Singapore Stock Loan Glossary
The vocabulary of SGX share-backed financing — markets, instruments, custody, loan terms, liquidity, and disclosure — defined plainly, for shareholders and their advisers.
In short
This glossary defines the terms that recur in a Singapore stock loan, from the markets a share trades on through to the rules that govern disclosure. It covers the SGX markets and indices, the instrument itself, custody and collateral through The Central Depository (CDP), the commercial loan terms such as LTV, recourse, and margin, the liquidity and risk factors that shape pricing, and the regulation and disclosure framework under the Securities and Futures Act 2001, MAS, and the Take-over Code. Each term carries its own link, so it can be cited individually. For wider context, see what a stock loan is and the FAQ.
Markets & boards
Singapore ExchangeSGX · 新加坡交易所
Singapore's securities exchange, home to the country's listed companies across the Mainboard and Catalist.
SGX Mainboard主板
SGX's primary board for established companies that meet its quantitative and qualitative admission criteria.
Catalist凯利板
SGX's sponsor-supervised board for fast-growing companies, admitted and overseen through approved full sponsors.
Straits Times IndexSTI · 海峡时报指数
The benchmark index of the 30 largest and most liquid companies listed on the SGX Mainboard.
REIT / S-REIT房地产投资信托
A real estate investment trust listed on SGX; S-REITs are a defining feature of the Singapore market and a frequent subject of share-backed financing. See sectors.
Business trust商业信托
A trust structure that owns and runs an operating business, with units listed and traded on SGX.
The instrument
Stock loan / Share-backed financing股票贷款
A loan secured by charging listed shares; the borrower keeps ownership and upside and recovers the shares on repayment. See how stock loans work.
Securities-backed lendingSBL
The broader category of lending against listed securities.
Block trade (SGX)大宗交易
On SGX, a privately-negotiated, off-market sale of a large parcel of listed equity, crossed with a single identified buyer at one agreed price away from the continuous order book and settled through CDP — the equity-market sense of the term, distinct from a futures block trade. See block trades on SGX, explained.
Married deal配对交易
The market term for a parcel of shares matched between a specific buyer and seller at an agreed price and crossed off the order book. On SGX a block trade is arranged as a married deal — the buyer and seller are paired before the trade is reported and settled through CDP.
Crossing过户交易
The execution of a pre-matched buy and sell order for the same security at the same price, completed away from the continuous order book and reported to the exchange. A block crossing on SGX settles through CDP.
Off-market trade场外交易
A transaction in listed shares negotiated and agreed away from the open order book, then reported and settled — on SGX, through CDP — rather than matched anonymously on-screen. A block trade is executed off-market.
Beneficial ownership受益所有权
The substantive economic ownership of shares — dividends, upside, and ultimate entitlement — which a borrower retains under a stock loan even while the shares are charged.
Financing routes & alternatives
Margin financing保证金融资
Borrowing within a brokerage margin account against eligible securities, marked to market daily, where the broker can force-sell on a margin call. It differs from a negotiated share-backed stock loan in size, structure, and margin-call behaviour — see stock loan vs. margin financing.
Lombard loan / facility伦巴德贷款
A credit line from a private bank secured against a portfolio of eligible securities held with the bank, extended as part of a wider banking relationship rather than as a standalone transaction against a single concentrated line. Compared with the other routes on our ways to raise liquidity, compared page.
Custody & collateral
Depository Agent (DA)存管代理
A CDP-appointed institution — typically a bank or broker — that maintains a sub-account within its own CDP account for a beneficial holder, so shares can be held through a nominee arrangement rather than in a direct CDP securities account.
The Central Depository (CDP)中央托收
The Singapore central depository that holds SGX-listed securities in book-entry form in members' securities accounts. The charge and custody stage of a loan is perfected over the borrower's custodian account.
Securities account证券账户
A CDP account in which a holder's SGX-listed shares are recorded electronically.
Scrip / CDP transfer股票过户
The book-entry movement of shares within or between CDP securities accounts, used to position collateral for the financing.
Custodian托管人
A licensed institution at which the borrower opens an account to hold the charged shares for the term of the loan, and over which the lender takes security; the shares sit in that account while beneficial ownership is preserved.
Facility agreement授信协议
The principal loan contract setting out the amount, term, pricing, and obligations of the financing, alongside the share charge and custody documents.
Loan terms
LTVLoan-to-value
The loan amount as a percentage of the charged shares' market value.
Margin call / top-up追加保证金
A demand to add collateral or repay part of the loan if the share price falls below an agreed level.
Recourse vs non-recourse追索权
Whether the lender can pursue the borrower's other assets for a shortfall. Non-recourse: limited to the shares. Full-recourse: borrower personally liable. Limited-recourse: in between.
Dividend entitlement股息权益
The right to receive dividends declared on the charged shares, which structuring generally preserves for the borrower.
Voting rights投票权
The right to vote the charged shares; their treatment during the loan is set by the financing documents.
Event of default违约事件
A defined event under the facility agreement — such as a missed margin top-up, non-payment, or breach of covenant — that entitles the lender to accelerate the loan and enforce its security over the charged shares.
Cross-default交叉违约
A clause providing that a default by the borrower under one obligation triggers a default under the stock-loan facility as well; its scope is a negotiated point in the documentation.
Rights issue供股
A capital-raising in which a listed company offers existing holders the right to subscribe for new shares in proportion to their holding; a corporate action whose treatment on charged shares is set in the financing documents.
Release / reassignment解押 / 归还
The discharge of the share charge and return of the shares to the borrower's own account on full repayment of principal and accrued interest, completing the reversible nature of a stock loan.
Liquidity & risk
Free float自由流通量
The portion of a company's shares available for public trading, excluding locked-in strategic holdings.
ADTVAverage daily traded value
The average value of a share traded per day; a key liquidity input to LTV.
Lock-up / moratorium shares禁售期股份
Shares subject to a contractual or regulatory restriction on disposal for a defined period — common after an IPO — relevant to whether and how they can be charged. See financing a locked-up or moratorium position.
Continuous order bookCLOB · 中央限价订单簿
The SGX central limit order book on which listed securities are matched anonymously and continuously during trading hours. A block trade is crossed away from this order book rather than executed on-screen within it.
Board lot / unit of trading交易单位
The standard quantity in which an SGX-listed security trades on the order book — 100 units for most counters since 2015. Odd lots below a board lot are dealt with separately; relevant when sizing a residual position after a partial sale or enforcement.
VWAPVolume-weighted average price
The average traded price over a period weighted by volume; a common reference point for pricing a block trade at a negotiated premium or discount to the screen.
Regulation & disclosure
Securities and Futures Act 2001SFA · 证券与期货法令
The principal statute governing Singapore's securities markets, including substantial-shareholder disclosure obligations.
Monetary Authority of SingaporeMAS · 金融管理局
Singapore's central bank and integrated regulator of its financial sector.
Singapore Code on Take-overs and Mergers收购与合并守则
The code, administered by the Securities Industry Council, governing the conduct of take-overs and mergers of Singapore companies — relevant to how a share charge is structured.
Securities Industry CouncilSIC · 证券业理事会
The body that administers and enforces the Singapore Code on Take-overs and Mergers.
Mandatory general offer30% · Take-over Code
Acquiring 30% or more of a company's voting rights — or creeping above set limits between 30% and 50% — can trigger an obligation to make a general offer for all the shares.
Concert party一致行动方
Persons acting together to acquire or consolidate control, whose interests are aggregated when applying the Take-over Code's thresholds.
SGXNet新交所电子申报平台
The SGX electronic platform through which listed issuers and shareholders make required announcements and filings — including substantial-shareholder notifications — to the market. See substantial-shareholder disclosure under the SFA 2001.
From terminology to terms.
If a term here describes your situation, a senior principal can take it further. Confidential, no obligation.