Asked on 26 Nov 2019
Anyone know if say i bought certain stocks on philipcapital. Can i sell it on another brokerage platform, say in this case FSMONE?
Yes if CDP account for both are linked
So I guess you bought SG stocks via POEMs, and these stocks are stored in your CDP account. Yes, you can sell it using FSMOne account as long as it's in your CDP account. Your CDP account links to all the other brokerage accounts you have. However, in the case if you are not sure if it's under your CDP, you can log in to https://www1.cdp.sgx.com/sgx-cdp-web/login to check! If it's not inside, it's probably in your Philips custodian account, which in this case, you cannot sell it via FSMOne.
Top Contributor (Dec)
Depends on what kind of POEMS account you used. If it was the cash management account which is CDP linked, then your stocks are held in custody at CDP and there's no issue to sell on FSMONE (But your FSMONE account must be CDP linked also)
If it was bought on POEMS prepaid, Phillip is the custodian and you can only sell through POEMS prepaid, unless you transfer out to another custodian (charges will apply)
There are two kinds of brokerage offered by many local brokers- 1) Custodian Account and 2) CDP Linked.
Custodian Account do not allow you to sell the same stock on another platform, on the contrary CDP Linked account allows you to sell stocks on any other brokerage's CDP Linked Account.
In short, CDP linked brokerages allows you to sell anywhere, while custodian accounts only allow you to sell only at the same brokerage account type
Hi Nicholas, I assume you are referring to Singapore stocks.
It depends on whether the stocks are held under your CDP account or a custodian account. If the shares are under CDP, yes, you can sell under different brokers. However, if they are under a custodian, you have to go to the broker you first bought the stocks from to sell.
For US stocks, it's the latter. So, you have to return to the broker you first bought the shares from to sell.
If stocks are held under cdp account, then yes. the different brokerage shops are just different channels to execute your orders
Yes, you can. You need to link your CDP account to your FSMone account by downloading a form, completing it and mail it to them.
Please check the faq below:
I believe you will need to transfer the securities over to the other platform (fees may apply) in order to sell it.
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Absolutely, as long as both are linked under the same CDP account. Do make sure you're certain before transacting alright, otherwise its gonna cost you a hefty sum should you short-sell and subsequently having to buy back from the market