Standard Chartered - Only Online Trading in town with no minimum commission

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Alpha_Hippo

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only worth it for small trades below 9k. Big trades their commission become unattractive.
 

IMPERIAL EMPIRE

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i apply for the SCB Online trading account

i check my internet banking, it say I need to complete the cutomer account review form and mail it to them but when I apply for it, I got complete the customer account review mah
 

doody_

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Scb in hot soup.

Yet somehow after a while all these news just blows over and everything is fine again... then again, this one might be serious business since it's not domestic...
 

TedBoi

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Actually I'm keen to open the account given I only do small tradings That time I went down to the counter, I was given the form, which 1 of the section is for SIP shares information. I never traded in non local market. Possible for me to still open this account?
 

w1rbelw1nd

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Standard Chartered Bank Singapore

For SG market, add 7% GST. So if you are under Personal Banking, your commission payable is 0.24% * 1.07.

2. You have to pay commission every time you make a trade, it doesn't matter whether it's buy or sell.

3. No AGM, no annual report, just dividends.

No AGM? We are still the owners of the shares what so why not? Any link to standard chartered website that says no AGM?
 

w1rbelw1nd

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No AGM? We are still the owners of the shares what so why not? Any link to standard chartered website that says no AGM?

Anyway I just called Standard Chart they say we need to inform them 7 working days in advance before we can attend any AGM/EGM for them to do the relevant processing.
 

Sinkie

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No AGM? We are still the owners of the shares what so why not? Any link to standard chartered website that says no AGM?

because the shares are kept in standchart custodian account and not in CDP, so therefore the ownerships of the shares that you bought belongs to standchart lahh..

that why when they close book for recording of dividend after CD ends, they will see the shares that you bought under 'Standchart" and not under your name.

Dividend will be paid out to standchart counterparty, then standchart will pay you your dividend $ lahh
 

WindBoi

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NEW YORK: New York regulators on Monday accused Standard Chartered Bank of hiding $250 billion in transactions with Iranian banks for almost a decade in violation of US sanctions.

Branding the London-based global financial giant a "rogue bank," state regulators said Standard Chartered systematically disguised foreign exchange deals with Iran in a breach of controls that potentially allowed terrorists and criminals to gain access to the US banking system.

New York's Department of Financial Services threatened the bank with fines and possible suspension of its license to operate in the state, the hub of the US financial industry, after detailing the dealings in the latest US move against foreign banks trading with Tehran.

Standard Chartered was ordered to appear before the department on August 15 "to explain these apparent violations of law and to demonstrate why SCB's license to operate in the State of New York should not be revoked."

"For almost 10 years, SCB schemed with the government of Iran and hid from regulators roughly 60,000 secret transactions, involving at least $250 billion."

The transactions mainly involved handling US dollar transfers for major state-owned Iranian banks, including the country's central bank, that fell under strict US government controls aimed at blocking finance for Tehran's alleged nuclear weapons program.

The regulator said Standard Chartered falsified transaction reports and obstructed oversight "in its evident zeal to make hundreds of millions of dollars at almost any cost."

The transactions "left the US financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes, and deprived law enforcement investigators of crucial information used to track all manner of criminal activity," it said.

The department said it also had found evidence of possible illegal transactions with Libya, Myanmar and Sudan while those countries were under US sanctions.

In London, Standard Chartered said in a statement that it "is conducting a review of its historical US sanctions compliance and is discussing that review with US enforcement agencies and regulators.

"The Group cannot predict when this review and these discussions will be completed or what the outcome will be."

The bank could face steep fines over its Iran business.

In July a US Senate report accused HSBC, also based in London, of concealing more than $16 billion in sensitive transactions with Iran and Mexican drug lords over 2001-2007.

Last week, HSBC set a provision of $700 million to cover possible fines related to the transactions and warned the overall cost could be "significantly higher."

And in June, ING Bank was fined $619 million for its role in processing $1.6 billion through the US financial system for Cuba, Iran, Myanmar, Sudan and Libya.

The New York regulator said Standard Chartered's illicit Iran business involved thousands of so-called U-turn transactions, in which dollar-denominated funds for payments and other uses are routed into and then out of the United States by non-US entities.

Such deals involving Iranian institutions were strictly limited, and more recently completely banned, under US sanctions against Tehran.

But the regulator, citing internal Standard Chartered documents, said bank's London office routinely stripped the transactions of any signs that Iranian banks were involved.

"Senior SCB management knowingly embraced the bank's fraudulent U-Turn procedures," the department said.

The bank's attitude was captured in a comment from a Standard Chartered group executive director, as related to the New York regulator by an officer of Standard Chartered's New York branch.

"Who are you to tell us, the rest of the world, that we're not going to deal with Iranians?" the group executive director purportedly said.

In late London trade, Standard Chartered shares plummeted 6.2 per cent to 1,470 pence after the news of the New York regulator's accusations hit the market.

Analyst Joshua Raymond of City Index predicted more downward pressure on Tuesday.

The allegations "leave a dark cloud of uncertainty over the bank, in a similar fashion to that of which the Libor and money laundering scandals made on Barclays and HSBC," he said.

"It poses an imminent threat to the branding of Standard Chartered, typically seen as a bank with one of the highest reputations, and its ability to conduct business in the heart of the US financial district."
 

WindBoi

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how would this affect our SCB trading account? perhaps in the future cannot trade us?
 

lyndonmaxewell

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Have some lots in SMRT. Date for Dividends Paid/Payable : 3 Aug 2012 .

Yet till now, I don't see anything credited into my SCB. Where should the divident be recorded? In the transaction history? Don't see anything leh..
 

Dividends Warrior

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Have some lots in SMRT. Date for Dividends Paid/Payable : 3 Aug 2012 .

Yet till now, I don't see anything credited into my SCB. Where should the divident be recorded? In the transaction history? Don't see anything leh..

Check your "Balance"??? :s11:
 

addict951

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Have some lots in SMRT. Date for Dividends Paid/Payable : 3 Aug 2012 .

Yet till now, I don't see anything credited into my SCB. Where should the divident be recorded? In the transaction history? Don't see anything leh..

it'll be credited to your trading a/c
got check anot?
You sure you got hold over XD anot?
 

Amsterdan

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anyone here using SCB to hold US stocks for dividend gains?
 

w1rbelw1nd

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Have some lots in SMRT. Date for Dividends Paid/Payable : 3 Aug 2012 .

Yet till now, I don't see anything credited into my SCB. Where should the divident be recorded? In the transaction history? Don't see anything leh..
Actually Standard Chart is slower in crediting the dividend to our security account. Called them before about it. Usually take around a week for the money to go in after ex-dividend.
 
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