CUSTOMER FUNDS PROTECTION AT NEWEDGE FINANCIAL SINGAPORE PTE LTD

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1 NEWEDGE CUSTOMER FUNDS PROTECTION AT NEWEDGE FINANCIAL SINGAPORE PTE LTD January 2015

2 OVERVIEW The foundation for protecting customer property when customer trades with us is three-fold: Segregation Capital Requirements and Regulatory Reporting Audits and Inspections 2

3 I. SEGREGATION Newedge Financial Singapore Pte Ltd ( Newedge Singapore ) is a subsidiary of Newedge Group SA and incorporated in Singapore. Newedge Singapore holds a Capital Markets Services License with Monetary Authority of Singapore ( MAS ). Newedge Singapore is a trading and a clearing member of Singapore Exchange ( SGX ). The supervision of market participants in Singapore, including Newedge Singapore is conducted by MAS with the exchange rules as a supplement. Among those rules is the treatment of client monies. 3

4 I. SEGREGATION (CONT D) Newedge Singapore typically takes cash as collateral. Its obligations in relation to client monies: Deposit client monies in a custody account held in trust for the customer subject to the terms of the client s agreement with Newedge Singapore and local regulations. Ensure that the client monies are not commingled with Newedge Singapore s proprietary money in its house account. Deposit client monies in the custody account no later than the business day immediately following the day on which such client monies are received by Newedge Singapore or Newedge Singapore is notified of the receipt, whichever is later. 4

5 I. SEGREGATION (CONT D) Pursuant to Regulations 16(4) and 26(4) of the Securities and Futures (Licensing and Conduct of Business) Regulations, customer properties may be combined and commingled with other customers properties held in authorized banks or clearing houses. However, Newedge Singapore is prohibited from using one customer s properties to meet the obligations (including default) of another customer. Newedge Singapore maintain its own excess funds in customer segregated account. If a margin call is not satisfied by the customer, the shortfall will be covered by the excess fund. Such customer will subsequently reimburse Newedge Singapore for such shortfall. As required by the rules of the MAS, Newedge Singapore calculates the total amount of funds each client has deposited in the segregated account and its margin requirement on a daily basis. These calculations are checked and reconciled with the total amount of funds in Newedge Singapore s clients segregated account. The reconciliations are maintained as part of the regular books and records of Newedge Singapore. 5

6 II. CAPITAL REQUIREMENTS Being a holder of Capital Markets Services License issued by MAS, Newedge Singapore has to maintain: Base Capital of not less than SGD 5 million; Financial Resources of not less than 120% of its Total Risk Requirement; and Aggregate Indebtedness not in excess of 1200% of its Aggregate Resources. Being a trading & clearing member of SGX, Newedge Singapore has to maintain: Base Capital of not less than SGD 5 million; Financial Resources of not less than 100% of its Total Risk Requirement; and Aggregate Indebtedness not in excess of 1200% of its Aggregate Resources. 6

7 III. REGULATORY REPORTING AND HANDLING OF CUSTOMER FUNDS Newedge Singapore s regulatory capital requirements are met through equity and subordinated loans from its parent, Newedge Group. Subordinated loans may not be called before maturity without prior regulatory approval. Newedge Singapore must file monthly returns to SGX and quarterly returns to MAS showing its financial position and routine reports to SGX. If Newedge Singapore ever had an issue regarding the adequacy of its capital or the amount of client monies in segregation, according to regulatory rules, it would be required to advise the MAS and SGX promptly. The MAS and SGX restrict how the licence holder/trading or clearing member handle client monies. Investment of client monies can only be done under strict conditions prescribed by MAS. 7

8 IV. AUDITS AND INSPECTIONS As a Capital Markets Services Licence holder, SGX trading and clearing participant, and member of Newedge Group, Newedge Singapore is subject to the following formal inspections or ongoing reviews by the following parties: Monetary Authority of Singapore Singapore Exchange (SGX) Deloitte & Touche LLP, our external auditors 8

9 IV. AUDITS AND INSPECTIONS (CONT D) In addition, The Autorité de Contrôle Prudentiel et de Résolution ( ACPR ), the French regulator of Newedge Group, has a right to inspect Newedge Singapore. Société Générale has the right to audit any Newedge company at any time. The client asset protection procedures are also subject to the review and examination of the Internal Audit Department of Newedge Singapore. 9

10 V. SUMMARY OF APPLICATION OF BANKRUPTCY RULES Under the local regulations, customer properties (including both money and securities) are held in segregated account(s). Such customer properties may not be commingled with the properties of Newedge Singapore in its house account and may not be used by Newedge Singapore in the course of its own business except in accordance with the terms of customer s agreements with Newedge Singapore and the Securities and Futures Act and its related regulations. Customer properties will generally not be affected by the bankruptcy of Newedge Singapore as customer properties do not belong to Newedge Singapore. Unless otherwise provided under the terms of clients agreements with Newedge Singapore or provided by the Securities and Futures Act and its related regulations, customer properties shall not be available for payment of Newedge Singapore s debts. 10

11 VI. EVALUATING RISKS TO SEGREGATED CUSTOMER PROPERTY Fraud. This risk is mitigated by Newedge Singapore s internal control governance and the number and frequency of external audits to which it is subject. The internal control structure includes programs for regulatory Finance and Accounting, Treasury, Front Office, Clearing Operations, Compliance, Financial Crime Prevention/AML, Internal Audit, Permanent Supervision, and Operational Risk. The Firm s internal control procedures are reviewed annually by its external auditors. Proprietary Trading. This risk is mitigated as Newedge Singapore does not engage in any significant proprietary trading activities (other than customer facilitation activities). Default by another customer. This risk is mitigated by Newedge Singapore s procedures for approving and monitoring clients, and the daily and prompt collection of margins. 11

12 VII. STRUCTURE OF NEWEDGE Société Générale 100% Newedge Group, SA 100% Newedge Financial Singapore Pte Ltd 12

13 VIII. NEWEDGE S CONSOLIDATED CAPITAL Newedge, like its shareholder Société Générale, is subject to strict capital adequacy requirements. As of 31 December 2013, the audited consolidated capital structure of Newedge was 1,107M (calculated in accordance with IFRS rules). Consolidated regulatory capital of Newedge as of 31 December 2013 was 1,331M (calculated in accordance with French banking regulation). 13

14 IX. CONCLUSION Newedge Singapore manages the customer protection regime for trading on SGX in an efficient manner. This management is back stopped by regular reviews and reconciliations, both internally and externally, by third party auditors and regulators. Newedge Singapore is part of a strong organization subject to stringent regulatory requirements. 14

15 This document has been produced for information purposes only and is not to be construed as an offer to buy or sell any financial instrument or security. Due to international regulations not all financial instruments/services may be available to all clients. You should be aware of and observe any such restrictions when considering a potential investment decision. This information is not intended to be construed as investment advice. We do not accept any liability or loss or damage arising from any inaccuracy or omission in or the use of or reliance on the information in this document. All information is subject to change without notice. The contents of this document have been prepared solely for the benefit of the clients of Newedge Financial Singapore Pte Limited and no other legal entity or person. For the avoidance of doubt, it may not be copied or reproduced in whole or in part, in any medium or given to any third party. This document has been prepared to provide a broad overview on how Newedge Financial Singapore Pte Limited handles its clients assets. It is not intended to be an advice, opinion or a comprehensive explanation of the legal or regulatory regime in Singapore regarding the handling of client assets and it should not be relied upon as such. You are encouraged to obtain your own independent professional advice on laws and regulations regarding your assets as you consider necessary and appropriate. THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS REPORT COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. BY ACCEPTING THIS REPORT, YOU AGREE TO BE BOUND BY THE FOREGOING. Société Générale is primarily regulated in France by the Autorité de Contrôle Prudentiel et de Résolution ( ACPR ). Newedge Group SA and its branches are lead regulated by the ACPR. Newedge Group SA is also regulated by the Autorité des Marchés Financiers in France. Société Générale Newedge UK Limited is authorized and regulated by the Financial Conduct Authority (FCA). Newedge Group (Zurich and Dubai branches) and Société Générale Newedge UK Limited do not deal with, or for, Retail Clients (as defined under MiFID, FCA rules and Dubai Financial Services Authority ( DFSA )). If this material is distributed by Newedge Group Dubai Branch it is intended for Professional Clients only (as defined by the DFSA) and no other person should act on it. Only Société Générale Capital Canada Inc. is a member of the Canadian Investor Protection Fund. Société Générale, Société Générale Newedge UK Limited and SG Americas Securities, LLC are Swap Dealers registered with the CFTC and NFA. Not all products or services are available from all SG Group organizations or personnel. If necessary, please consult our local office for details Société Générale. All rights reserved 15

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