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Old 23-01-2016, 11:16 AM   #1
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*OFFICIAL* Standard Chartered Bank Online Equities Trading




Details: https://www.sc.com/sg/ways-to-bank/online-trading.html
Official FAQ: https://www.sc.com/sg/help-centre/fa...online-trading

Unofficial FAQ
Quick reference table on what you can do or cannot do with SCB online equities trading account:


SCB Trading Account
Q: Can I apply for IPO through SCB?
No, as SCB does not have a Capital Markets License for "Dealing with Securities" from MAS.

Q: Can I apply for bonds through SCB?
No, as SCB does not have a Capital Markets License for "Dealing with Securities" from MAS. However, you can buy bonds off the secondary market (i.e. SGX) after the bonds are listed.

Q: Is SCB safe to use? If they're the custodian for my shares, will they run with my shares if they close down? Is there a "counterparty" risk here?
That's highly unlikely, as local shares are held by a custodian account under CDP, and foreign shares are held under their appointed custodian/brokers as well. Here's an image to illustrate the location of your shares:



The custodian concept isn't new, nor unique to SCB, as brokerage firms overseas are also custodians for their clients' shares. In Singapore, we have the CDP - which is a subsidiary of SGX - that handles all shares listed on SGX - presumably to save on economies of scale for corporate action handling. Each of the brokerages have their own custodian accounts as well, though mostly they are utilized for their own products (CFD, SBL, MIP, etc.) and mangement of family estate, trusts, etc.

There was a scare that SCB will close their online trading arm at the start of 2015, in which an article was posted online on a financial blog, claiming that SCB will close, and subsequently, the article disappeared - which some people speculate that SCB sent a lawyer's letter to the authors to take down the article or be sued for libel.

In the very unlikely case that it closes, you'll definitely have a chance to transfer your holds to another custodian, as what E*TRADE did when they decided to close their Singapore office.

With that said however, there is always a risk that your shares might not be entirely safe, especially in a place with poor financial jurisdiction and/or compliance. For more information, read up "How safe are stock broker nominee accounts?"

Q: Help! My stock portfolio disappeared! Did SCB "eat" my shares?!
No, it's more likely that their backend IT system tried to connect to their appointed broker/custodian's system, but failed due to high server load, as many people are using SCB. This is due to the ringfence system that SCB has put in place for the online equities trading product.

So if you see your portfolio as "empty", don't panic. That's why SCB sends you those paper contract statements, as the hardcopy paper statement constitutes a legally binding contract of service provided to you.

Q: Why do I have to open an eSaver/Dash/FCY account?
Because SCB's online equities trading product is separated and ringfenced from their banking product, and you will need at least one banking product in order to transfer cash into your online trading settlement account(s).

Q: Why do I have to transfer from my eSaver/Dash/FCY account to the SECURITIES SETTLEMENT ACCOUNT?
Because SCB's online equities trading product is separated and ringfenced from their banking product, although you can access both your banking products and equities trading products in the online banking page.

Q: How do I transfer from my eSaver/Dash/FCY account to the SECURITIES SETTLEMENT ACCOUNT?
Check out this post by chuanz

Q: The SMS OTP is driving me crazy! It's so slow, I can't login to trade!
Check out my post here. Note that after switching login methods, you *MUST* use that method from the next login onwards. Thankfully, to do a fund transfer you do not need to re-authenticate again.

Q: How do I transfer my shares from CDP to SCB?
Check out my post in the old thread


Market Information

Q: Why is it that when I placed an order online and it got filled, but on the Order Status page, it states the Channel is "Call Center", like the picture below? I did not call them to place an order for me...



Its normal, especially on the EuroNext market, where it is 100% guaranteed your online order is cancelled, and phone method is used. Not sure why, though, but nothing to worry about. Probably it's for tax/regulation purposes...or the internet link was REALLY down. As long as you did not specifically call the hotline to place your trade, you will be charged the online rate.

Q: I can't buy certain shares on SCB on SGX, like Yoma. Why is this so?
Short Answer: Uncle Sam is watching SCB.

Long Answer: Certain companies listed on the SGX deal with countries that have economic sanctions which the US has imposed. Therefore, since SCB has dealings in or with US entities, they are prohibited from transacting with securities and companies that have business in those countries. For more info, refer to this post by bencheongcm


Corporate Actions

Q: Can I attend AGM if I have shares in SCB?
Yes, but you must call the SCB trading hotline to ask. Most likely you will not be able to, as you are not a large shareholder, and/or the company that SCB is liaising with rejected the request.

Q: Where are my dividends?
Your dividends will be credited into your "SECURITIES SETTLEMENT ACCOUNT" generally 1 to 3 days after the dividend payment date. If you have not received your dividends by 3 days, call the SCB hotline to check.


Miscellaneous

Q: Can I transfer my shares from SCB to CDP?
Yes, but it will cost you $10.70 per counter with no limit on amount of shares, which CDP will charge SCB, and SCB will deduct from your account. For certain users, this might be waived off depending on your relationship standing with SCB.

Note: Transferring from CDP to SCB should still remain free.

Q: How do I trade on mobile? Is there an app?
No, there's no app for this. Bookmark this URL: http://ibank.standardchartered.com.sg/nfs/login.htm and remember to set your browser to use "Desktop Mode" before logging in
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Last edited by Asphodeli; 05-02-2016 at 01:50 PM..
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Old 23-01-2016, 11:16 AM   #2
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Previous Thread: Standard Chartered - Only Online Trading in town with no minimum commission
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Old 23-01-2016, 11:55 AM   #3
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Jin steady. Sarpork chiu! Bring over one qn from the other SCB thread which could be useful.


Hi guys, just opened my stan chart trading account. Together with esavers

Now i dont know what to do to start trading. I have deposited 22k inside the savinfs account.

Do i transfer money into the trading account? Or can straight trade? And i see so many options to tranfer money to... Which optuon to choose
Since I'm kinda bored at work and today's Friday...

Spoiler!
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Last edited by chuanz; 23-01-2016 at 01:15 PM..
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Old 23-01-2016, 12:01 PM   #4
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Application for newbies!

Straightforward method:
Apply for eSavers account with monthly $1,000 min balance.
Apply for online equities account (and open all market and currency!)

Bypass min balance method: best done at Plaza Singapura branch
Apply for eSavers account
Apply for Dash Easy account
Apply for online equities account
Once all up and running, close eSavers account with no penalty within 6 mths

Bypass eSavers method: can only be done at Plaza Singapura branch
Apply for Dash Easy account
Apply for online equities account online with your iBanking credentials
Note: may have screw ups and take up to one month to activate your account.
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Last edited by Franzz; 23-01-2016 at 12:03 PM..
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Old 23-01-2016, 01:10 PM   #5
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Hi guys. Can I trade penny stocks like stock that costs <$1 on SGX and US markets?

What is the purpose of creating e$avers account and dash account?

Thanks
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Old 23-01-2016, 01:13 PM   #6
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Hi guys. Can I trade penny stocks like stock that costs <$1 on SGX and US markets?

What is the purpose of creating e$avers account and dash account?

Thanks
The Securities Settlement account cannot receive fund transfer from "external" non-SCB accounts. So the e$avers or Dash is to fund the Settlement account(s).
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Old 23-01-2016, 01:17 PM   #7
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I didn't have to apply for esavers account when I was at the branch. just tell them I wan dash and online trading. application was submitted online there, they made a photocopy of NRIC on the spot and that's it.
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Old 23-01-2016, 02:20 PM   #8
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Alright thanks!

Can i also know can I buy penny stocks through SCB? For stocks that cost less than a dollar.
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Old 23-01-2016, 02:29 PM   #9
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The diagram i think is abit wrong leh

Scb holds the shares, [sgx and foreign shares in raffles nominee Pte ltd] and not [sgx shares in Cdp sub custody] and [foreign shares in raffles nominee Pte ltd]

Shares bought by clients under credit Suisse (Europe) limited Brokers are also kept in raffles nominee Pte Ltd too

So basically if I'm right, when orders are keyed in, it's executed by credit Suisse

Last edited by Sinkie; 23-01-2016 at 02:58 PM..
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Old 23-01-2016, 02:34 PM   #10
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How nominee accounts work
Before thinking about this question, let’s look at how the nominee account system works.

Your shares are legally owned by a non-trading subsidiary of your stock broker, known as a nominee company. (Sometimes a third-party company hired by your stock broker will be used instead of a subsidiary – more on this later on.) However, while the nominee company is the legal owner of the shares, you are the beneficial owner, meaning that you have rights over them. Your stock broker will keep records of which client is the beneficial owner of all the shares held by the nominee company, trade your holdings according to your instructions and pass cash from the sale of your shares or from dividends on to you.

Having the shares owned by a non-trading company rather than the main brokerage business means that your assets are legally separate from the assets and liabilities of your stock broker. The segregation between client assets and company assets is crucial to how this arrangement operates.

If the broker goes bust, your stocks are still your property. The creditors can’t touch them. If your investments were just assets of your stock broker and could be claimed by its creditors, you wouldn’t have any security at all.

(Note that this system is very different to placing money on deposit in a bank, where you are technically lending money to the bank to do as it wants and are a creditor of the bank if it fails. Stock brokers hold your assets on custody for you, rather than receiving a loan from you.)

So in theory, segregation ensures your investments are safe. But how much protection do segregated accounts really provide? Cases such as MF Global, in which clients in segregated accounts lost money, demonstrate that it doesn’t always work.

Why account segregation doesn’t mean safety
Segregation is effectively an honour system, where the broker is expected to do the right thing and keep client and firm assets separate. In some cases, regulators and exchanges will be checking up on their holdings regularly, but obviously they can’t keep an eye on what’s in which account all the time.

So the system is open to fraud and abuse. If your stock broker decides to sell or move shares from nominee accounts, they will be able to do so.

And of course, fraud like this is most likely to happen when the firm is on the edge of collapse, needs cash or assets to meet its own liabilities and the temptation to ‘borrow’ client assets for a while to tide them over becomes too great – or simply when the management decides it’s time to loot client assets and retire somewhere with no extradition treaty.

So the point at which segregation is likely to offer no protection is just when you need it most.

It’s also worth being aware that even if there hasn’t been deliberate fraud, when a stock broker collapses its records often turn out to be shaky. So establishing which clients own what in the nominee account may take a lot of work and assets may sometimes turn out to have been misplaced in the turmoil.

So while the industry often presents segregation as the thing that guarantees the safety of your investments, it’s nothing of the kind. The safety it offers is limited and the system is close to being the absolute minimum that could be accepted, rather than added protection for investors.

Investor compensation schemes and direct registration
So what further protection do you have? Essentially, just one thing. Most major markets have some kind of investor compensation scheme covering assets held with a stock broker or other investment firm.

These will pay compensation up to a certain limit if assets are missing from your account and your stock broker is unable to make good the difference.

Terms vary between countries. There are strict limits to the amount that will be paid and some assets are often not included. Generally, these schemes could be a lot better – but they’re better than nothing.

Compensation schemes typically apply the limit across all accounts you have with a company – but, of course, not across companies. So if you have a larger account and you want to improve your protection, the obvious thing to do is to have accounts at more than one stock broker. Not only is it less likely that both will fail at the same time, but would be entitled to separate compensation allowances on both accounts if they did.

Some investors also feel that having shares directly registered in your name through the central securities depository (where this is possible) rather than through a nominee account is safer. Whether this is true is debatable.

Under most systems, regardless of what name the stocks are in, your stock broker still has access to them to sell them – otherwise they wouldn’t be able to carry out your trades. So that means they could choose to sell them fraudulently without your instructions, just as they could in a nominee account.

It’s possible that in a fraud, pooled nominee accounts would be raided before directly registered ones. And it’s likely that in the event that a stock broker collapses, investors with shares in their name would get access to their investments much more quickly than those using pooled nominee accounts, because the ownership of these shares would be much clearer (although this doesn’t seem to have been tested, presumably your personal account at the securities depository could simply be moved across to another broker almost immediately).

So there may be some limited security advantages to holding shares in your name, in addition to other advantages being on the register of shareholders brings. But generally it won’t provide complete protection.

Custody of foreign stocks
What we’ve discussed so far mostly applies to the situation where you are investing in stocks in home country through a local broker – or possibly through in foreign stocks through an account with a broker in that foreign country.

If you’re investing internationally through your domestic broker, it’s a different matter. In general, your broker won’t have nominee companies linked to the central securities depository in each country it offers and so won’t take custody of your securities directly.

Instead, it will use a third-party custodian, typically a division of a major global bank that offers these services, such as BNY Mellon, BNP Paribas, Brown Brothers Harriman, Citibank or HSBC. The securities will be held for your stock broker in a nominee account at one of these banks.

There are exceptions – some international stock brokers will have local subsidiaries to handle custody in all or some of their markets themselves. For example, as far as I’m aware, Interactive Brokers holds the assets itself (although Saxo Bank uses custodians in most markets).

But generally only the largest and most global firms will get involved in overseas custody. Normally, your foreign shares will be held at a custodian bank.

This introduces an additional link into the chain. Obviously, the assets held in custody by one of these banks are segregated from its own operations and these are generally very large global institutions. If you want to imagine worst-case scenarios, it’s possible that a major custodian could fail – but the consequences would be so far-reaching that some kind of bailout would be almost certain.

But more plausibly, in some markets – especially smaller emerging markets – a custodian that doesn’t have a local division may in turn have engaged a sub-custodian to do the holding on its behalf. It’s perhaps much easier to imagine a smaller sub-custodian in a less well-regulated market failing and your stock broker’s main custodian may not necessarily be liable for assets missing from its sub-custodian.

The use of third-party custodians is not always confined to overseas stocks. A stock broker that trades local stocks on your behalf generally doesn’t have to keep them in custody itself (and when dealing with institutional investors, they often won’t – the investor will usually have their own custodian that’s separate from the broker they use).

Some stock brokers may choose not to look after any client assets and instead outsource all of the custodial arrangements to a specialist. For example, many discount stock brokers in the US use firms such as Penson Financial Services to handle all custodial, clearing and settlement services behind the scenes.

Obvious steps to protect your holdings
It’s important not to overstate the risks from all this, but you can see that the question “Where are my stocks held?” is technically and legally far more complicated than “In my account at my stock broker”. The way the system works is not perfect and certainly leaves investors exposed to risks most don’t understand.

Most of all, it should be clear that assurances about client assets being segregated are not really any assurance at all, as clients of spectacular failures such as MF Global occasionally find out.

How can you keep your investments safe? There is no single answer. Even the traditional method of paper certificates – sometimes suggested as being safer than modern dematerialised share trading – is vulnerable to loss, theft and forgery, as well as being far more inconvenient.

However, only using reputable stock brokers, having more than one account and trying to keep assets at each firm under the relevant compensation scheme limits are very obvious and easy steps to take.
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Old 23-01-2016, 04:02 PM   #11
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noob question

can i close my esaver by withdrawing all money from the acct and making it $nil balance
after i apply for dash easy account?
i mean not physically going to branch to close the account

I opened my esaver for at least 6 mths le
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Old 23-01-2016, 05:54 PM   #12
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Old 23-01-2016, 06:33 PM   #13
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noob question

can i close my esaver by withdrawing all money from the acct and making it $nil balance
after i apply for dash easy account?
i mean not physically going to branch to close the account

I opened my esaver for at least 6 mths le
you can request for the form to close your account via ibanking, they will probably mail to you. fastest way to make sure it's really closed is to go to the branch.
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Old 23-01-2016, 07:58 PM   #14
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Alright thanks!

Can i also know can I buy penny stocks through SCB? For stocks that cost less than a dollar.
Which market? for NYSE/NASDAQ, generally no. For SGX, yes.
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Old 23-01-2016, 09:50 PM   #15
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Does anyone know how much is the Share transfer from SCB to CDP account?




Details: https://www.sc.com/sg/ways-to-bank/online-trading.html
Official FAQ: https://www.sc.com/sg/help-centre/fa...online-trading

Unofficial FAQ
Quick reference table on what you can do or cannot do with SCB online equities trading account:


SCB Trading Account
Q: Can I apply for IPO through SCB?
A: No, as SCB does not have a Capital Markets License for "Dealing with Securities" from MAS.

Q: Can I apply for bonds through SCB?
A: No, as SCB does not have a Capital Markets License for "Dealing with Securities" from MAS. However, you can buy bonds off the secondary market (i.e. SGX) after the bonds are listed.

Q: Is SCB safe to use? If they're the custodian for my shares, will they run with my shares if they close down? Is there a "counterparty" risk here?
A: That's highly unlikely, as local shares are held by a custodian account under CDP, and foreign shares are held under their appointed custodian/brokers as well. Here's an image to illustrate the location of your shares:



The custodian concept isn't new, nor unique to SCB, as brokerage firms overseas are also custodians for their clients' shares. In Singapore, we have the CDP - which is a subsidiary of SGX - that handles all shares listed on SGX - presumably to save on economies of scale for corporate action handling. Each of the brokerages have their own custodian accounts as well, though mostly they are utilized for their own products (CFD, SBL, MIP, etc.) and mangement of family estate, trusts, etc.

There was a scare that SCB will close their online trading arm at the start of 2015, in which an article was posted online on a financial blog, claiming that SCB will close, and subsequently, the article disappeared - which some people speculate that SCB sent a lawyer's letter to the authors to take down the article or be sued for libel.

In the very unlikely case that it closes, you'll definitely have a chance to transfer your holds to another custodian, as what E*TRADE did when they decided to close their Singapore office.

With that said however, there is always a risk that your shares might not be entirely safe, especially in a place with poor financial jurisdiction and/or compliance. For more information, read up "How safe are stock broker nominee accounts?"

Q: Help! My stock portfolio disappeared! Did SCB "eat" my shares?!
A: No, it's more likely that their backend IT system tried to connect to their appointed broker/custodian's system, but failed due to high server load, as many people are using SCB. This is due to the ringfence system that SCB has put in place for the online equities trading product.

So if you see your portfolio as "empty", don't panic. That's why SCB sends you those paper contract statements, as the hardcopy paper statement constitutes a legally binding contract of service provided to you.

Q: Why do I have to open an eSaver/Dash/FCY account?
A: Because SCB's online equities trading product is separated and ringfenced from their banking product, and you will need at least one banking product in order to transfer cash into your online trading settlement account(s).

Q: Why do I have to transfer from my eSaver/Dash/FCY account to the SECURITIES SETTLEMENT ACCOUNT?
A: Because SCB's online equities trading product is separated and ringfenced from their banking product, although you can access both your banking products and equities trading products in the online banking page.

Q: How do I transfer from my eSaver/Dash/FCY account to the SECURITIES SETTLEMENT ACCOUNT?
A: Check out this post by chuanz

Q: The SMS OTP is driving me crazy! It's so slow, I can't login to trade!
A: Try switching to token login:


Note that after switching login methods, you *MUST* use that method from the next login onwards. Thankfully, to do a fund transfer you do not need to re-authenticate again.

Q: How do I transfer my shares from CDP to SCB?
A: Check out my post in the old thread


Market Information

Q: Why is it that when I placed an order online and it got filled, but on the Order Status page, it states the Channel is "Call Center", like the picture below? I did not call them to place an order for me...



Its normal, especially on the EuroNext market, where it is 100% guaranteed your online order is cancelled, and phone method is used. Not sure why, though, but nothing to worry about. Probably it's for tax/regulation purposes...or the internet link was REALLY down. As long as you did not specifically call the hotline to place your trade, you will be charged the online rate.

Q: I can't buy certain shares on SCB on SGX, like Yoma. Why is this so?
A: Short Answer: Uncle Sam is watching SCB.

Long Answer: Certain companies listed on the SGX deal with countries that have economic sanctions which the US has imposed. Therefore, since SCB has dealings in or with US entities, they are prohibited from transacting with securities and companies that have business in those countries. For more info, refer to this post by bencheongcm


Corporate Actions

Q: Can I attend AGM if I have shares in SCB?
Yes, but you must call the SCB trading hotline to ask. Most likely you will not be able to, as you are not a large shareholder, and/or the company that SCB is liaising with rejected the request.

Q: Where are my dividends?
Your dividends will be credited into your "SECURITIES SETTLEMENT ACCOUNT" generally 1 to 3 days after the dividend payment date. If you have not recieved your dividends by 3 days, call the SCB hotline to check.


Miscellaneous

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