Taken from The Business Times on the 2nd of March, 2010
THE Singapore Exchange (SGX), DBS Bank, United Overseas Bank (UOB) and OCBC Bank yesterday announced that all Singapore Government Securities (SGS) holdings of individual investors will be migrated to the Central Depository (CDP) for safekeeping starting from next month.
The SGS migration exercise is part of the Monetary Authority of Singapore's (MAS) initiative to make the SGS market more accessible for individual investors.
Other elements of the SGS migration exercise include consolidating details of investors' SGS and securities holdings into a single CDP account; making SGS valuations and details of investors' SGS holdings available online at www.cdp.com.sg; making available day-end SGS/ T-Bill prices at www.sgx.com; and allowing investors to freely buy or sell SGS through any SGS agent bank, to improve their access to the most competitive SGS market prices.
Currently, individual investors are restricted to dealing SGS only with their agent bank.
The SGS migration exercise will be conducted from April 1 to June 30. SGX, DBS, UOB and OCBC Bank will contact investors with more details on the exercise.
During the exercise period, SGX will waive the CDP transfers fees in relation to the SGS holdings being migrated. SGX will also waive fees for the SGS holdings services for a three-year period from April 1, 2010. SGX does not currently charge fees for CDP account opening.
CDP account opening fees and the securities and/or SGS holding fees are subject to a review process that SGX conducts every three years.
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Great post the best in a long time.
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