[PSA] WARNING ! Standard Chartered Platform Users

Perisher

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SCB is a "budget" brokerage so quality may not be there. It's like you buy a $10 shirt and you want it to be as comfortable as a $100 shirt? Both come with buttons, but maybe the $10 shirt buttons will fall off after a while.

Besides the occasional outage, SCB has been very good for me. To put things in perspective, I execute maybe 5-10 trades a month max.

Same here. My complaints after these few years doesn't outweighs the benefits.
 

lcornwisky

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i think its ok so long as there is no price manipulation....now that will be big haha
 

wahkao3

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i think its ok so long as there is no price manipulation....now that will be big haha
huh? U sure!??

its ok to trigger stop losses if the condition for triggering has not been met?

u are sure easy to con. Your broker will eat u alive! :o:s13:
 

lcornwisky

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huh? U sure!??

its ok to trigger stop losses if the condition for triggering has not been met?

u are sure easy to con. Your broker will eat u alive! :o:s13:

definitely not :s13:

yeah but i think its an issue for some
 

miketay90

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Is SCB that bad?

It does not have custody, corporate action, dividend commission and minimum fees right?

The big minus would be the fx charges - do they really charge 1.5% above the spot rate? If I put in $10,000 that would be $300 (both ways) :eek: 3% loss before even entering the market!
 

Perisher

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Is SCB that bad?

It does not have custody, corporate action, dividend commission and minimum fees right?

The big minus would be the fx charges - do they really charge 1.5% above the spot rate? If I put in $10,000 that would be $300 (both ways) :eek: 3% loss before even entering the market!

It does not have all those fees. Only fees is commission charges on buy/sell.

True that last sentence.
If you are exchanging a good chunk of $$ and would use it up within 3 years, then it make sense to use IB. IB charges $10/mth so 3 years cost about $360.
Quite sure you would increase your USD$ fund every once in a while within those 3 years anyway so ya, use IB.
 

miketay90

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It does not have all those fees. Only fees is commission charges on buy/sell.

True that last sentence.
If you are exchanging a good chunk of $$ and would use it up within 3 years, then it make sense to use IB. IB charges $10/mth so 3 years cost about $360.
Quite sure you would increase your USD$ fund every once in a while within those 3 years anyway so ya, use IB.

I thought the commissions come only at the buy trade (ignoring the small market commissions for sell trade for US stocks)

In any case I'm pretty small time. IB seems to charge 1% for inward remittance to fund the account as well? Not sure if it is worth it if that's the case.
 

Perisher

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I thought the commissions come only at the buy trade (ignoring the small market commissions for sell trade for US stocks)

In any case I'm pretty small time. IB seems to charge 1% for inward remittance to fund the account as well? Not sure if it is worth it if that's the case.

I don't think the IB part is accurate, you might wanna consult within the IB thread.
http://deluxeforums.hardwarezone.co...ers-sgd-now-available-funding-4053471-79.html

As for SCB, buy/sell both incurs commission charges and a few misc small fees which is charged by every brokers for buy/sell too.

In other words, every brokers charges the same stuff for buy/sell stocks, the major differences lies in how much minimum they charged, SCB doesn't have any and thus is the cheapest. Other brokerages starts anywhere from $18-25.
 

Shiny Things

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Would advise those who trade with SCB to avoid using them for now or be very careful. Some of you may have noticed sluggishness in their systems or problems receiving the OTP. Or other quirks. But I suspect the problem runs deeper.

Look my stop loss trigger price. Look at executed price.

Stop loss set at 108.68.
It was triggered at 112.75


The trading range that day (monday) was between 112-114. It never came remotely close to my stop. I had another stop that day. Both was triggered automatically very close to ending bell for no reason at all.

I'm not sure how they will account for this or anyone else who lose their position in event of a rally. Their stop loss now can trigger high above the actual set price. What if it only triggers way below the set price or not at all. This calls into question the reliability of their other orders.

That is a complete, 100% failure at their end. Normally I'd say they owe you a reinstatement of your position at the original price, and a refund of the brokerage fees.

But in this case, they'll probably argue that you would have been stopped out on Tuesday afternoon anyway. You need to be a hell of a lot quicker on the draw when you're contesting a fill - like, minutes, not hours or days.

how i think it is coded is that once the stop loss is triggered, sell market order 50shares. it just so happens that someone bought up a large amount of shares with a market order, upping your average.

This is what i think happened, and no i'm not from scb

Nope - see below. The stop should never have been triggered.

Are you sure it is SCB and not a function of Yowzer's odd lot being given less priority?

I thought its normal for traders to avoid trading odd lots to avoid priority issues. Especially in the era of HFT where bid offer prices can appear and disappear in milliseconds.

Nope - even if you're trading an odd-lot, on US exchanges you're still protected by what's called the "trade-through rule". This says that your broker is not allowed to execute an order at worse than the "national best bid and offer".

The problem's not with the limit part of this order, though - that seems to have executed fine. The problem is that the stop-loss part was erroneously triggered - Apple never printed 108 on Monday, so the stop shouldn't have fired. But once it did, the 108.00 limit sell order was sent to the exchange, and it seems to have been filled at a fair price.

So the problem is in whatever software Stanchart's using to monitor its stops.

This statement I disagree. Cheap is not excuse for sloppiness. If the platform offers stop-limit order, it should be expected to function and perform as what would be expected of a stop-limit order, i.e. do it's job.

If the cost cannot cover the maintenance of this particular function, then I'd rather they remove the stop-limit function. Just provide "basic" buy/sell.

Yeah, this.

Use interactive brokers lo anyway scb is also a market maker like city index

What? No, this is completely completely wrong. Stanchart's not a "market maker", and they're not "like City Index". City index is a CFD broker; Stanchart is a stockbroker.

Is SCB that bad?

It does not have custody, corporate action, dividend commission and minimum fees right?

The big minus would be the fx charges - do they really charge 1.5% above the spot rate? If I put in $10,000 that would be $300 (both ways) :eek: 3% loss before even entering the market!

On USDSGD FX, it's 0.75% above the spot rate (ish); on non-USD crosses, it's about 1% (I think). So it's not quite that bad, but it's still a lot, especially if you're trading in AUD or GBP or EUR or something else.

I thought the commissions come only at the buy trade (ignoring the small market commissions for sell trade for US stocks)

Nope, you pay commissions on buys and sells.

In any case I'm pretty small time. IB seems to charge 1% for inward remittance to fund the account as well? Not sure if it is worth it if that's the case.

Er, no - funding your IBKR account is free if you do a FAST transfer.

From SCB, the gist of it.....

Technical fault. The orders not supposed to be executed but somehow the exchange let it through. Besides my incident, there were other orders that day which were already deleted but still executed. The problem is unlikely to occur again. OUr team is on the problem. Our system is/will be going through a major upgrade but timeframe unknown. Will update again soon on status.

"The exchange let it through"? I dunno, I don't think they've explained that correctly - exchanges usually don't monitor stoploss levels, the brokers do that themselves. I think Stanchart cocked this up.

do u all know that for professionals trading in US

if u are market taker, u don't need pay commission

but if u are market maker, u pay commission

Wrong way up mate - generally market makers pay less commission, and market-takers pay more commission. (Sometimes it's the other way up, though! If you route your order to an "inverse maker-taker" exchange, you can get paid to take liquidity; yes, this is weird, but it's a thing.)
 

Shiny Things

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Agree with u however does scb transfer the shares to the cdp account

Not unless you tell them to. By default, Stanchart holds your shares in custody for you, instead of letting CDP do it, but you can transfer your shares out from Stanchart to CDP.
 

wahkao3

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Any broker who trigger my stop loss without the conditions being met, i will accuse them of fraud

they can go and trigger my stop loss, so that they can grab my order at cheaper price and use those cheaper price to sell at market to arbi risk free profits.

And u know what's worse? they have the cheek to charge you commissions!

wrong stop loss trigger, IS A VERY SERIOUS "MISTAKE" AND 100% NO EXCUSE! I EXPECT COMPENSATION FOR SUCH MISTAKES. OTHERWISE I WILL USE SOCIAL MEDIA TO SHAME THEIR ACTIONS

anyone here who do not mind their brokers committing such mistakes, you are sure easy to con!
 
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Perisher

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Ok they do transfer to cdp thnks

Agree with u however does scb transfer the shares to the cdp account

SCB doesn't transfer shares to CDP. It transfer to it's own custodian account like every other brokers in the world barring SG's CDP.
Unless you are talking about applying for transferring of shares that cost $10.70 that type?
 

Perisher

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Any broker who trigger my stop loss without the conditions being met, i will accuse them of fraud

they can go and trigger my stop loss, so that they can grab my order at cheaper price and use those cheaper price to sell at market to arbi risk free profits.

And u know what's worse? they have the cheek to charge you commissions!

wrong stop loss trigger, IS A VERY SERIOUS "MISTAKE" AND 100% NO EXCUSE! I EXPECT COMPENSATION FOR SUCH MISTAKES. OTHERWISE I WILL USE SOCIAL MEDIA TO SHAME THEIR ACTIONS

anyone here who do not mind their brokers committing such mistakes, you are sure easy to con!

Yes, mind. I mind their frequently random breakdown, I mind their slow OTP, I mind their expensive FX spread etc...

But if you think any broker is perfect without any mistakes in their system, let me refer you to the swiss-euro FX unpegged incident that happen early this year,
http://www.businessinsider.sg/forei...y-the-swiss-francs-surge-2015-1/#.Veglj_krLIU

When something didn't happen, you would believe it's good, then suddenly OCBC and DBS are down together today... MRT suddenly breakdown, flooding suddenly can happen in SG etc etc...

What I'm saying is, unless you have a better obvious option/solution, there isn't much you can do. Keep calm, think about do you wanna pay $25 per trade in and out or can you made do with the current SCB system which has mistakes that might cost you once in a while? It's your choice.

Choose what you are comfy with and move on lor.
Btw, that guy can try call in and ask SCB to compensate for the mistake somehow, at least absorb the fees for buying in again.
 

Sinkie

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Any broker who trigger my stop loss without the conditions being met, i will accuse them of fraud

they can go and trigger my stop loss, so that they can grab my order at cheaper price and use those cheaper price to sell at market to arbi risk free profits.

And u know what's worse? they have the cheek to charge you commissions!

wrong stop loss trigger, IS A VERY SERIOUS "MISTAKE" AND 100% NO EXCUSE! I EXPECT COMPENSATION FOR SUCH MISTAKES. OTHERWISE I WILL USE SOCIAL MEDIA TO SHAME THEIR ACTIONS

anyone here who do not mind their brokers committing such mistakes, you are sure easy to con!

to be fair, it could be system error.

and when u sign up for the account, u must read deep deep into the term and conditions, there will be a clause, that you must agree on, that if there is any losses due to system glitches or bug, the brokerage is usually not liable for it
 

wahkao3

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to be fair, it could be system error.

and when u sign up for the account, u must read deep deep into the term and conditions, there will be a clause, that you must agree on, that if there is any losses due to system glitches or bug, the brokerage is usually not liable for it
yea, T&C whatever. They can hide behind mountains of T&C or lawyers.

Put this on social media, put in screenshots, and everything changes
 
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