Singapore Government Securities (SGS) transactions are cleared on a Delivery-versus-Payment (DvP) basis over the Monetary Authority of Singapore (MAS) Electronic Payment System, the SGS book-entry clearing system of MAS. The MAS Electronic Payment System (MEPS) is a real-time gross settlement system (RGTS) designed for funds transfer in SGS transactions, started in 1998.

On December 2006, MAS announced the successful implementation of MEPS+. Advantages over the previous MEPS include:

• Use of SWIFT message formats and networks;
• Advanced queue management capabilities;
• Automated collateralized intra-day liquidity facilities; and
• Automated gridlock resolution.

Non-government bonds and derivatives are settled through an electronic book entry clearing system established by the Central Depository (Pte) Limited, a subsidiary of the Singapore Exchange. Bonds are also cleared through other international bodies such as Euroclear and Clearstream.

An overview containing information on the settlement systems in Singapore from the ASEAN+3 Regional Settlement Linkage report is linked below.