I'm looking to switch brokerages from OCBC Securities to DBS Vickers. Anybody with experience to share? - Seedly
 

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Asked by Anonymous

Asked on 18 Aug 2018

I'm looking to switch brokerages from OCBC Securities to DBS Vickers. Anybody with experience to share?

I've been using OCBC Securities for investment purposes but am considering using DBS Vickers for lower fees. What do I need to do to perform this switch? Currently, my shares are reflected in OCBC. Is there a way to transfer them so that it will be reflected in DBS? Also, how will this affect my CDP account?

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Kenichi Xi
Kenichi Xi
Level 6. Master
Updated on 07 Jun 2019

Most Stock Brokerage Account are linked to One CDP account.

That's make buying and selling possible with different brokerage and for you will be OCBC and DBS.

The only downside is transactions are not updated on the brokerage side if the buying and selling are not from the same brokerage.

At all time, you should login to your CDP account to check your holdings.

The downside about CDP is the pricing on average up or down is not reflected accurately so you can refer to the existing pricing reflected in your OCBC account before you delete any records from your OCBC portfolio record.

From there, you can use the record you confirmed and type it into DBS portfolio record.

Bear in mind you should delete the record which are redundant or are sold off by the different brokerage you used.

In an event, you saw x shares in OCBC portfolio but you already sold off x shares using DBS portfolio.

And if u sell the x shares with no x shares in CDP, it will be classify as short selling and you will be fine by SGX after paying the losses or receive the gain (unlikely) in the process.

我是不是很棒棒?

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Gabriel Tham
Gabriel Tham

on 18 Aug 2018

support u also
Choon Yuan Chan
Choon Yuan Chan
Level 4. Prodigy
Answered on 18 Aug 2018

I presume all shares you have purchased so far are reflected in your CDP Account because you are using OCBC's basic brokerage account and not those fancy ones like "Share financing" which forces all shares you pruchase to be under a nominee account by OCBC and not your own CDP.

Let's build an analogy here. Your CDP account is like a bank account while the different brokerages are like ATMS located all around SIngapore.

Changing to another broker will not affect your holdings in your CDP Account. If you had bought 1,000 shares of UOB through OCBC securities and the additional 1,000 UOB shares is deposited in your own CDP account' you can sell the 1,000 UOB shares using your DBS Vickers account. This is because you have 1,000 UOB shares in your CDP (bank) account which can be withdrawn at any ATM

I have constantly changed brokers because all my shares are reflected in the CDP (i do not use nominees). So the above descirption is working for me.

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Jacques June Deschambeault
Jacques June Deschambeault
Level 1. Freshie
Answered on 08 Jul 2019

Why oCBC no good? U mine sharing, lol.... Wanted to change to them...

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Good Day Every Day
Good Day Every Day
Level 6. Master
Answered on 30 Nov 2018

Since you can have as many brokerage accounts linking to the same CDP account, it is all right to switch brokers.

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Gabriel Tham
Gabriel Tham
Level 8. Wizard
Updated on 15 Sep 2018

If your shares are kept by CDP, check CDP for shareholdings. If you change broker, shares in CDP are not affected.

When you open a brokerage, all they do is link up to CDP. In fact, you can have multiple brokerage at the same time linking to 1 CDP account. To keep track I suggest use a third party portfolio tracker or just log in CDP. Brokerage do not bear responsibility to keep track of all your shares in CDP.

If you want DBS to reflect your shares, you have to manually key in your portfolio into their platform. You can actually buy in OCBC and sell in DBS. Because all transaction goes through CDP, so even if DBS or OCBC does not reflect your portfolio, the shares are still in CDP.

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