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Prohibited Trading Conduct

Market conduct requirements for capital market products are regulated by MAS And SGX under Securities And Futures Act and SGX Trading Rules respectively.

Key prohibited conduct include but are not limited to market manipulation, false trading and market rigging.

For example, any conduct which creates or is likely to create a false or misleading appearance of the market, or the price of the capital market products is prohibited.

The following web-links contain details of market conduct requirements:

What is an SDR?

Singapore Depository Receipts (SDR) are instruments issued by the depository which represents beneficial interest of an underlying security listed on an overseas exchange. SDR facilitate investments into overseas listed companies without having to deal with the complexities of cross-border trading and settlement.

What is a reverse stock split?

As the name suggests, in a reverse stock split, instead of lowering the price of each share, the price increases while the total number of outstanding shares decrease. This is also known as a share consolidation. A reverse split does not affect the total value or the market capitalisation of the stock.

A company may conduct a reverse stock split in order to increase their stock price. One reason may be to meet listing requirements or to raise interest in the stock due to higher prices. However, reverse stock splits are often viewed negatively as it might be seen as a sign of struggle to maintain financially.

Here is a simple example of a reverse stock split: Company A has undergone a 1 for 5 reverse stock split, which means that shareholders have received one share of the new stock for every 5 shares that they previously owned. If the shareholder had originally owned 5000 shares before the reverse stock split, they would now own 1000 shares after completion of the reverse split.

If the share price was originally US$1, which means that the shareholder had a total share value of US$5000, after the reverse split, they would still have a total share value of US$5000 with each share being worth US$5.

What is multi-currency facility?

Multi-currency facility provides an added advantage for you to maintain foreign currency balances (USD, HKD, AUD, MYR, JPY, GBP, EUR, CNY and CAD) in your account for the management of your foreign currency denominated investments. Settlement of your transactions can either be in the traded currency or in SGD. However, your account must have sufficient funds in the settlement currency to avoid incurring interest on debit balances.

To opt-in multi-currency facility, please login to POEMS > Click Stocks > Acct Mgmt > on the left panel, click Online Forms > Currency Conversion > select Opt in for Multi-Currency facility > submit and enter your POEMS password to confirm your submission.

When can US extended hours be placed?

Orders can be placed from 0400hrs (EST) onwards.

What is the validity period for my European orders?

All orders submitted are only valid for one trading day. Orders not done will be cancelled at the end of each trading day.

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This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

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Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com