Frequently Asked Questions
When will the contra loss/gain be settled?
Settlements (For Purchases)
- 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,
Other faq that might help you
- What is contra?
- Can I trade contra with POEMS?
- Which markets does POEMS offer contra trading?
- 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?
- When will the contra loss/gain be settled?
- What is the settlement currency of contra gain and loss for contracts opted to settle in traded currency ?
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