Terms of Use
Last updated: October 30, 2026
1. Introduction and Acceptance
1.1 These Terms of Use (these "Terms") constitute a legally binding agreement between you and KGI governing your access to and use of the website at www.crusoetrade.com., desktop and mobile applications published by KGI, known as “KGI Crusoe”, your registration for and use of Account, and any other KGI website, portal, application or service, made available or provided by KGI that links to these Terms (collectively, the "Platform").
1.2 By registering an Account, by clicking "I Agree" or a similar affirmation where these Terms are presented, or by accessing or continuing to use the Platform, you are deemed to have read and agree to be bound by these Terms. If you do not agree to any part of these Terms, you must cease all use of the Platform and if you have registered an Account, cease using and close your Account.
1.3 Your access to and use of the Platform are also subject to our Privacy Policy, as well as any other terms and conditions, notices, risk disclosures and policies and guidelines that are posted on the Platform or otherwise make available to you from time to time. Each of these documents is incorporated into and forms part of these Terms by reference, and by accessing or using the Platform, you agree to be bound by them.
2. Definitions and Interpretation
2.1 In these Terms, unless the context otherwise requires:
"Account" means any account registered, opened, maintained or operated by you on or through the Platform, including any User Account and Trading Account, in each case, as applicable from time to time;
“Applicable Laws” means all relevant or applicable statutes, laws, rules, regulations, orders, rulings, directives, guidelines, circulars, policies, notice, whether or not having the force of law, issued by or under the authority of any relevant regulatory authority (including Monetary Authority of Singapore), governmental agency, court of competent jurisdiction, industry or self-regulatory body, or exchange or clearing house where your orders are being placed or transactions are being executed, whether in or outside Singapore.
"Content" means all information, materials, data, text, documents, graphics, images, audio, video, software, market data, research, news, analytics, charting tools, education materials, AI-generated content, chatbot responses and other content and materials made available on or through the Platform by KGI and/or Third Party Service Provider;
“KGI”, "we", "us" or "our" means KGI Securities (Singapore) Pte. Ltd. (Company Registration Number 195500144H), a holder of Capital Markets Services Licence issued by Monetary Authority of Singapore to conduct the regulated activities of dealing in capital markets products that are securities, margin financing, futures, commodities, options, leverage FX trading and fixed income and providing custodial services. KGI is licensed to trade approved financial products across various exchanges, including the Singapore Exchange (SGX).
"Platform" has the meaning given in clause 1.1;
"Privacy Policy" means our Personal Data Protection and Privacy Policy, as amended from time to time;
"Security Codes" means the personal identification numbers, passwords, access numbers or codes, and any authentication credential, used to access your User Account;
"SFA" means the Securities and Futures Act 2001 of Singapore, as amended from time to time;
“Trading Account” means trading, brokerage or other regulated account made available by KGI through the Platform;
“Third Party Service Provider” means third parties appointed by KGI to provide or support the Third Party Services;
“Third Party Services” means any service, information, functionality, software, trading platform, market access services, identity verification, charting tools, market data, website hosting, technology services or other services provided by Third Party Service Provider and made available through, integrated with, accessible from or linked to the Platform, including any website, platform, application or service operated, maintained or provided by Third Party Service Provider;
“use” or “access” means any interaction with the Platform or Account, including visiting, viewing, browsing, logging into, downloading, installing, registering for, accessing, utilising or otherwise making use of any features, functionality or service;
“User Account” means any online user account registered, opened, maintained or operated by you to access the Platform and any features, functionalities and services made available through the Platform, including simulated trading functionalities and services; and
"you" or "your" means the individual who accesses or uses the Platform, whether or not such individual has registered any Account.
2.2 Headings are for convenience only and do not affect interpretation. References to a statute include that statute as amended or re-enacted from time to time. The words "including" and "in particular" are not words of limitation.
2.3 Words importing the singular number include the plural number and the converse, and words denoting one gender include every other gender.
3. Eligibility
3.1 You represent and warrant that you are at least 21 years of age and that you have the legal capacity to enter into a binding contract under the laws of Singapore.
3.2 You must not register for or use an Account if doing so would be unlawful, or if you are prohibited from doing so under Applicable Law. We may refuse, suspend or terminate your Account if it reasonably determines that these requirements are not met.
3.3 We may, at any time, at our sole discretion, require document(s) evidencing your age, identity, capacity and/or place of residence for the purpose of verification. We may suspend or refuse your use and access to the Account pending receipt of such evidence.
4. Account Security and Identity Verification
4.1 You represent and warrant that all information provided when registering your Account is true, accurate, current and complete, and you undertake to promptly update any information that changes so that it remains accurate and complete. We may reject, or require you to change, any username, password or other information where reasonably necessary for security purposes.
4.2 You are responsible for safeguarding your Security Codes from any unauthorised use and disclosure. You are required to notify KGI immediately upon becoming aware of, or suspecting there has been, any breach of security affecting your User Account, such as unauthorised access or theft of Security Codes and provide such particulars as KGI may require.
4.3 Your Account and Security Codes are for your exclusive use and may not be shared, transferred or assigned to any third party. You are solely responsible for all instructions submitted through the use of your Security Codes and all instructions submitted using your Security Codes will be deemed to have been authorised by you and may be relied upon by KGI as valid and binding. KGI shall not be liable for any loss or damage arising from any breach of security affecting any information stored in the Account.
4.4 Where the User Account enables you to log in or access by facial recognition, fingerprint or other biometric feature of your device as part of security measures, in addition to, or in place of Security Codes, you acknowledge and agree that such security measures are made available by the manufacturer of your device or the provider of its operating system and is subject to the terms and conditions of that third party. We are not responsible for any failure of the security measures of such biometric security features. You remain responsible for maintaining the security of your device.
4.5 Where you apply for a Trading Account, we may require you to complete an electronic identity verification process. This involves the capture of an image of your identification document and of a facial image and, where required, a short video recording, for comparison and verification purposes. That verification is carried out on our behalf by a Third Party Service Provider. You undertake and represent that the identification document and the facial image submitted are genuine, belong to you, and you consent to the verification process. We may refuse, suspend or withdraw access to the Account, and may decline your application if verification cannot be completed or if we have reason to suspect the authenticity or accuracy of the information provided.
5. Trading Relationship
5.1 These Terms govern your access to and use of the Platform, including any Account made available through the Platform. Notwithstanding the foregoing, the opening, maintenance and operation of a Trading Account, and all dealing, trading and related activities conducted through such account, shall be subject to the relevant customer or account agreement and/or other applicable terms entered into between you and KGI.
5.2 Where KGI makes available the application for opening of a Trading Account through the Platform, such account is subject to KGI’s approval, satisfaction with all identity verification, customer due diligence, suitability assessment requirements and your acceptance of the relevant customer or account agreement and/or other applicable terms.
5.3 Except as expressly stated in these Terms, these Terms do not amend, suspend or limit any customer or account agreement or other applicable terms governing the Trading Account.
6. Licence to Use the Platform
6.1 Subject to your compliance with these Terms, we hereby grant you a limited, revocable, non-exclusive, non-transferable and non-sublicensable licence to access and use the Platform.
6.2 The Platform is intended solely for your own personal and non-commercial use.
7. Prohibition Use
7.1 You undertake that you will not, and will not permit or assist any other person to:
(a) use the Platform in breach of any Applicable Law, or in any manner that infringes the rights of, or restricts or inhibits the use of the Platform by, any other person;
(b) reverse engineer, decompile, disassemble, adapt, modify or create derivative works of any part of the Platform or Content, except to the extent that such restriction is prohibited by Applicable Law;
(c) access or attempt to access the Platform by any means other than the interface, methods or credentials authorised by us, or use any robot, spider, scraper or other automated means to access, retrieve, index or harvest any part of the Platform or the Content;
(d) introduce or transmit any virus, worm, Trojan horse or other harmful code, or otherwise interfere with, disrupt or impair the operation, integrity or security or availability of the Platform or any system, server or network connected with the Platform;
(e) gain or attempt to gain unauthorised access to any part of the Platform, Content, Account, system, server or network connected with the Platform;
(f) remove, obscure or alter any copyright, trade mark or other proprietary notice displayed on or made available through the Platform;
(g) use, store, modify, reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or exploit, whether for commercial benefit or otherwise, any Content, information, reports, market data or other materials obtained from or through the Platform, including any derivative works based on or using Content or market data, without KGI and/or Third Party Service Provider’s express written consent unless otherwise permitted under these Terms;
(h) use the Platform for commercial purposes including but not limited to selling, leasing, lending, gifting or transferring; and
(i) use the Platform for unlawful purposes or engage in any illegal activity or infringe upon the rights or interests of others using the Platform.
7.2 You are responsible for obtaining and maintaining all equipment, software, devices, internet connectivity and other services necessary to access and use of the Platform, and for all costs associated with such access and use.
8. Prohibited Market Conduct
8.1 You acknowledge, understand and agree that, you must not use the Platform or any Account accessed through the Platform, to engage in or to facilitate any market conduct prohibited by Applicable Law.
8.2 The principal forms of prohibited market conduct are summarised in Part A of Schedule 1, which forms part of these Terms. A contravention of section 197, 198, 199, 200, 201, 201A, 201B or 202 of the SFA is an offence and a person convicted of any of the section specified is liable to a fine not exceeding Singapore Dollars 250,000 or imprisonment for a term not exceeding seven years or both. Insider trading is separately prohibited under Division 3 of Part XII of the SFA and carries its own penalties. In addition, civil penalty proceedings may also be brought against such person.
8.3 The summary in Schedule 1 is provided for information and convenience only and does not constitute legal advice or a complete statement of the SFA or any other Applicable Law. The current version of the SFA is available at https://sso.agc.gov.sg/Act/SFA2001. You should also refer to the rules and requirements of the relevant exchanges regarding prohibited market practices through which your orders are placed. References to certain exchange rules are set out in Part B of Schedule 1.
8.4 You must comply with all Applicable Law in connection with your use of the Platform and any transactions undertaken through it. You must immediately inform KGI if you know of, or reasonably suspect, any of the prohibited market conduct.
8.5 KGI may suspend, restrict or terminate your access to the Account or access to any feature, functionality or service available through the Platform in accordance with clause 16 where KGI reasonably suspects a breach of this clause 8 and Applicable Law. KGI may also monitor, review and disclose information relating to your use of the Platform and report any suspected misconduct, unlawful activity or regulatory breach to the relevant authorities where required by law.
9. Intellectual Property
9.1 You accept and acknowledge that all proprietary information, including but not limited to all intellectual property rights such as patents, trademarks, service marks, copyrights, database rights, topography rights, industrial design, know-how, trade secrets, trade names, logos, designs, symbols and other identifying materials, in all forms whether or not registered or capable of registration and any other rights relating to the intellectual property in accordance with the Applicable Laws, in the information and reports available from and generated on the Platform, as well as in the Platform itself, vest solely in and will remain the exclusive property of KGI and/or other Third Party Service Provider.
9.2 You agree not to (a) use, modify, reproduce, broadcast, restructure, distribute, publish, restore or decode the Platform; (b) reverse engineer, decompile or disassemble the Platform to obtain source code or extract its essential components for other applications; or (c) engage in any act that will violate or infringe the intellectual property rights of KGI and/or other Third Party Service Provider. You shall take all necessary measures to preserve and protect those rights.
10. Third Party Services
10.1 The Platform may utilise Third Party Services or enable through Third Party Service Provider when you use the Platform or request specific services from KGI. Your access to and use of the Third Party Services is at your own risk and may be subject to the terms and conditions and policies of the Third Party Service Provider.
10.2 Before accessing or using any Third Party Services, or where the terms and conditions of Third Party Service Provider apply to the services accessed through the Platform, you must carefully read and ensure that you understand all applicable terms and conditions and policies of Third Party Service Provider. You are responsible for independently evaluating the associated risks and comply with the applicable terms and conditions governing the relevant services and products. You authorise Third Party Service Provider to access, use, process and receive information relating to your Account to the extent reasonably necessary for the provision of the applicable Third Party Services.
10.3 Any terms and conditions imposed by a Third Party Service Provider shall apply only to the relevant Third Party Services and shall not amend, supersede or limit these Terms, except as expressly stated in these Terms.
10.4 Where the Third Party Services are provided by Third Party Service Provider, whether subject to the terms and conditions of the Third Party Service Provider, KGI does not warrant, endorse or guarantee the Third Party Services and their contents, availability, accuracy, advertising or other materials on or available from Third Party Service Provider. KGI shall not be responsible for any act, omission, error, delay, interruption, inaccuracy, security breach, system failure, data loss or other failure attributable to the Third Party Service Provider or its systems.
11. No Advice, Information Only
11.1 KGI will act only in accordance with your instructions and will not exercise any discretion on your behalf.
11.2 The Content is provided for general information purposes only and does not take into account your investment objectives, financial situation, or needs. The Content does not constitute financial, investment, legal or tax advice, nor does it constitute a recommendation, solicitation or offer to buy or sell or otherwise deal in any product or to adopt any trading strategy. The Content is not directed at any person in any jurisdiction where such offer or solicitation would be contrary to Applicable Laws.
11.3 You are solely responsible for your own dealings and investment decisions and for obtaining independent advice where appropriate. Many of the products and services available through the Platform involve significant risks, and you should not enter any transactions unless you have fully understood all such risks and have independently determined that such transactions are appropriate for you. Any discussion of the risk provided by KGI is for information purposes only and should not be regarded as a complete disclosure of all risks associated with any product, service or transaction.
11.4 Past performance is not necessarily indicative of future performance or results. Dealing or investing in capital markets products carries risk, including the possible loss of all or substantially all of the amount invested.
12. Simulated Trading Functionalities
12.1 KGI may make available simulated trading functionalities which permits you to place simulated orders using virtual funds through the Platform upon activation of the User Account. The simulated trading functionalities are provided for educational, training, testing and demonstration purposes only.
12.2 During your use of the simulated trading functionalities, you acknowledge and agree that:
(a) the funds credited to the Account are virtual, have no monetary value, and cannot be withdrawn, transferred or redeemed for cash or any other asset;
(b) no order placed through the Account is transmitted to, accepted by or executed on any exchange, market, trading venue, clearing house or counterparty;
(c) prices, order fills, execution timing, profit and loss calculations, costs and charges shown in the Account are simulated and may differ materially from those applicable in live trading conditions;
(d) performance and results achieved through the Account are hypothetical only and are not indicative of, nor an assurance of, future performance or results in live trading;
(e) your use of the simulated trading functionalities does not create Trading Account, customer relationship or contractual entitlement to receive any regulated product or service from KGI; and
(f) KGI may reset, restrict, suspend or withdraw the simulated trading functionalities, including any virtual balance, features or functionality, at any time and without liability to you.
12.3 Before the simulated trading functionalities is activated, KGI may require you to acknowledge and confirm your understanding of the matters set out in clause 12.2.
13. Disclaimer of Warranties
13.1 The Platform is made available to you on an “as is”, “where is” and “where available” basis. To the fullest extent permitted by Applicable Laws, KGI expressly disclaim all warranties, guarantees or representations of any kind, express, implied or statutory, including without limitation any warranty of merchantability, satisfactory quality, fitness for any particular purpose, non-infringement, accuracy, completeness, reliability, timeliness or uninterrupted access.
13.2 You acknowledge and agree that the Platform may be unavailable, suspended, delayed or restricted from time to time for maintenance, upgrades, testing, repairs, system failure, regulatory requirements, security reasons or circumstances beyond KGI’s reasonable control.
14. Limitation of Liability
14.1 KGI shall not be liable for any loss, damage, cost or expense whether direct or indirect, incidental, consequential, special, exemplary or punitive damages including any loss of business, profits, revenue, data or goodwill, arising out of or relating to these Terms or resulting from the use of the Platform, whether based in contract, tort (including negligence) or otherwise, even if KGI has been advised of the possibility of such damages. KGI shall not be liable for any system failure, unavailability, delay, degradation of performance, interruption, error, suspension or discontinuance of the Platform, regardless of cause.
14.3 Nothing in these terms shall exclude or limit KGI’s liability for fraud, fraudulent misrepresentation, willful misconduct or gross negligence attributable that cannot be excluded under Applicable Laws.
15. Indemnity
15.1 You shall indemnify KGI and hold KGI harmless and defend KGI, its respective officers, directors, employees, agents, representatives from and against any and all claims, damages, losses, liabilities, costs and expenses, including but not limited to legal costs incurred by KGI as a result or in connection with your failure to comply with any of these Terms or of any third party rights, any action taken in reliance on any representation, information or instruction received from you, any action taken by KGI to enforce its rights under this Agreement, any inquiry, information request or other action by a third party related to your Account or violation of any proprietary or intellectual property rights held by KGI or its Third Party Service Provider.
16. Suspension, Restriction and Termination
16.1 KGI may, in our sole discretion, at any time, suspend, restrict or terminate your access to and/or use of the Platform or Account (in whole or in part) or terminate these Terms with immediate effect, if (i) you breach these Terms;; (ii) such action is reasonably necessary for security, maintenance or risk management purposes or to protect the integrity of the Platform; (iii) if the same Account is accessed simultaneously by multiple users or devices, or where we reasonably suspect shared, unauthorized or abnormal use of Account; (iv) you refuse to accept the revised version of these Terms, voluntarily uninstall the Platform or demonstrate abandonment of the Account, including where the Account has been inactivate and has maintained a zero balance of money and assets for a continuous period of at least 1 year; or (v) we otherwise reasonably consider such action necessary.
16.2 Immediately upon any such termination, restriction or suspension, your right to use and access to the Account shall cease or be restricted to the extent determined by KGI, and KGI may deactivate or delete your Security Codes and Account, and all associated materials, without any obligation to provide further access to those materials.
In exercising our rights under clause 16.2, we will act reasonably and, where practicable and not prohibited by Applicable Laws, provide you with notice of the suspension, restriction, closure or termination (where applicable) and the reason of such action.
16.3 KGI may, in its discretion, restore access as soon as reasonably practicable after the matter giving rise to the suspension or restriction has been resolved to KGI's reasonable satisfaction.
16.4 You acknowledge and agree that the access and use of Platform is subject to the Applicable Law. Without prejudice to clause 16.1, KGI may exercise any of its rights under clause 16.1 where necessary to comply with any Applicable Laws. To the fullest extent permitted by law, KGI shall not be liable for any loss, damage, cost or expense arising directly or indirectly from any action taken under this clause and you shall have no claim against KGI in respect of such action.
16.5 You may close your Account through the Platform by contacting us in writing provided all positions are closed, all obligations owed to KGI are discharged in full, all applicable fees and charges have been paid and all other requirements specified on the Platform for the Account closure have been satisfied.
16.6 Any termination of these Terms or closure of your Account shall not affect any rights, remedies or liabilities that have accrued prior to the effective date of such termination or closure. Clauses 6, 9, 10, 12, 13, 14, 15, 16, 22 and 23 shall continue in full force and effect notwithstanding the termination of these Terms or closure of your Account.
17. Fees
17.1 KGI may introduce any subscription, service, charges and other fees for the access to and use of the Platform at any time, and details of such fees and charges shall be made available on the Platform. You agree to pay all subscription, service, charges and other fees published on the Platform and applicable to your access to or use of the Platform.
17.2 KGI shall have the right to revise the subscription, service, charges and other fees published on the Platform at any time as it deems necessary. Details of such revisions shall be made available on the Platform.
17.3 Fees, commissions and charges relating to any Trading Account and other regulated services provided by KGI are governed by the customer or account agreement and the fee schedule published or notified by KGI from time to time.
18. Jurisdictional Issues
18.1 The Platform is controlled or operated from Singapore. These Terms and your use of the Platform will be governed by the laws of Singapore, even if you are using the Platform in other jurisdictions. The Platform may not be appropriate or available for use in some non-Singapore jurisdictions. The services or products offered on the Platform are not available in any jurisdiction where it would be unlawful to do so. Where you access or use the Platform from a jurisdiction outside Singapore, you do so at your own risk. You shall be responsible for ensuring that such access or use complies with all applicable laws, rules and regulations of that jurisdiction. KGI may limit the Platform’s availability at any time, in whole or in part, to any person, geographic area or jurisdiction that we choose.
19. Recording and Electronic Communications
19.1 You acknowledge and agree that all telephone conversations and internet conversations including chat and any meetings between you and KGI may be recorded by KGI and that such recordings will be the sole property of KGI, and consent to the use of such recordings and transcripts thereof for any purpose which KGI deems desirable including as evidence in any dispute. Any such recording may be used in evidence and shall constitute prima facie evidence of the communications so recorded. KGI shall not be obliged to maintain or provide copies of any recording made. The use and retention of such recordings are dealt with in the Privacy Policy.
19.2 Any electronic record relating to your use of the Platform kept or maintained by KGI shall be conclusive evidence of the contents thereof, save in the case of manifest error. You agree to the admission as evidence in any court in Singapore of such electronic records and any part, copy or computer output thereof, as an original document.
19.3 You agree not to dispute the validity or enforceability of electronic communications and waive any right to raise any defence based on the absence of writing.
19.4 You consent to receive notices, confirmations, disclosures and other communications relating to the Platform in electronic form, including through the Platform, by email or by posting to the Platform, instead of in paper form. It is your responsibility to maintain a valid email address and keep your contact and account information up to date. If you withdraw your consent to receive electronic communications, KGI may be unable to provide certain services or features of the Platform to you, and your access to the Platform may be restricted.
20. AI Services
20.1 KGI may make available artificial intelligence-powered chatbot through the Platform (“Nami Crusoe”) to provide general information and for customer support purposes only. Any output, responses or other information generated by Nami Crusoe forms part of the Content.
20.2 Any information generated by Nami Crusoe should not be considered as official statements or financial advice from KGI or be construed in any way as offering any products or services to you. Information generated by Nami Crusoe may be inaccurate, incomplete or inappropriate for your particular circumstances, and you should independently verify any information before relying on it.
20.3 Communications with Nami Crusoe shall not constitute instructions to KGI and shall not create, amend, cancel or execute any transaction, order or instruction. You shall not submit confidential, sensitive or personal information through Nami Crusoe unless expressly requested by KGI.
20.4 KGI does not warrant, endorse or guarantee the accuracy, availability, delay of performance, reliability or suitability of any information generated by Nami Crusoe. KGI shall not be responsible for any loss and damage arising from the use of, inability to use, or reliance on any information generated by Nami Crusoe.
21. Amendments of These Terms
21.1 KGI may from time to time, in its sole discretion, amend or vary these Terms in whole or in part without giving you notice of the amendment or change. Any change to these Terms will be effective immediately after KGI posts the updated terms to the Platform and Account or KGI’s notification to you via e-mail.
21.2 You agree that it is your responsibility to review these Terms as they appear on KGISS’s Platform regularly to ensure you are aware and updated on these Terms. If you do not accept the amendment, you shall cease all use of the Platform and close your Account under clause 16.3 immediately, and no charge will be levied for doing so. By continuing to access or use the Platform and Account, you agree to be bound by the current version of these Terms.
21.3 The date on which these Terms were last updated appears at the head of these Terms.
22. General
22.1 Waiver. Any forbearance or failure or delay by KGI in exercising any right, power or remedy shall not be deemed to be a waiver of that right, power or remedy, and any single or partial exercise of any right, power or remedy shall not preclude the further exercise thereof, and each of the rights, powers and remedies of KGI shall continue in full force and effect until specifically waived by an instrument in writing executed by KGI.
22.2 Severability. If any provision of these Terms shall be declared or adjudged to be illegal, invalid or unenforceable under any applicable law, such illegality, invalidity or unenforceability shall not in any way affect or impair the other provisions hereof, which shall remain in full force and effect.
22.3 Assignment. You shall not be entitled to assign any of your rights, title or interest under these Terms or in your Account. KGI may assign or transfer part or all of its rights, title, interest and obligations under these Terms to another brokerage firm without your consent. These Terms shall be binding on KGI and you and the respective successors in title and assigns.
22.4 Third party rights. Save for successors and assignees of KGI, a person who is not a party to these Terms has no right under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce any term of these Terms.
22.5 Entire agreement. These Terms, together with the documents incorporated by reference, constitute the entire agreement between you and KGI in respect to your use of the Platform and supersede any prior arrangement, understanding or agreement relating to it.
22.6 Language. These Terms are published in English. Where we publish a translation into any other language, that translation is provided for convenience only. In the event of any inconsistency, the English version shall prevail and govern all interpretation.
23. Governing Law and Jurisdiction
23.1 These Terms shall be governed, interpreted and construed in accordance with the laws of Singapore, and shall be subject to the exclusive jurisdiction of the Courts of Singapore.
24. Contact and Feedback
24.1 If you have any question and feedback concerning the Platform, please contact us via Nami Crusoe or customer support, available on the Platform.
Schedule 1
Prohibited Market Conduct
Part A. Prohibited Conduct Under the SFA
Section | Conduct | Summary |
|---|---|---|
197 | False trading and market rigging | Doing anything, or engaging in any course of conduct, which creates or is likely to create a false or misleading appearance of active trading, or of the market for or the price of any capital markets products. This includes wash trades and matched orders involving no change in beneficial ownership. |
198 | Market manipulation | Effecting two or more transactions which raise, lower or peg the price of capital markets products, with intent to induce another person to acquire or dispose of them. |
199 | False or misleading statements | Making a statement, or disseminating information, that is false or misleading in a material particular and is likely to induce dealing or to have the effect of raising, lowering or pegging a price. |
200 | Fraudulently inducing persons to deal | Making or publishing any false, misleading or deceptive statement, promise or forecast, or dishonestly concealing material facts, in order to induce another person to deal. |
201 | Employment of manipulative and deceptive devices | Using any device, scheme or artifice to defraud, or engaging in any act, practice or course of business which operates as a fraud or deceit, in connection with the subscription, purchase or sale of capital markets products. |
201A | Bucketing | Prohibited order handling conduct as set out in the Act. |
201B | Manipulation and cornering | Prohibited manipulation and cornering conduct as set out in the Act. |
202 | Dissemination of information about illegal transactions | Circulating or disseminating information that the price of capital markets products will rise or fall because of a transaction contravening sections 197 to 201, where a benefit was received for doing so. |
218 and 219 | Insider trading | Dealing, procuring another person to deal, or communicating information, while in possession of information that is not generally available and that a reasonable person would expect to have a material effect on price. |
Part B. Exchange Rules on Prohibited Market Practices
Exchange | Reference |
|---|---|
Chicago Merchantile Exchange (CME) | CME Rulebook https://www.cmegroup.com/rulebook/CME/ |
Chicago Board of Trade (CBOT) | CBOT Rulebook https://www.cmegroup.com/rulebook/CBOT/ |
New York Merchantile Exchange (NYMEX) | NYMEX Rulebook https://www.cmegroup.com/rulebook/NYMEX/ |
Commodity Exchange Inc (COMEX) | COMEX Rulebook https://www.cmegroup.com/rulebook/COMEX/ |