Exchange”) requires that this notification on the following Rule 1.6 be provided for your acknowledgement that it is acceptable and accepted by you:

    SGX FTR RULE 1.6 ON EXCLUSION OF LIABILITY, DISCLAIMER OF WARRANTIES & STATUTORY IMMUNITY


    1.6.1
      No Liability for Loss


    Unless otherwise expressly provided in this Rules or in any other agreements to which the Exchange is a party, the Exchange shall not be liable to any Person for any loss (consequential or otherwise, including, without limitation, loss of profit), damage, injury, or delay, whether direct or indirect, arising from:

    (a) any action taken by the Exchange in connection with the discharge of its regulatory responsibilities including the suspension, interruption or closure of the Markets; or
    (b) any failure or malfunction of Exchange Systems.

    “Exchange Systems” refers to any pre-trade, trade or post-trade systems, including QUEST, operated by the Exchange in connection with the Markets.

    1.6.1A  Indemnity to the Exchange

    1.  Each Trading Member indemnifies the Exchange and its directors, officers, employees, representatives and agents ("Indemnified Persons") against any loss or liability reasonably incurred or suffered by the Indemnified Persons where such loss or liability arose out of or in connection with

    (a) any breach by the Trading Member of its obligations under the Rules; or
    (b) any wilful, unlawful, reckless or negligent act or omission by the Trading Member.

    2. Without prejudice to the generality of Rule 1.6.1A(1), in the event that any legal, arbitration or other proceedings are brought to impose any liability on the Indemnified Persons for an alleged failure on the part of any Indemnified Person to prevent or to require action by a Trading Member or any of its directors, officers, employees, representatives or agents, the Trading Member shall reimburse the Exchange for:

    (a) all expenses and legal fees incurred by the Exchange in connection with such proceedings;
    (b) any payment made by the Exchange with the approval of the Trading Member in connection with any settlement of such proceedings; and
    (c) any payment made by the Exchange as a result of any order, award or judgment made in such proceedings.

    The Trading Member shall render such co-operation as the Exchange reasonably requires in respect of such proceedings including without limitation the production of any document or records.

    3. Without prejudice to Rule 1.6.1A(2), the cost to the Exchange of producing, pursuant to a court order or other legal process, records relating to the business or affairs of a Trading Member may, at the absolute discretion of the Exchange, be required to be paid to the Exchange by such Trading Member, whether such production is required at the instance of such Trading Member or at the instance of any other party.

     

    1.6.2  Statutory Immunity

    As provided under the Act, the Exchange or any Person acting on its behalf including any director or any Committee Member shall be immune from any criminal or civil liability for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of, or in connection with, the discharge or purported discharge of its obligations under the Act or this Rules.


    1.6.3
      Disclaimer of Warranties

    All warranties and conditions, both express and implied as to condition, description, quality, performance, durability, or fitness for the purpose or otherwise of any of the Exchange Systems or any component thereof are excluded except as required by law. The Exchange does not warrant or forecast that the Exchange Systems, any component thereof or any services performed in respect thereof will meet the requirements of any user, or that operation of the Exchange Systems will be uninterrupted or error-free, or that any services performed in respect of the Exchange Systems will be uninterrupted or error-free.


    1.6.3  Index Related Disclaimers

    The Exchange, Index Provider and any other party involved in, or related to, making or compiling any index do not guarantee the originality, accuracy or completeness of such indices or any data included therein. Contracts on any index (“Index Contracts”) are not sponsored, guaranteed or endorsed by the Index Provider or any other party involved in, or related to, making or compiling such indices. Neither the Index Provider nor any other party involved in, or related to, making or compiling any index makes any representations regarding the advisability of investing in such Index Contracts. Neither the Index Provider nor any other party involved in, or related to, making or compiling any index makes any warranty, express or implied, as to the results to be obtained by any person or any entity from the use of such index or any data included therein. Neither the Index Provider nor any other party involved in, or related to, making or compiling any MSCI Index makes any express or implied warranty, and expressly disclaims all warranties of merchantability and fitness for a particular purpose or use with respect to such index or any data included therein. Without limiting any of the foregoing, in no event shall an Index Provider or any other party involved in, or related to, making or compiling any index have any liability for any direct, special punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages. In addition, neither the Exchange, an Index Provider nor any other party involved in, or related to, making or compiling any index shall have any liability for damages, claims, losses or expenses relating to any futures or options contracts that may be caused by any errors or delays in calculating or disseminating such index. “Index Provider” as used herein refers to MSCI, FTSE, IISL, NKS or such other index provider and their respective affiliates with whom the Exchange has or shall enter into agreements with for the creation and exploitation of indices and index-linked products.

    SGX FTR 1.6 - Exclusion of Liability, Disclaimer of Warranties & Statutory Immunity (26 April 2013)


    SECURITIES AND FUTURES ACT (CAP. 289)
    SECURITIES AND FUTURES (LICENSING AND CONDUCT OF BUSINESS) REGULATIONS (Rg 10)

    RISK DISCLOSURE STATEMENT REQUIRED TO BE FURNISHED UNDER REGULATION 47E(1) AND TO BE KEPT UNDER REGULATION 39(2)(c) BY THE HOLDER OF A CAPITAL MARKETS SERVICES LICENCE TO TRADE IN FUTURES CONTRACTS OR LEVERAGED FOREIGN EXCHANGE CONTRACTS

    1. This statement is provided to you in accordance with regulation 47E(1) of the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).

    2. This statement does not disclose all the risks and other significant aspects of trading in futures, options and leveraged foreign exchange. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to the risks. Trading in futures, options and leveraged foreign exchange may not be suitable for many members of the public. You should carefully consider whether such trading is appropriate for you in the light of your experience, objectives, financial resources and other relevant circumstances. In considering whether to trade, you should be aware of the following:

    (a) Futures and Leveraged Foreign Exchange Trading

    (i) Effect of ‘Leverage’ or ‘Gearing’

    Transactions in futures and leveraged foreign exchange carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract or leveraged foreign exchange transaction so that the transaction is highly ‘leveraged’ or ‘geared’. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of the initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice in order to maintain your position. If you fail to comply with a request for additional funds within the specified time, your position may be liquidated at a loss and you will be liable for any resulting deficit in your account.

    (ii) Risk-Reducing Orders or Strategies

    The placing of certain orders (e.g. ‘stop-loss’ orders, where permitted under local law, or ‘stoplimit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. At times, it is also difficult or impossible to liquidate a position without incurring substantial losses. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions.

    (b) Options

    (i) Variable Degree of Risk

    Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarise themselves with the type of options (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options would have to increase for your position to become profitable, taking into account the premium paid and all transaction costs.

    The purchaser of options may offset its position by trading in the market or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a futures contract or leveraged foreign exchange transaction, the purchaser will have to acquire a futures
    or leveraged foreign exchange position, as the case may be, with associated liabilities for margin (see the section on Futures and Leveraged Foreign Exchange Trading above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium paid plus transaction costs. If you are contemplating purchasing deep-out-ofthe-money options, you should be aware that, ordinarily, the chance of such options becoming profitable is remote.

    Selling (‘writing’ or ‘granting’) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of the amount of premium received. The seller will be liable to deposit additional margin to maintain the position if the market moves unfavourably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract or a leveraged foreign exchange transaction, the seller will acquire a futures or leveraged foreign exchange position, as the case may be, with associated liabilities for margin (see the section on Futures and Leveraged Foreign Exchange Trading above). If the option is ‘covered’ by the seller holding a corresponding position in the underlying futures contract, leveraged foreign exchange transaction or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited.

    Certain exchanges in some jurisdictions permit deferred payment of the option premium, limiting the liability of the purchaser to margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.

    (c) Additional Risks Common to Futures, Options and Leveraged Foreign Exchange Trading

    (i) Terms and Conditions of Contracts

    You should ask the corporation with which you conduct your transactions for the terms and conditions of the specific futures contract, option or leveraged foreign exchange transaction which you are trading and the associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the underlying interest of a futures contract or a leveraged foreign exchange transaction and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances, the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.

    (ii) Suspension or Restriction of Trading and Pricing Relationships

    Market conditions (e.g. illiquidity) or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or ‘circuit breakers’) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.

    Further, normal pricing relationships between the underlying interest and the futures contract, and the underlying interest and the option may not exist. This can occur when, e.g., the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge ‘fair’ value.

    (iii) Deposited Cash and Property

    You should familiarise yourself with the protection accorded to any money or other property which you deposit for domestic and foreign transactions, particularly in a firm’s insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

    (d) Commission and Other Charges

    Before you begin to trade, you should obtain a clear explanation of all commissions, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

    (e) Transactions in Other Jurisdictions

    Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to a rule which may offer different or diminished investor protection. Before you trade, you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of the regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you conduct your transactions for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.

    (f) Currency Risks

    The profit or loss in transactions in foreign currency-denominated futures and options contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.

    (g) Trading Facilities

    Most open-outcry and electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the one or more parties, namely the system provider, the market, the clearing house or member firms. Such limits may vary. You should ask the firm with which you conduct your transactions for details in this respect.

    (h) Electronic Trading

    Trading on an electronic trading system may differ not only from trading in an open- outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or not executed at all.

    (i) Off-Exchange Transactions

    In some jurisdictions, firms are permitted to effect off-exchange transactions. The firm with which you conduct your transactions may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Offexchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarise yourself with the applicable rules and attendant risks.

    Note: “Margin” means an amount of money, securities, property or other collateral, representing a part of the value of the contract or agreement to be entered into, which is deposited by the buyer or the seller of a futures contract or in a leveraged foreign exchange transaction to ensure performance of the terms of the futures contract or leveraged foreign exchange transaction.

    SFA Form 13 - Risk Disclosure Statement (Rev. 26 Nov 2010)


    COMMODITY TRADING ACT (CHAPTER 48A)
    COMMODITY TRADING REGULATIONS


    RISK DISCLOSURE STATEMENT REQUIRED TO BE FURNISHED BY A COMMODITY BROKER, COMMODITY FUTURES BROKER OR SPOT COMMODITY BROKER

    1. This statement is provided to you in accordance with section 32 (1) of the Commodity Trading Act.

    2. The intention of this statement is to inform you that the risk of loss in trading in commodity contracts, commodity futures contracts and in spot commodity contracts can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.

    3. In considering whether to trade, you should be aware of the following:

    (a) Margin: You may sustain a total loss of the initial margin and any additional margins that you deposit to establish a position or maintain positions in the commodity market, commodity futures market or spot commodity market. If the market moves against your positions, you may be called upon to deposit a substantial amount of additional margins, on short notice, in order to maintain your positions. If you do not provide the required margins within the prescribed time, your positions may be liquidated at a loss, and you will be liable for any resulting deficit in your account.
    (b) Liquidation of position: Under certain market conditions, you may find it difficult or impossible to liquidate a position.
    (c) Contingent orders: Placing contingent orders, such as “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.
    (d) “Spread” position: A “spread” position may not be less risky than a simple “long” or “short” position.
    (e) Leverage: The high degree of leverage that is often obtainable in commodity futures trading, trading in commodity contracts and spot commodity trading because of the small margin requirements can work against you as well as for you. The use of leverage can lead to large losses as well as gains.
    (f) Foreign markets and off-futures exchange transactions: Funds placed with a commodity broker, commodity futures broker or spot commodity broker for the purpose of participating in foreign markets or off-futures exchange transactions, such as spot or other over-the-counter transactions, may not enjoy the same level of protection as funds placed in commodity markets or Commodity Futures Exchanges located in Singapore.

    4. This brief statement cannot disclose all the risks and other significant aspects of the commodity market or of the commodity futures market. You should therefore carefully study commodity futures trading, trading in commodity contracts and spot commodity trading before you trade.

    Note: “Margin” means an amount of money or collateral deposited by the buyer or the seller of a commodity contract, commodity futures contract or spot commodity contract to ensure performance of the terms of the contract.

    CTA/CTR 2001 2nd Schedule Form 3 - Risk Disclosure

    NOTIFICATION ON RULES OF SINGAPORE MERCANTILE EXCHANGE PTE LTD (“SMX RULES”), SMX NOTICE 3007 (“SMX NOTICE”) AND CLEARING RULES OF SINGAPORE MERCANTILE EXCHANGE CLEARING CORPORATION PTE LTD (“SMX CLEARING RULES”)

    1. SMX Rules

    Pursuant to Clause 4.8 (1)(e) of the SMX Rules, you are hereby notified of the following:

    1.1 Clause 2.9: Limitation of liability

    1) The Exchange shall have no liability, obligation or duty to any Member, any of their Customers, or any third party or person, including but not limited to, as a result of:

    (a) any Force Majeure event,
    (b) any losses or damages, including consequential losses and damages, which may be incurred by any Member or any other person which may arise directly or indirectly with respect to the activities and functions of the Exchange,
    (c) any failure, omission or error on the part of the Exchange including any losses or damages with respect to trading, clearing and settlement on the Exchange or Clearing Corporation, or suspension, interruption, cancellation or, closure or cessation of services of the Exchange or the Clearing Corporation, or any inoperability or malfunction of the ATS or Exchange TWS or any equipment, software, computer system or any other product operated, supplied or used by the Exchange or the Clearing Corporation,
    (d) any decision of the Membership, Disciplinary or Appeals Committee exercising their powers, or the Exchange accepting a Member’s resignation, or the Exchange’s discharge of its regulatory responsibilities or powers, including any decision to suspend or terminate the membership of any Member, or declare any Member to be a Defaulter, or
    (e) the exercise or failure to exercise of any discretion or rights under these Rules or under the Clearing Rules.

    (2) Without prejudice to the foregoing, the Exchange does not make any warranty, express or implied, and shall not have any liability to any person in connection with or as result of:

    (a) any failure by the Exchange and the Clearing Corporation to provide any information to each other,
    (b) the accuracy, originality, completeness or timeliness of any information, data, or indices,
    (c) the merchantability and fitness for a particular purpose of, or use of any indices, information or data, or the Exchange TWS or ATS or any computer, trading, clearing and settlement systems of the Exchange, or
    (d) any direct, indirect, special, punitive or consequential damages or loss of profits.

    (3) The Exchange and the developer of any trading, clearing and settlement system or of any computer systems used or operated by the Exchange in relation to the functions of the Exchange shall not have any liability for any breach of any law, any act or omission, injury, death, damage to physical property, any direct or indirect losses, loss of operation time or loss of equipment or process, loss of reputation or losses or damages, economic loss, in connection with, incidental or consequential to the use or operation or installation of any such systems. All warranties and conditions including express and implied as to the description, condition, performance, quality, fitness for purpose, durability or otherwise of such systems or any components thereof are excluded except as required by law. Further, the Exchange does not warrant or forecast that such systems or any components thereof or any services performed in respect thereof will fulfill or meet the requirements of any user, or that operation of such systems will be error-free or uninterrupted or that any services performed in with respect to such systems will be error-free or be uninterrupted. For avoidance of doubt, nothing in these Rules, including this Rule 2.9(3) shall limit any liability of any developer of such systems to the Exchange.

    (4) In the event that an obligation of the Exchange must be performed by or prior to a particular time but is not performed on or before that time, the Exchange shall not be in violation of these Rules provided that it performs the relevant obligation within a reasonable timeframe thereafter.

    (5) No power conferred on the Exchange by these Rules, including but not limited to, any power to close out, transfer or call Margin or Daily Settlement Amounts shall impose any duty on the Exchange to exercise such power or to exercise such power in a particular way, and no person shall have any claim against the Exchange in relation to any decision made by the Exchange in good faith to exercise or refrain from exercising such powers, or exercising them in any particular manner.

    (6) The Exchange shall have no implied duties or obligations of any kind, and is only responsible for the performance of those obligations that are expressly required by the Act, any applicable laws in Singapore and these Rules.

    1.2 Clause 2.10: Immunity

    The Exchange and its Officers, employees, contractors and/or agents (including members of any committees established under these Rules, whether past or present) shall not be liable for anything done (including any statement made) or omitted to be done in good faith and in the course of, the performance or purported performance of, or the discharge or the purported discharge of, the functions or obligations or in the exercise of any power under the Act or these Rules.

    1.3 Clause 2.12: Scope of the liability

    Each exemption from liability, defence or immunity available to the Exchange or to which the Exchange is entitled under these Rules, shall also be available and shall extend to protect every one of the Exchange’s affiliates, Officers, employees, contractors, agents or members of committees formed under these Rules, past or present.

    2. SMX Notice

    Pursuant to Clause 4.8 (1)(e) of the SMX Rules, you are hereby notified of the following:

    Clause 7: Actions taken by SMXCC or the Clearing Member

    The Customer acknowledges that pursuant to the Rules of SMXCC under emergency or otherwise undesirable situation or in the event of default (not necessarily on the part of either the Member or the Customer), to close out a Contract, or to take such other steps as SMXCC deems fit. The Customer agrees that if SMXCC takes any action which affects the Contract, then the Member may take any action in its sole and absolute discretion, considered desirable to correspond with such action or to mitigate any loss incurred as a result of such action. Any such action taken by the Member will be binding on the Customer.

    3. SMX Clearing Rules

    Pursuant to Clause 3.8.3 (1)(d) of the SMX Clearing Rules, you are hereby notified of the following:

    3.1 Clause 2.9: Limitation of liability

    (1) The Clearing Corporation shall have no liability, obligation or duty to any Clearing Member, Clearing Bank, any of their Customers, or any third party, including but not limited to, as a result of:

    a) any Force Majeure event,
    b) any losses or damages, including consequential losses and damages, which may be incurred by any Clearing Member or any other person which may arise directly or indirectly with respect to the activities and functions of or any transactions undertaken by the Clearing Corporation,
    c) any failure, omission or error on the part of the Clearing Corporation, including any losses or damages with respect to clearing and settlement on the Clearing Corporation, or suspension, interruption, cancellation or closure or cessation of services of the Clearing Corporation or the Exchange or any market whose contracts are cleared by the Clearing Corporation, or any inoperability or malfunction of equipment, software or any other product operated, supplied or used by the Clearing Corporation or the Exchange,
    d) any decision of the Disciplinary or Appeals Committee exercising their powers, or the Clearing Corporation accepting a Clearing Member’s resignation, or the Clearing Corporation’s discharge of its regulatory responsibilities or powers, including any decision to suspend or terminate the membership of any Clearing Member, or declare any Member to be a Defaulter Clearing Member, or
    e) the exercise of, or failure to exercise, any discretion, powers or rights by the Clearing Corporation under these Rules or by the Exchange under the Exchange Rules.

    (2) Without any prejudice to the foregoing, the Clearing Corporation does not make any representation or warranty, express or implied, and shall not have any liability to any person in connection with or as result of:

    a) any failure by the Exchange or the Clearing Corporation to provide any information to or communicate with each other,
    b) the accuracy, originality, completeness or timeliness of any information, document or data,
    c) the merchantability, satisfactory quality and fitness for a particular purpose of, or use of, any information or data, computer, software or any clearing and settlement system used or operated by the Clearing Corporation, or
    d) any direct, indirect, special, punitive, consequential damages or loss of profits.

    (3) The Clearing Corporation, the Exchange and the developer of any trading, clearing and settlement system or of any computer system or software used or operated by the Clearing Corporation in relation to the functions of the Clearing Corporation shall not have any liability in respect of the operation or use of any such systems or software to the fullest extent permitted by law, including but not limited to, any breach of any law, any act or omission, injury, death, damage to physical property, any direct or indirect losses, loss of operation time or loss of equipment or process, economic loss, loss of reputation or losses or damages incidental or consequential to the installation, use or operation of any such system or software. All warranties and conditions including express and implied as to the description, condition, performance, quality, fitness for purpose, durability or otherwise of such system or any component thereof or software are excluded except as required by law. Neither the Clearing Corporation, nor the Exchange warrants or forecasts that such systems or any component thereof or software or any services performed in respect thereof will meet the requirements of any user, or that operation of such systems or software will be uninterrupted or error-free, or that any services performed in respect of such systems or software will be uninterrupted or error-free. Nothing in these Rules, including this Rule 2.9(3) shall, in any way, limit any liability of a developer of such systems or software to the Clearing Corporation.

    (4) Without prejudice to any of the foregoing, the Clearing Corporation does not make any representation or warranty, express or implied, and shall not have any liability to any person in connection with or as result of the accuracy, originality, completeness or timeliness of, or the merchantability, satisfactory quality and fitness for a particular purpose of, or use of, any indices, used by the Clearing Corporation. This exemption of liability available to the Clearing Corporation shall also extend to any developer(s) of such indices. Notwithstanding the foregoing, nothing in these Rules shall in any way limit any liability of a developer of such indices to the Clearing Corporation.

    (5) In the event that an obligation of the Clearing Corporation must be performed by or prior to a particular time but does not occur on or before that time, the Clearing Corporation shall not be in violation of these Rules provided that it performs the relevant obligation within a reasonable timeframe thereafter.

    (6) No power conferred on the Clearing Corporation by these Rules (including but not limited to, any power to close out, transfer or call Margin or Daily Settlement Amounts) shall impose any duty on the Clearing Corporation to exercise such power or to exercise such power in a particular way, and no person shall have any claim against the Clearing Corporation in relation to any decision made in good faith to exercise or refrain from exercising such powers, or exercising them in any particular manner.

    (7) The Clearing Corporation shall have no implied duties or obligations of any kind, and is only responsible for the performance of those obligations that are expressly required by the Act, any applicable laws in Singapore and these Rules.

    3.2 Clause 2.10: Immunity

    (1) The Clearing Corporation and its Officers, employees, contractors and/or agents (including members of any committees established under these Rules, whether past or present) shall not be liable for anything done (including any statement made) or omitted to be done in good faith and in the course of, the performance or purported performance of, or the discharge or purported discharge of, the functions or in the exercise of any power under the Act or these Rules.

    4. Acceptance and Execution

    The acceptance and execution by the Customer of this document shall be condition precedents to KGI Futures (Singapore)’s performance of its obligations under the Customer Trading Agreement.