Each Trading Member indemnifies each of SGX-ST, SGX RegCo, and their respective Directors, Officers, employees, representatives and agents ("Indemnified Persons") against any loss or liability reasonably incurred or suffered by an Indemnified Persons where such loss or liability arose out of or in connection with:—

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

Amended on 26 April 201326 April 2013 and 15 September 201715 September 2017.