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Huge, new fees from SGX to be imposed on brokerages using custodian accounts?

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Old 23-07-2019, 06:57 AM   #1
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Huge, new fees to be imposed on brokerages using custodian accounts?

Received a very bad news regarding brokerages using custodian accounts. Is SGX going to charge big handing fees for dividends, corporate actions and fixed income interest? Maybank-KE going to impose these fees. Does these fees come from SGX or specific to Maybank?

Will DBS Treasures online trading and SCB online trading be affected? Anyone received emails regarding new fees?

Is this news specific to Maybank KE broker or apply to all brokerages using custodian account?

https://www.investingnote.com/posts/1533432

Last edited by klarklar; 23-07-2019 at 07:37 AM..
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Old 23-07-2019, 07:04 AM   #2
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Great, more people will shun SGX
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Old 23-07-2019, 07:16 AM   #3
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I tot those "custodian fees" have always been there? Just that some banks/brokerages choose to absorb them.
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Old 23-07-2019, 07:18 AM   #4
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@klarklar, can u post the sgx link?
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Old 23-07-2019, 10:09 AM   #5
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https://www.financialmtc.com/2019/07...y-fee-changes/

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Old 23-07-2019, 10:44 AM   #6
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https://www.financialmtc.com/2019/07...y-fee-changes/

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Thanks bro. So maybank ke has decided not to absorb the custody fee anymore.

https://www2.sgx.com/securities/depo...Fee%20Schedule
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Old 23-07-2019, 11:11 AM   #7
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Thanks bro. So maybank ke has decided not to absorb the custody fee anymore.

https://www2.sgx.com/securities/depo...Fee%20Schedule
Yap.. Switch to cdp better

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Old 23-07-2019, 11:43 AM   #8
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I used to use Philips but find it too costy. Now using scb.
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Old 23-07-2019, 12:55 PM   #9
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SGX always charged these fees but KE was waiving them. And they only gave 1 week notice!? Time to close my account.
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Old 23-07-2019, 01:28 PM   #10
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Received an email from Kim Eng about the new charges. Went online and researched other brokers such as DBS Vickers. However, their charges are more expensive. Looked at Interactive Brokers too. Wondering if anyone else is looking to jump the ship? Or any other way to minimize the charges?
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Old 23-07-2019, 01:34 PM   #11
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Received an email from Kim Eng about the new charges. Went online and researched other brokers such as DBS Vickers. However, their charges are more expensive. Looked at Interactive Brokers too. Wondering if anyone else is looking to jump the ship? Or any other way to minimize the charges?
So far, DBS Treasures and SCB do not charge these fees on custodian account. iFast doesn't too. You can move to these brokers. However, it's game over if the fees come from SGX and not specific broker.
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Old 23-07-2019, 01:45 PM   #12
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Received an email from Kim Eng about the new charges. Went online and researched other brokers such as DBS Vickers. However, their charges are more expensive. Looked at Interactive Brokers too. Wondering if anyone else is looking to jump the ship? Or any other way to minimize the charges?
For dbsv, u should look at cash upfront (only applicable to buying). Ibkr is not for sgx.
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Old 23-07-2019, 01:52 PM   #13
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Received a very bad news regarding brokerages using custodian accounts. Is SGX going to charge big handing fees for dividends, corporate actions and fixed income interest? Maybank-KE going to impose these fees. Does these fees come from SGX or specific to Maybank?

Will DBS Treasures online trading and SCB online trading be affected? Anyone received emails regarding new fees?

Is this news specific to Maybank KE broker or apply to all brokerages using custodian account?

https://www.investingnote.com/posts/1533432
Donít spread fear, this is only kimeng so far

Any dividend or any corporate action fee is decided and specified by the individual brokerage, not charged by sgx

But for custodian fee, itís charged by sgx though
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Old 23-07-2019, 02:11 PM   #14
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You must be quite a tiny 'investor'.

Great, more people will shun SGX
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Old 23-07-2019, 03:03 PM   #15
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For dbsv, u should look at cash upfront (only applicable to buying). Ibkr is not for sgx.
Thanks, I am fully invested in US stocks. Interactive Brokers look good. However, their customer service track record is abysmal.
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