Singapore Government Securities (SGS) transactions are cleared on a delivery-versus-payment basis through the Monetary Authority of Singapore (MAS) Electronic Payment System (MEPS), which is the SGS book-entry clearing system of MAS. MEPS is a real-time gross settlement system designed for funds transfers in SGS transactions. MEPS was launched in 1998. In December 2006, MAS announced the successful implementation of MEPS+, which has the following advantages over the previous version of MEPS:

• 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 (SGX). Bonds are also cleared through other international bodies such as Euroclear and Clearstream.