Question on Contra on dbs vickers and ibanking

xialankia

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Hi guys, I bought a counter and sold it the next day using the contra option, I sold it at a slight loss..
Today is already T+2 since I bought my counter and I could only see the payment option in EPS

Would like to confirm if payment is T+3 and since its a contra I should be only paying the difference right? But I couldn't see the shares I sold yesterday...

Do I just EPS the difference I calculated first or the full buy amount just in case?

First time using contra here
 

demongod

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If you already sold the share, there is no need to transfer the full amount over otherwise they will only pay you back around 4 days later. Sometimes their system is slow to update, you just have to call your broker and they will update it then you pay them the difference.

Contra losses normally no need T+3, if your broker very kancheong, he will call you otherwise they normally will not rush you unless its a big amount.
 

xialankia

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icic thanks , I emailed vickers they gave me a generic T+3 can see the contra reply no mention of when or what I must pay up=.=

I don't even know who my broker is, I'm aware some of my friends have rms assigned to them..

Small 3 digit loss should be ok right? made a gain from the dividends
Was worried of the possibility of additional charges + interest on principal thou I didn't read that anywhere , maybe I'm just paranoid-_-"
 

ILuvHiDef

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Sorry to bring up this old thread. I thought I just post my question here instead of creating a new thread since it is related to contra trading.

I am with DBS Vickers. I have a question on the online trading procedure. Let's say I buy 1000 shares of X company today and are filled. If I decided to sell the shares tomorrow, when selling, do I need to put a tick on the Contra checkbox? I am not sure if what I do constitute contra trading.
 

xialankia

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Lol I'm quite surprised to see my own thread up after not visiting HWZ for 2months...

If you tick contra when u sell it will constitute as a contra, so u will gain the difference or will be required to pay if there's a loss... else its the traditional T+3

Additional:
note that there is no contra if you pay by cash upfront in the first place.
Also note that you can't contra by selling X buying Y unless you tell them in advance

Correct me if I'm wrong

Generally the CSOs for vickers are pretty frenly so just shoot if in doubt
 

Paul Lee

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Definition of contra means you sell within T+3.

So it does not matter if you tick the contra box or not. I think it use to reset your sell limit.

XLK, you are wrong. You can contra using the cash upfront. But that defeats the purpose of contra in the first place cos typically the idea is not to come up with the required cash for the trade.

You cannot contra by selling x and buying y EVEN if you tell them in advance. Also contra must be done through the same broker. eg. You cannot buy from DBSV and try to contra by selling through UOB-KH on T+1.
 

Hyruga

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Whether or not you tick the contra box doesnt affect the trade. It maybe increase back your sell limits again.

In fact, for poems, they find the ticked box for contra useless and has removed it recently.
 

ILuvHiDef

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Hello all, thank you so much for your posts. They really help.

OK. I have another question. I have some doubts about short selling. Is this legal? My understanding of short selling is you sell at high and buy at low (ideal case). If it's legal, does it mean that when one sell short, he has to buy back within the T+3 period? I read some books and they always mentioned about short selling and my impression from what I've read is that you can hold to your "sold" shares until a good opportune time to buy it back, irregardless of the period of holding. Does that mean that the broker actually loan you some shares until you repay them when you buy back the shares?

I hope my questions are not too confusing.
 
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Paul Lee

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Short selling is illegal. Not only is it illegal, you will get a hefy fine from SGX and your trading account can be bar.

The semi-legal short-selling you can do is to cover back the same day. eg. you sell ABC at 0900 (which you dun have) and buy back before the close of market.

The only legal way of short-selling in Spore is to trade in CFD.

You need to be careful when you read books written for the US or overseas market. A lot of the regulations does not applies to Spore.

Last but not least. Short selling in Spore is IMHO really for the advanced users. Novice and retail investors should stay away.
 

NicoNicoNii

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Dear Sinkie and All,

Under 30 years old here and first timer here.

I am generally not a risk adverse person so contra is not my cup of tea.
I just want to buy some company stocks and take the yearly ~5% dvidiend yield.

After reading a few page of this thread. Below are some of my thoughts and questions.

1) I dont think I will be using SCB since I am planning to hold the stocks for long time and I dont feel comfortable of my stocks in a custodian account.

2) I will be creating a CDP account shortly and I will need a brokerage account to trade. I think I will go with DBS Vickers.

3) I see that there is Cash trading and Cash upfront Trading in DBS Vickers. What is the difference?

4) In the brokerage dashboard, how do I ensure that I do not buy contra as I just want to buy stocks to hold for long.
 

akwl88

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Dear Sinkie and All,

Under 30 years old here and first timer here.

I am generally not a risk adverse person so contra is not my cup of tea.
I just want to buy some company stocks and take the yearly ~5% dvidiend yield.

After reading a few page of this thread. Below are some of my thoughts and questions.

1) I dont think I will be using SCB since I am planning to hold the stocks for long time and I dont feel comfortable of my stocks in a custodian account.

2) I will be creating a CDP account shortly and I will need a brokerage account to trade. I think I will go with DBS Vickers.

3) I see that there is Cash trading and Cash upfront Trading in DBS Vickers. What is the difference?

4) In the brokerage dashboard, how do I ensure that I do not buy contra as I just want to buy stocks to hold for long.

think u choose cash trading and untick contra :s12:
 

Perisher

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Dear Sinkie and All,

Under 30 years old here and first timer here.

I am generally not a risk adverse person so contra is not my cup of tea.
I just want to buy some company stocks and take the yearly ~5% dvidiend yield.

After reading a few page of this thread. Below are some of my thoughts and questions.

1) I dont think I will be using SCB since I am planning to hold the stocks for long time and I dont feel comfortable of my stocks in a custodian account.

2) I will be creating a CDP account shortly and I will need a brokerage account to trade. I think I will go with DBS Vickers.

3) I see that there is Cash trading and Cash upfront Trading in DBS Vickers. What is the difference?

4) In the brokerage dashboard, how do I ensure that I do not buy contra as I just want to buy stocks to hold for long.

eh, here are some answers to your questions.
http://deluxeforums.hardwarezone.co...unt-singapore-updated-2015-a-3628498-101.html
 

Whoami09876

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Dear Sinkie and All,

Under 30 years old here and first timer here.

I am generally not a risk adverse person so contra is not my cup of tea.
I just want to buy some company stocks and take the yearly ~5% dvidiend yield.

After reading a few page of this thread. Below are some of my thoughts and questions.

1) I dont think I will be using SCB since I am planning to hold the stocks for long time and I dont feel comfortable of my stocks in a custodian account.

2) I will be creating a CDP account shortly and I will need a brokerage account to trade. I think I will go with DBS Vickers.

3) I see that there is Cash trading and Cash upfront Trading in DBS Vickers. What is the difference?

4) In the brokerage dashboard, how do I ensure that I do not buy contra as I just want to buy stocks to hold for long.

It's "averse", not "adverse". And being not risk averse means you like risk
 

tanjiakpeng

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i guess dbs vickers vs scb there is a real tradeoff

dbs vickers:
i modelled the fee schedule for this and found the amount of investment required to equal 0.3% fees of scb is at SGD 5,000. as you go higher, SGD 9,000, you pay less fees at 0.18%. so if you are a bigger player - probably dbs vickers will work for you

1 thing to note - your initial purchase price is not tracked, and therefore it's gona take some memory work on what was your entry price and estimate your PL when you need it

what compounds this is, dbs vickers doesn't keep a historical inventory of what you have traded. since everything gets transferred to CDP on settlement (usually T+2/3), vickers resets your holdings to zero. reason being they are not holding your shares - CDP is.


scb:
advantange here is a flat fee of 0.3% (correct me if i'm wrong here, haven't monitored scb fees in a while), and you could buy 100 shares, at 0.3%.

think back about liquidity in the singapore market. if liquidity is high, it really isn't an issue to dump 10,000 shares of a stock, where your order will be filled easily. but then again, if you are speculating/investing in an illiquid or not popular counter on the SGX, which probably you might have a view on, scb might be the winner, where you can nibble and nibble - and not think about the fees, as it is a flat rate @ 0.3%

not too sure about holdings on this - i had an scb account previously but didn't really use it actively. if it were like poems or saxo where you could track your PL on-the-go net of fees, it could be a worthy option to consider


my personal take? i would take scb anytime.
 

Average

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I bought xyz last friday... Today is settlement date (shares not in CDP yet), i have paid via EPS on sunday.

Question: Can I make a trade to sell today? Using DBSv cash acct, need to check the "contra" option? :s11:


*i nv sell shares from CDP b4!
 

neolaw

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I bought xyz last friday... Today is settlement date (shares not in CDP yet), i have paid via EPS on sunday.

Question: Can I make a trade to sell today? Using DBSv cash acct, need to check the "contra" option? :s11:


*i nv sell shares from CDP b4!

Since you have paid in full via EPS, don't check contra.
 
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