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Clearing Agents
The Central Depository (Pte) Ltd (CDP) - CDP began operations in 1987 to provide depository, clearing and computerized book-entry settlement services to investors. It also facilitates corporate actions by listed companies.

The Monetary Authority of Singapore (MAS) issues Singapore Government Securities (SGS) on behalf of the Singapore Government and is responsible for the development of the SGS market. These debt instruments can be in the form of either Treasury bills or bonds. Both SGS Bond and SGS Treasury Bill auctions are conducted based on the uniform-price auction format. In a uniform-price SGS Treasury Bill auction, successful competitive bidders and all non-competitive bidders will be allotted the securities at a uniform yield, which is the highest accepted yield (also referred to as cut-off yield) of successful competitive bids submitted at the auction.

Only the Primary Dealers (PDs) in the SGS market are allowed to submit bids at the auctions. The SGS PDs are appointed to play a role as specialist intermediaries in the SGS and SGD money markets.

As SGS are scripless, ownership of SGS is reflected as a book entry in the investor’s account with the bank. Therefore, investors must open SGS accounts with any participating bank, either a Primary or Secondary Dealer, of the SGS market to facilitate the safekeeping and debiting/crediting of SGS.

The banks maintain SGS book-entry accounts with MAS where their SGS holdings are held in custody.

Central Depository (Pte) Ltd. (CDP) maintains book-entry holdings or equities and corporate bonds traded on SGX.

Money market instruments (SGS) are cleared and settled at MAS.

Payment Systems
MEPS+ is a real-time gross settlement (RTGS) system developed for large-value Singapore dollar interbank funds transfers and the settlement of scripless Singapore Government Securities (SGS). The main feature of MEPS+ is the real-time and irrevocable transfer of funds and SGS. The settlement of the cash leg of SGD-denominated corporate and other government debt instruments can also be made through MEPS.

Overdraft Permitted: Investors can go overdrawn in the market.