Frequently Asked Questions
What is contra?
Can I trade contra with POEMS?
Under what circumstances is contra performed?
Will contra be performed if the settlement currency of a SELL contract is different from that of the outstanding BUY contract?
When must I make payment for contra losses?
Can my contra-profits of Stock A be used to net-off losses from Stock B?
If I am settling by GIRO, can I contra?
When will the contra loss/gain be settled under GIRO?
For contra gain: Contra gain will be paid out on contra statement date +1 and no reversal is allowed once paid.
When will the contra loss/gain be settled?
- Payment in (S$) from clients should be made by contract due date.
- Sales proceeds will be paid to clients on 1st market day after due date.
- Contra gains will be paid out on contra statement date + 1.
- No reversals are allowed once paid.
- Contra is allowed on the transaction day itself.
- Clients will receive a monthly statement of all their transactions done in that month.
a. Contra gain will be credited to trading account or your designated bank account for non-ledger based trading accounts.
b. Contra loss will be deducted from trading account if there are sufficient funds.
c. Interest will be chargeable if contra loss is not settled within 7 calendar days,