Practice Note 8.13 and 8.15 Characteristics of Suspension and Trading Halt
Rule 8.13.1 states that SGX-ST may suspend or restrict trading in any or all listed or quoted securities or futures contracts. It may do so for one or more markets, one or more trading sessions or any part of a trading session in specified circumstances.
Rule 8.15.1 states that a trading halt may be imposed by SGX-ST at the request of an issuer. Rule 8.15.2 states that a trading halt may be imposed by SGX-ST on a security or futures contract when its underlying, or such instrument on the same underlying as SGX-ST may prescribe, is subject to a Cooling-Off Period pursuant to Rule 8.14.2.
2. Characteristics of a suspension and a trading halt
Characteristic Suspension Trading Halt Initiating party A suspension can be imposed by SGX-ST under the circumstances stated in Rule 8.13.1. An Issuer may also request a suspension if its request for extension of a trading halt is not approved by SGX-ST. A trading halt can be imposed by SGX-ST under the circumstances stated in Rules 8.15.1 and 8.15.2. Status of unmatched orders During a market suspension, unmatched orders in the Trading System may lapse, as determined by SGX-ST. SGX-ST will notify Trading Members of the status of their unmatched orders before the lifting of a market suspension.
During a suspension of a single security or futures contract, all unmatched orders will lapse.
During a trading halt, all existing orders in the Trading System remain valid. Orders can still be entered, modified or withdrawn but will not be matched. Duration of suspension or trading halt A suspension may persist for a prolonged period. A trading halt is usually intra-day, with a minimum duration of 30 minutes. SGX-ST may extend the duration of a trading halt beyond three Market Days upon the Issuer's request. Upon lifting of suspension or trading halt Upon lifting of a suspension, the suspended security or futures contract will enter into an Adjust Phase for at least 15 minutes. Upon lifting of a trading halt, orders that can be matched will be matched at a single price computed based on the algorithm set by SGX-ST. Unmatched orders will be carried forward into the market phase that the market is in when the trading halt is lifted.