NYSE-MKT, NASDAQ, NYSE (New York Stock Exchange)

An ADR is a stock that trades in the United States but represents a specified number of shares in a foreign corporation. ADR agents (banks and investment banks) purchase stocks on foreign exchanges and then sell receipts for these shares on American exchanges. ADR agents charge these ADR fees to compensate for inventorying the foreign stocks and all other costs involving registration, compliance and recordkeeping services.

The ADR Fees will vary for each counter and you will be billed according to the shareholdings for each ADR shares.

No. US Citizens or US Residents are not allowed to trade in US Stocks through PSPL.

Can I continue to trade in US markets if I subsequently become a US Resident/US Citizen/US Taxpayer? 

No. Once you are a US Resident/US Citizen/US Taxpayer, you will not be able to trade in US Stocks through PSPL and you are required to notify PSPL should there be any change of your citizen/residency status.

A negotiable financial instrument issued by a bank to represent a foreign company’s publicly traded securities. The depositary receipt trades on a local stock exchange. Examples of DR include American Depository Receipt (ADR) that trades in the United States and Global Depository Receipt (GDR) that trades globally. DR agents (banks and investment banks) purchase stocks from the originating foreign exchanges and sell them on the domestic exchanges (e.g. American exchange). DR agents charge DR fees to compensate for inventorying the foreign stocks and all other costs involving registration, compliance and recordkeeping services

DR fees will vary for each counter and you will be billed according to the shareholdings for each DR shares.

Why is my limit or market orders not done when market opens at 9.30am (EST) and why is my executed price different from the opening price shown on POEMS?

All the orders received prior to market open will be routed and protected versus the stock’s primary listing exchange market opening print. Sometimes, there may be a delay in the opening for certain stocks in the primary exchange which will result in these counters not being able to open at 9.30am sharp.

However, you may still see transactions execute off the primary exchange before the official open, which by themselves are still required to be reported under SEC regulation. Any activity prior to the primary market open that is reported to the tape would be from alternative display facilities or dark pools.  The reason that these trades are still reported to the tape, even though the primary market is not opened, is because under SEC rules, every stock transaction must be reported to a consolidated data feed, whether it occurs on an exchange, like the Nasdaq or Intercontinental Exchange Inc’s (ICE.N) New York Stock Exchange (NYSE), or in a dark pool. Off-exchange trades are reported through Trade Reporting Facilities (TRFs) run by Nasdaq and NYSE in conjunction with FINRA.

Similarly, the high and low of the day for certain counters may be executed off the primary exchange and may not be taken as official primary executed prices

In addition to the usual rejects for insufficient quantity or buying limits, please note the following specific rejection criteria;

1. Orders with quantities exceeding 30% of 30-day average daily volume will be rejected.
2. Marketable (aggressive) orders that exceeds a specified percentage of deviation during market hours will be rejected. As a general guideline, deviations of up to 20% are permitted for shares prices below $5, up to 15% for prices between $5 to $25, and up to 10% for prices above $25 (please note these are approximate thresholds and can vary).
3. Limit prices with more than two decimal places for shares priced above $1 will be rejected due to compliance with SEC Rule 612 (Sub-Penny rule)

You may contact the night dealing team at 6531 1225 if you wish to sell your existing OTC shares held with us. Broker-assisted rates will apply.

As electronic systems become increasingly prevalent, US stock exchanges and self regulatory organizations (SROs) are implementing policies that will address the problem of clearly erroneous trades – defined as trades resulting from a market participant placing a transaction or a series of transactions that adversely affect the market price of a security.

Please note that with effect from 2nd May 2011, our US counterparty will implement trading rules control check on all orders being routed to their order management system

The control rules will (1) Check order size relative to a percentage of the stock’s 30-days average daily volume (ADV); (2) Check the price of the order relative to a percentage parameter against the National Best Bid/Best Offer (NBBO) quote during core trading session. If these rules are violated, the system will automatically reject the orders submitted through our online systems.

Trading in US Markets via Phillip Securities is only available to non-US citizen / non-US resident.
You have to sign and mail-in the W-8Ben Form before trading in the US market.

When will W8-BEN form expire? 

W8-BEN form will remain in effect for a period of 3 years, starting on the date the form is signed and expiring on the last day of the 3rd succeeding calendar year. It is mandatory for you to renew this form before the last day of the 3rd succeeding calendar year in order to continue to trade in the US market. Failing which, Phillip Securities Pte Ltd “PSPL” will cease to provide custodian services to your US portfolio.

Yes, you are required to accept ALL the agreements.

No. It does not matter where you live. To have access to real-time market data and quotes from NASDAQ, NYSE and NYSE-MKT, you must accept the appropriate Exchange Subscriber Agreement(s).

You are a PROFESSIONAL if you meet any one of the following criteria for the entire term of your subscription and you must sign further agreements as well as are subject to the appropriate additional Exchange fee structure:

• You are subscribing on behalf of a firm, corporation, partnership, trust, or association.
• You use the information in connection with any trade or business activities and not for personal investment.
• You plan to furnish the information to any other person(s).
• You are a securities broker-dealer, registered representative, investment advisor, investment banker, futures commission merchant, commodities introducing broker or commodity trading advisor, money manager, member of the Securities Exchange or Association or Futures Contract market, or any owner, partner, or associated person of the foregoing.
• You are employed by a bank or an insurance company or an affiliate of either to perform functions related to securities or commodity futures investment or trading activity.

You are a NON-PROFESSIONAL investor if you do not meet any one of the criteria outlined above.

Please note that subscriber assumes all liability declaring status as a professional or non-professional and will be held accountable for all applicable penalties and/or the Exchange fees if declaration is incorrect. There shall be no refund of the unused portion should you wish to terminate the services prior to the expiry date.

Non-professional Users

Subscribe on POEMS 2.0:

1. Login to POEMS 2.0 --> Market Data & Rewards --> New Subscriptions
2. Click on the Market Data & Rewards tab, then click on the New Subscriptions subtab
3. Select US Live Price (Non-Pro) - 12 Months (U.P S$20.00)
4. Fill out subscription agreement forms
5. Click on the ‘Submit’ and 'Confirm' button to complete your redemption

Subscribe on POEMS Mobile 3 App:

1. Login to POEMS Mobile 3 App --> “Me” tab --> Market Data --> New Subscription
2. Select "US" and click "Subscribe" on US Live Price (Non-Pro) - 12 Months (U.P S$20.00)
3. Fill out subscription agreement forms
4. Click "Submit" to complete your redemption

Terms & Conditions:

1) The promotion is applicable to new and existing clients of Phillip Securities Pte Ltd (PSPL).

2) This promotion is open to individuals who qualify as non-professional as defined in the FAQ on this page.

3) Subscribers must subscribe and agree to the agreements set out in the subscription page to enjoy this promotion

4) A subscriber, who falsely declare to be Non-Professional but is a Professional, will be held accountable for all applicable penalties and/or Exchange fees

5) PSPL staff and agents, and PSPL cross-border clients are not eligible for this promotion

6) PSPL account application Terms & Conditions apply

7) The management reserves the right to make changes to the Terms and Conditions of this promotion without prior notice.




When will my US Live Price Subscription(s) be activated?

Upon receipt of the agreement and payment, the Live Price Subscription will be activated within 2 working days.




Can I cancel the subscription?

Redemption of Reward Points must be done though online redemption system on POEMS and once effected, is final. No cancellation or amendments to the subscription will be entertained.




Professional User:

What is the charge for real-time market data for Professional investors?

US Live Price Subscription fee (inclusive of GST):

NASDAQ Live Price = S$19 per month

NYSE Live Price = S$10 per month

AMEX Live Price = S$10 per month

Subscription will end on the last day of the month. For example of 2 months of subscription, if a subscription is activated on 10 March, it will end on 30 April.

Only Non-Professional Investors are eligible for the free Live Price promotion. Please note that subscriber assumes all liability declaring status as a Professional Investor or Non-Professional Investor and will be held accountable for all applicable penalties and/or the Exchange fees if declaration is incorrect.

There shall be no refund of the unused portion should you wish to terminate the services prior to the expiry date.




What is the application procedure for Professional user?

Professional Investors subscribing to the real-time market data need to submit the relevant exchange agreements to Phillip Securities Pte Ltd (“PSPL”) to seek exchange approval before real-time market information can be granted.

The agreement should be completed by person/s that are authorised (as per Board resolution) to execute contracts on behalf of the company and be completed using the full legal name of the entity.

For real-time data, the Professional Investor is required to submit the NASDAQ Subscriber Agreement.

NASDAQ Subscriber Agreement

Please complete the relevant Subscriber Agreement and email the scanned copy to reward@phillip.com.sg.




Can I submit redemption using POEMS Reward program?

No, Points redemption is  not available for US Live Price Subscription for Professional user.

Without accepting these Agreements, you can continue to place orders via TRADE page. To view real-time prices, you have to accept the Agreements and subscribe the service accordingly.

No, there is no change in the order execution process.

If you decide not to accept the Exchange Subscriber Agreement, you will not have access to real-time market information.

However, you may continue to view prices with a 15 to 30 minutes delay.

Help is available through the Exchange:

NASDAQ (301) 978–5307 / DataOps@nasdaq.com

For the purposes of the Exchange Subscriber Agreements, real-time market data means last sale information for securities listed on the respective Exchanges, including quotations, volumes, highs and lows, and all other information that is derived from the last sale information, during exchange market hours of operation.

Phillip Securities Pte Ltd and the Data Providers do not warrant or make any representations or claims concerning the validity, accuracy and timeliness or otherwise of the Information provided herein, nor shall Phillip Securities Pte Ltd or the Data Providers (NYSE, NYSE-MKT and NASDAQ) shall be liable or responsible for any claim or damage, direct or consequential, arising out of the use, interpretation or other implementation of said Information.

The various Exchanges have each developed an Exchange Subscriber Agreement to ensure that clients understand and agree to the terms of retrieval and use of real-time market data.

The following Exchanges require Exchange Subscriber Agreements:

• NYSE MKT – The New York Stock Exchange
• NASDAQ – The NASDAQ Stock Market
• NYSE – The New York Stock Exchange