Standard Chartered Equities Trading: Why You Might Lose Everything!

wahkao3

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https://www.sc.com/sg/personal-banking/tnc/en/_pdf/cb_investments-tnc.pdf

Part E, Section 11, Para 11.2 on Page 94 should answer everyone's questions :vijayadmin:
RKTtHFT.png
 

Keverus

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wa, this kind of rubbish also can reach 3 pages?

it's from a blog run by a group of ginna pi.

what did u guys expect?
 

Perisher

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Haha, reading this, sounds like this guy is a pro in reply to marcus chua's post...
but his drei blinde mause refer to 3 blind mice...


Here goes,
Francis Hayashi · Senior Rattenfallen at Drei Blinde Mäuse, Partnerschaftsgesellschaft

I really feels so stupid to post here again. But let me do this as a Free post to alert people on the streets on some facts.

"With Immediate Effect", "With Immediate Effect" and bleh bleh bleh. Closing Global Equities Business with immediate effect is just like I am closing my drink stalls in your school canteen with immediate effect. Your school will not stop me from doing so because your school did not regulate on whether can i close my shop or not, unless i have a contractual obligation to carry on my business for ....

Whereas "Providing custodial services for securities" is regulated under Securities Futures Act Chapter 289. You can check on Schedule two on whether I am speaking out of an empty tin can for this. Eh for example, I hold your water bottle for you when you go for your basketball practice. If i close my drink stall, the school might tell me not to throw your water bottle away. And again, am I am watching after it or did I hire someone else to do it?

Then please flip to section 104 and read read read. Well it is on handling of customer's asset. Under section 97 you will read read and read about insolvency. Well all the answers are in the act. So go read up. I got no answer for you.

Furthermore SCBS(L), they are Standard Chartered Bank Singapore Limited so it is SCBSL, are they Capital Market License Holder? I am not here to comment on this. Go ask them if you are interested.

Here is a spoon again, did someone uses Raffles Nominee to hold client's shares? I am not sure. Eh.... I don't know.

Anyway, the above can tell you that the title is a scaremongering tactic or previously i view it as an attention gathering article. However i am changing my view to the former.

Which means I will be reporting this to MAS this week and seek their view on allowing commentaries on spreading of false information that create market instability. Who are the authors of this blog again? Hope that you guys do not require any MAS clearance for your professional practice. I do not know if this will affect fit and proper status.

Thats all for me now. I need to heed my wife advise of not bring my mobile phone to the bed. I think I gonna get it this time.

Sorry and good bye.

Logging off.
 

Asphodeli

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Haha, reading this, sounds like this guy is a pro in reply to marcus chua's post...
but his drei blinde mause refer to 3 blind mice...


Here goes,
Francis Hayashi · Senior Rattenfallen at Drei Blinde Mäuse, Partnerschaftsgesellschaft

I really feels so stupid to post here again. But let me do this as a Free post to alert people on the streets on some facts.

"With Immediate Effect", "With Immediate Effect" and bleh bleh bleh. Closing Global Equities Business with immediate effect is just like I am closing my drink stalls in your school canteen with immediate effect. Your school will not stop me from doing so because your school did not regulate on whether can i close my shop or not, unless i have a contractual obligation to carry on my business for ....

Whereas "Providing custodial services for securities" is regulated under Securities Futures Act Chapter 289. You can check on Schedule two on whether I am speaking out of an empty tin can for this. Eh for example, I hold your water bottle for you when you go for your basketball practice. If i close my drink stall, the school might tell me not to throw your water bottle away. And again, am I am watching after it or did I hire someone else to do it?

Then please flip to section 104 and read read read. Well it is on handling of customer's asset. Under section 97 you will read read and read about insolvency. Well all the answers are in the act. So go read up. I got no answer for you.

Furthermore SCBS(L), they are Standard Chartered Bank Singapore Limited so it is SCBSL, are they Capital Market License Holder? I am not here to comment on this. Go ask them if you are interested.

Here is a spoon again, did someone uses Raffles Nominee to hold client's shares? I am not sure. Eh.... I don't know.

Anyway, the above can tell you that the title is a scaremongering tactic or previously i view it as an attention gathering article. However i am changing my view to the former.

Which means I will be reporting this to MAS this week and seek their view on allowing commentaries on spreading of false information that create market instability. Who are the authors of this blog again? Hope that you guys do not require any MAS clearance for your professional practice. I do not know if this will affect fit and proper status.

Thats all for me now. I need to heed my wife advise of not bring my mobile phone to the bed. I think I gonna get it this time.

Sorry and good bye.

Logging off.

Wah where you get this post sia, seems like it's deleted
 

limster

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Wah where you get this post sia, seems like it's deleted

Still there when I scroll down, maybe got so many threads already you need to click 'view more'


Anyways, seems like people have posted the link on SC's FB page. So there may be a reaction soon.

Sadly, all this tells you one thing, there is no such thing as bad publicity.... which explains why 'analysts' on the TV financial news can be wrong so often and still get invited back to make more wrong predictions. Being wrong is ok. But being boring is not ok :)
 

simon_84

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Anyway, KE cash upfront I think is called trade prefunded.
Poems is Phillip Cash Prepaid Account
UOB someone else say got liao... next time do your homework first can? I thought Sinkie anyhow bomb that picture I ask you all to refer to.

thanks for taking the effort to reply but you do know you have the right not to...appreciate the spoon feed anyway.
the only cash upfront which are not stored by custodian are cimb and vickers so this is all i need to know.
 

waxqube

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SCB custodian seems to be a bit different from other brokerages custodian accounts which use the CDP sub-account (at least for local shares). Not sure if risk is different too?
 

Perisher

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thanks for taking the effort to reply but you do know you have the right not to...appreciate the spoon feed anyway.
the only cash upfront which are not stored by custodian are cimb and vickers so this is all i need to know.

I think I was damn du lan with my phone unable to post replies, don't mind the harsh tone. peace.
 

Perisher

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SCB custodian seems to be a bit different from other brokerages custodian accounts which use the CDP sub-account (at least for local shares). Not sure if risk is different too?

Think some of the cash upfront account is held under custodian accounts yo...
 

Sinkie

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Think some of the cash upfront account is held under custodian accounts yo...

a local brokerage account can either be linked to a cdp or a sub-cdp for sgx shares, then their foreign share are kept in a custody account which is maintained by the foreign counterparty that the local brokerage firm engaged to execute the foreign orders.

so in this case, if i am not wrong, for scb, they dont really execute these orders, they basically send the orders as the nominee account name (raffles nominee?) to a counterparty (could be morgan? goldman? credit suisse ie) which will execute them and then the shares will be settled or deliver in the nominee account under that counterparty

i could be wrong though.
 

Shiny Things

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a local brokerage account can either be linked to a cdp or a sub-cdp for sgx shares, then their foreign share are kept in a custody account which is maintained by the foreign counterparty that the local brokerage firm engaged to execute the foreign orders.

i could be wrong though.

Not necessarily. The executing broker and the custodian don't have to be the same; you could (say) execute through UBS and custody at JPM, or execute your own orders directly through Bloomberg Tradebook and custody at Citi, or whatever.

Also, obligatory note: the article is complete crap and the author should be ashamed of themselves.
 
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Sinkie

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Not necessarily. The executing broker and the custodian don't have to be the same; you could (say) execute through UBS and custody at JPM, or execute your own orders directly through Bloomberg Tradebook and custody at Citi, or whatever.

Also, obligatory note: the article is complete crap and the author should be ashamed of themselves.

If such arrangement, all the shares delivery will be manual le right?
 

Shiny Things

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If such arrangement, all the shares delivery will be manual le right?

Not really sure - I've never actually done this myself - but I'd think the only manual step would be telling the executing broker that you want the shares to go to your account with XYZ bank, and most of the time that'd be a set-and-forget default setting anyway. This is a pretty bog-standard prime-brokerage arrangement, now that I think of it.
 
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klarklar

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LOL, taken down liao, after Many people(including me) shoot until they buay tahan I think... Too bad, don't have screengrab pic. Dunno who break their limit, maybe SCB?

Here is the official statement of apology from them
APOLOGY AND UNDERTAKING

Probably SCB shot him a legal letter. The writer, Marcus Chua, knows he has no case, so decided to apologize. If you go to their website and look at their replies to the comments before that post was taken down, they weren't repentant at all. Sometimes, you need a lawyer letter to get people to admit their mistakes. In this case, it was very clear-cut they were wrong because facts are facts.
 
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