Frequently Asked Questions

Share Financing Account (V)

Can I contra my trades?

Yes.

Can I open a corporate Share Financing Account?

Yes.

Can I open a joint Share Financing Account?

Yes.

Can I sell my existing shares through Share Financing Account?

No. You would have to transfer the shares into your Share Financing Account before you can sell them.

Can I sell those shares allotted (IPO Shares) through Share Financing Account?

No. You would have to transfer the shares into your Share Financing Account before you can sell them.

How do I transfer the shares into my Share Financing Account?

You can transfer the shares by signing the relevant forms. Please contact your trading representative for a copy of the form.

How long does it take for shares to be transferred into my account?

It will take about two working days for the shares to be transferred into your Share Financing Account.

How long does it takes to start an account?

Your share financing account will be ready for trading within five working days from the day we receive your application, if it is approved.

How long will it take to open an account from overseas?

The time it takes to open an account from overseas depends on the postage time required to send the forms to you and for you to return the completed forms back to us. Once the account is opened, we will send the Internet password via mail to you. The whole account opening process may take approximately two weeks or more.

What are the charges for this account

Please refer to Share Financing Account Infosheet.

What are the requirements to be able to open a Share Financing Account from overseas?

  1. You need to be 21 years and above to open an account with us.
  2. Your account opening documents need to be certified by a public notary, commissioner of oaths, or judicial officer.
  3. You are not blacklisted with the Singapore Exchange (SGX) or with any other securities firm nor have any delinquent account with any other securities firms.

When must I deposit the required collateral for my outstanding purchase?

The required collateral must be received by the due date (i.e. T+2). Please take note that share transfer takes 3 working days to be effective.

Who can open a Share Financing Account?

Anyone who is above the age of 21 years old.

What is the difference between Share Financing account and Phillip Investment account?

Share Financing and Phillip Investment accounts both offer securities financing facilities. Apart from the interest rates on debit balances, other primary differences include the range of multi-currency facilities offered, the availability of Excess Funds Management (MMF) service and the grace period for margin maintenance top-up. For further details, please refer to the respective Product Information Sheets.

What if I require more credit?

To request for a higher credit limit, the customer is required to contact his/her Trading Representative. The Trading Representative will submit a request to the company for review. This generally takes 3-5 working days for processing. Requests for a substantially higher limit may take longer for review. Upon approval of the new credit limit, the customer will receive a notification from the company.

With multi-currency facility, will there be automatic conversion of currency for trade settlement?

Please take note that there will not be any automated currency conversion for trade settlement in the trading account. You are required to take the necessary steps to either transfer money into the trading account or submit a currency conversion request to avoid being charged debit interest. Please contact your Trading Representative for any assistance.