The point I am trying to make is that the risk or worry is similar to putting money in the bank. It's not risk free, but counter-party risk is very small. We are talking about SCB. Not some small finanace company or brokerage.
This CDP and SCB custodian thing is very common for margin accounts with brokerages. I would worry more if the brokerage is very small or does not have enough financial backup. I have a margin account. Not encouraging anyone to use it as leverage cuts both ways.
Just like airlines, we get what we pay for. Serious traders will pay-up for better platforms and services. I have not tried SCB but my idea of using it to get rid of my odd lots (I hate bonus issues in odd lots) was dashed. SCB does not offer this service. Silly me, what did I expect for budget airline platform?
if SC's brokerage nominee account for retail investors is considered custodian services provided, then it is governed under the Securities and Futures Regulations under the oversight of the MAS. if i am not wrong, SC as a custodian is supposed to keep proper records of clients' assets, in this case, equity securites and segregate clients' assets from its own.
i dun think SC can use these shares for shorting in the ordinary circumstance.
of course, if u talk about liquidation event, SC as bank has to give higher priority of claim from depositors first before anything. but this has nothing to do with our shares kept with SC, which i believe is in scripless form.
i have a question - does a scripless share has a unique serial number?
hi, I would like to share my 1 year plus experience using SCB online trading platform. Now I am using another platform coz I find SCB platform not as transparent as I like...
Advantages:
1) low commissions (main benefit)
2) some news feed/analyst reports
Disadvantages:
1) online platform very lumbersome, hard to trade relative to other platforms
2) hard to get real time quotes in one screen. have to go into each stock and click on ‘refresh’ to get real time quote.
3) this is the very painful part – very slow in informing about rights issues. and don’t send the full rights prospectus, unlike when your stocks are in CDP. Only send one sms or letter and it’s usually later than the mails I receive from CDP on rights issue.
4) Does not reflect my warrant value and info on my online account. e.g. for Olam warrants. Said online platfom does not support warrant trading. Said that I have to call trading desk if i want to ask about my values and trade. And I only know my trade results end of the trading day if it is done by trading desk. (!!!???)
5) Sometimes trade execution is super slow. For eg., I submit a price th at is at the current market price (as checked from another trading platform) and with sufficient volume, but the SCB trade just gets acknowledged but not executed for very long.
With regards to warrants, it's not reflected online so will have to manually tracked by yourself. Selling can be done via calling in and the charges are the same as the usual trades.
They are a little slow in corporate events, usually 1 to 2 days?
I believe SCB is not direct access to sgx. When you place the order, it routes to their dealers who then execute your trade and then route it back to your platform.
(01-02-2013, 07:24 PM)NetSurfing Wrote: [ -> ]hi, I would like to share my 1 year plus experience using SCB online trading platform. Now I am using another platform coz I find SCB platform not as transparent as I like...
Advantages:
1) low commissions (main benefit)
2) some news feed/analyst reports
Disadvantages:
1) online platform very lumbersome, hard to trade relative to other platforms
2) hard to get real time quotes in one screen. have to go into each stock and click on ‘refresh’ to get real time quote.
3) this is the very painful part – very slow in informing about rights issues. and don’t send the full rights prospectus, unlike when your stocks are in CDP. Only send one sms or letter and it’s usually later than the mails I receive from CDP on rights issue.
4) Does not reflect my warrant value and info on my online account. e.g. for Olam warrants. Said online platfom does not support warrant trading. Said that I have to call trading desk if i want to ask about my values and trade. And I only know my trade results end of the trading day if it is done by trading desk. (!!!???)
5) Sometimes trade execution is super slow. For eg., I submit a price th at is at the current market price (as checked from another trading platform) and with sufficient volume, but the SCB trade just gets acknowledged but not executed for very long.
It seems like the diaadvantages outweighs the advantages, just for a meagre savings of some commision doesnt seem to be worth it. I would rather pay a small amount for my scrips to be held with cdp
I'm thinking of opening a SCB account after so long. I don't mind the disadvantages other than the slow trade execution. How slow is slow? Like a few seconds or a few minutes?
(25-02-2013, 02:36 PM)FFNow Wrote: [ -> ]I'm thinking of opening a SCB account after so long. I don't mind the disadvantages other than the slow trade execution. How slow is slow? Like a few seconds or a few minutes?
unless you are trading frequently, there is no difference from other brokerage other than nominee holding instead of direct holding in CDP.
Hi Buddies,
Recently, I am looking to purchase some shares overseas (esp in HK). As I do only have a brokerage account with Phillips securities as well as a brokerage account with CIMB in Malaysia for the purpose of buying shares in malaysia due to the big difference in commissions charges as compared to the charges by singapore brokerage firm (RM 60). However, i had noticed that standard chartered brokerage offer no minimum commision which is enticing me as a normal retail investor. I had take a look at it , the way that they are operating is somewhat a different ways as others. For example, shares will be kept at their custody not the cdp account. So i am thinking for opening up an account for the purpose of buying shares overseas as it is cheaper compared to poems. Where else, malaysia brokerage firm charges even more for cross border trading compared to singapore. Any buddies would like to comment on standard charted brokerage?
no custodian fees (DBS vickers charges quarterly) but lousy exchange rate..this is what I am aware of at the moment
(13-05-2014, 04:54 AM)D.L Wrote: [ -> ]Hi Buddies,
Recently, I am looking to purchase some shares overseas (esp in HK). As I do only have a brokerage account with Phillips securities as well as a brokerage account with CIMB in Malaysia for the purpose of buying shares in malaysia due to the big difference in commissions charges as compared to the charges by singapore brokerage firm (RM 60). However, i had noticed that standard chartered brokerage offer no minimum commision which is enticing me as a normal retail investor. I had take a look at it , the way that they are operating is somewhat a different ways as others. For example, shares will be kept at their custody not the cdp account. So i am thinking for opening up an account for the purpose of buying shares overseas as it is cheaper compared to poems. Where else, malaysia brokerage firm charges even more for cross border trading compared to singapore. Any buddies would like to comment on standard charted brokerage?