Hi there, I made the same mistake last friday too! For my case, I only realised I naked shorted after the market closes. Below is a snapshot of the email that my broker sent me for your reference. Anw to summarize, the $1000 fine will only be imposed IF SGX fails to buy-in for you on T + 3. So no worries! You wont be fined if you are able to cover back by the end of the day or buy-in is successful :)
(1) SGX will perform buying-in for your account on Due Date (T + 3) in the Buy-in market.
- If buying-in is unsuccessful, it will continue on Due Date + 1 & Due Date + 2. Penalty of 5% of the value of the failed trade subject to a minimum of S$1,000 will be imposed.
- You have to call us at (65) 63272288 and write in to us immediately if you have good reasons to appeal against this CDP penalty fee. SGX will not accept your appeal once you have missed the cutoff time.
- If buying-in is unsuccessful by Due Date + 2, procurement will commence from Due Date + 3. SGX will impose a fine of S$5,000 for each day a sell contract is overdue.
(2) SGX will charge a Buy-in fee of S$75.00 (S$80.25 inclusive of GST)
(3) 0.0075% SGX Trading Fee, 0.0325% Clearing Fee
(4) 0.75% brokerage commission and Applicable GST
(5) The buying-in bid price, as determined by CDP, will be 2 minimum bids above the highest of the following:
(a) the closing price of the previous day;
(b) the reference transacted price,
(c) the reference bid price; and
(d) in respect of a contract made in the buy-in market on the previous Market Day for which delivery failed, the transacted price of that contract.
For the purpose of this Rule, the reference transacted price and the reference bid price will be any of the last transacted prices and bid prices within the 1 hour preceding the commencement of buying-in, as determined by CDP.
Hi there, I made the same mistake last friday too! For my case, I only realised I naked shorted after the market closes. Below is a snapshot of the email that my broker sent me for your reference. Anw to summarize, the $1000 fine will only be imposed IF SGX fails to buy-in for you on T + 3. So no worries! You wont be fined if you are able to cover back by the end of the day or buy-in is successful :)
(1) SGX will perform buying-in for your account on Due Date (T + 3) in the Buy-in market.
(2) SGX will charge a Buy-in fee of S$75.00 (S$80.25 inclusive of GST)
(3) 0.0075% SGX Trading Fee, 0.0325% Clearing Fee
(4) 0.75% brokerage commission and Applicable GST
(5) The buying-in bid price, as determined by CDP, will be 2 minimum bids above the highest of the following:
(a) the closing price of the previous day;
(b) the reference transacted price,
(c) the reference bid price; and
(d) in respect of a contract made in the buy-in market on the previous Market Day for which delivery failed, the transacted price of that contract.
For the purpose of this Rule, the reference transacted price and the reference bid price will be any of the last transacted prices and bid prices within the 1 hour preceding the commencement of buying-in, as determined by CDP.