apply the ipo with atm ($2 commission fee) , then once you got it, it will be in your cdp, then transfer the ipo from cdp to standchart or else take private placement from broker (1% commission fee), once in cdp, transfer from cdp to standchart
Just applied for a SC online trading account. The rep who attended to me mentioned that there's no custodian fee, YET. Which means SC may charge custodian fee in the future.
I specifically asked the account opening rep if there're any charges for transferring my holdings from SC to CDP, or i have to liquidate my holdings in SC.
The rep's ans was: There's no charge to transfer from CDP to SC, so i don't think there's any charge vice versa.
I was rather surprised by the answer. As a staff, should at least be certain when it comes to such factual responses rite, rather than "i don't think"? Anyway she also didn't try to confirm this with her colleagues so i didn't try to probe further.
Not really, from what I heard from people from the higher management, there was little or no impact. There was initial concern on the emergence of scb no min commission structure, they had a meeting with all brokerages and decided to sort of do a "wait-and-see" approach and believe servicing is the only way to mitigate the impact.
And after a year, there was no or little impact at all. If there is enough servicing done to clients, clients are satisfied and they will not mind the minimum commission structure especially they dont have time to monitor and usually their purchase will somehow exceed the minimum comm and also rich and bigger clients wants very good and dedicated servicing and don't even mind paying for offline orders.
There was once i was covering for a colleagues who was off for reservist, he called in to ask for ihh placement, I told him his broker was away for reservist and i couldnt do his placement for him and told him to go ATM, he was furious and told me what is ATM, he don't have an ATM card and do I expect him to queue to bid for ihh? He was willing to pay 2% commission but I couldn't do anything so he hanged up. Haha.
Then I talked to a few brokers in the same industry, they were glad that scb came about and "reduce" their workload for those who contributed small commission and still ask for lower commission and now they have more time for their bigger clients.
I guess once temesak sold their 17.8% of scb to other foreign investor, then it will be a "national" concern ba..
Anyway these are not my views so disclaimer applies as always..
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