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doody_

doody_

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vsvs24 said:
The reason why I don't go for banks even though they offer lower commission is that the banks will be custodian of the shares, not CDP.

I only appreciate priority status when I need to go to the bank to queue up eg Chinese new year change new notes or last year $20 Bicentennial notes.
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There's not much difference between a bank and CDP, just a choice of which company you prefer.
 
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vsvs24

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doody_ said:
There's not much difference between a bank and CDP, just a choice of which company you prefer.
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I prefer the freedom of not having my shares tied to one bank. And there is always the issue of what if the bank collapse. Not sure if covered by SDIC. With CDP I can go to any broker to sell. I can choose to transfer my shares. Btw, those whose shares are with custodian banks like SC, can they attend AGM ? What is the process ? With CDP, I just walk in with IC if I feel like going that day.
 
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crystalnox

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vsvs24 said:
I prefer the freedom of not having my shares tied to one bank. And there is always the issue of what if the bank collapse. Not sure if covered by SDIC. With CDP I can go to any broker to sell. I can choose to transfer my shares. Btw, those whose shares are with custodian banks like SC, can they attend AGM ? What is the process ? With CDP, I just walk in with IC if I feel like going that day.
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You are aware that most of the rest of the world works on the custodian model just fine right?
 
havetheveryfun

havetheveryfun

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vsvs24 said:
I prefer the freedom of not having my shares tied to one bank. And there is always the issue of what if the bank collapse. Not sure if covered by SDIC. With CDP I can go to any broker to sell. I can choose to transfer my shares. Btw, those whose shares are with custodian banks like SC, can they attend AGM ? What is the process ? With CDP, I just walk in with IC if I feel like going that day.
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trick question: if u put all ur shares in CDP, is CDP considered a custodian account ?

CDP is also just a custodian account.. just that maybe it has "better" benefits, but that is also subjective. if CDP collapses do you think SDIC will cover you?
 
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vsvs24

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havetheveryfun said:
trick question: if u put all ur shares in CDP, is CDP considered a custodian account ?

CDP is also just a custodian account.. just that maybe it has "better" benefits, but that is also subjective. if CDP collapses do you think SDIC will cover you?
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All I know is that if my shares is in CDP, I own the shares as my name is tied to the share. If it is under bank custodian, I am a proxy.

Sometime last year, my friend's friend was in panic mode because his Hyflux securities was with bank custodian and he don't know what to do when Hyflux gave a short deadline for them to declare their holdings. Instructions was clear for CDP as Hyflux say they can get ownership details from CDP. Those under bank custodian are to check with their banks but when he called the bank could not advise. But I think later sorted out that the banks will file them as proxy for voting or something like that. It was just very messy.

So those holding shares with banks as custodian, how do they attend AGM ? The banks must appoint them as proxy ? Do they get notified of AGM ?
 
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imwarren

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vsvs24 said:
All I know is that if my shares is in CDP, I own the shares as my name is tied to the share. If it is under bank custodian, I am a proxy.

Sometime last year, my friend's friend was in panic mode because his Hyflux securities was with bank custodian and he don't know what to do when Hyflux gave a short deadline for them to declare their holdings. Instructions was clear for CDP as Hyflux say they can get ownership details from CDP. Those under bank custodian are to check with their banks but when he called the bank could not advise. But I think later sorted out that the banks will file them as proxy for voting or something like that. It was just very messy.

So those holding shares with banks as custodian, how do they attend AGM ? The banks must appoint them as proxy ? Do they get notified of AGM ?
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speaking from SCB experience:

no, you will not get notified of AGM. But you do get notified of corporate action (e.g. rights issue, dividend reinvestment, delisting offer). I would then call SCB hotline to inform them of my decision.

I have tried calling SCB hotline to be nominated as a proxy to attend AGM. They put in a request for me, but after a few working days was told my request was not successful. This was before new rules from SGX allowing custodian to nominate more than 2 proxy, so things could have changed.
 
doody_

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Last time I also managed to attend AGM under SCB. Slightly more trouble as you have to submit request to the bank first.

SDIC doesn't apply to CDP or custodian accounts cos it doesn't matter. They still belong to you and the custodian can't misappropriate them even if they collapse.
 
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HWZ1973

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Didn't received the bonus interest, only the normal interest and it's too low compared to last month... anyone else check?
 
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havetheveryfun

havetheveryfun

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new rates out for next cycle..

1.05-1.20% p.a.

sibei chui, but guess shld be lucky havent drop below 1 % :o
 
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