Anonymous
Does it make a difference if it is a CDP or custodian brokerage?
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Elijah Lee
14 Nov 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
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Hi anon,
If your equities are held in CDP, you don't have to 'transfer' them.
Brokerage firms are linked to CDP in the sense that they connect to CDP to transact. It's like how you can withdraw your money from any OCBC ATM, but your funds are just stored in OCBC as a whole instead of being stored at a particular ATM.
However, if your shares are held 'in custody' (i.e. not held in CDP), then transferring the holdings to another brokerage will likely incur charges, depending on the brokerage.
To know if your shares are held in CDP or not, simply refer to your CDP statement.