Asphodeli
Arch-Supremacy Member
- Joined
- Jul 8, 2001
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Details: https://www.sc.com/sg/ways-to-bank/online-trading.html
Official FAQ: https://www.sc.com/sg/help-centre/faqs-ways-to-bank.html#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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