Updates to Online Equities Trading Platform

[Soomp!]

Thank you for using Standard Chartered's Online Equities Trading platform. The Bank continuously seeks to enhance and improve our offerings and services to our customers.

We would like to provide you with the following updates to our Online Equities Trading platform:

1. With effect from Saturday 12 October 20133 0700 hours, the Online Equities Trading platform will cease to make available the Market Order1 option when you put in a Buy Order. This helps to reduce the price risk you may be exposed to should there be an unexpected market event, as such events may lead to significant movements in the share purchase price, resulting in a purchase at a much higher price than expected. For the avoidance of doubt, the Market Order option will continue to be available for Sell Orders.

2. Certain types of Corporate Actions2 require adjustments to be made to your existing investment holdings. Where the quantities of your holdings have to be adjusted, the shares may be temporarily unavailable for trading on our Online Equities Trading platform during the period of adjustment. During this period, you can still place trade instructions with our dealers by contacting our Online Trading Hotline at 1800 242 5333. The brokerage charges for trades placed with our dealers during the period of adjustment will be the same as trading on the Online Equities Trading platform.

Our Online Equities Trading platform offers our customers access to more than 10,000 shares listed on 13 stock exchanges across 10 global markets. Our Online Equities Trading customers will also enjoy the following:

No minimum commission on share transactions
Zero custody fees when you transfer your shares to us
For more information, please visit our FAQ page or call us on 1800 242 5333.


Yours sincerely,

 

[Shiny Things]

1. With effect from Saturday 12 October 20133 0700 hours, the Online Equities Trading platform will cease to make available the Market Order1 option when you put in a Buy Order. This helps to reduce the price risk you may be exposed to should there be an unexpected market event, as such events may lead to significant movements in the share purchase price, resulting in a purchase at a much higher price than expected. For the avoidance of doubt, the Market Order option will continue to be available for Sell Orders.

I love you Standard Chartered. And I'd love you even more if you removed the "sell at market" option as well.

Wanna know something? The idiots who sold Accenture at one cent in the middle of the flash crash were retail - people just like you and me. They said "get me out of my ACN at market" - at any price - and the system does what it's told, it gets them out at any price. Even if that price is one cent.

Market orders (and stop-market orders) are dangerous, and Stanchart is right to remove them. Don't ever, ever, ever use them. Always use limit and stop-limit orders instead.

 

[quantcall]

Wonder why scb doesn't offer estatement for online trading? That's the only issue I have now