Jul 9, 2021

Cory Diary : CDP and Custodian Accounts

There are mainly two ways brokerage can manage our shares in SGX Market. My first trading account in Poems is cash management account and has the shares held in CDP. This mean I can sell the same shares with another brokerage which manages my shares with CDP.  Another thing I like about Poems is the stock price interface feels timely and able to access for more functionality free like market depth (not always), market summary etc. Foreign currencies management is a breeze for me at least. I like this account because there is a face I know for many years whenever I need help. She even gave me an Ang Pao for my first born.

The much cheaper way in fee is through Custodian account. However as the name suggested, the shares are held by brokerage and not CDP. Due to that, we cannot trade the shares managed through this broker with another. For service, mine is Treasures Account and has Relationship manager. They are quite busy however reaching her is not difficult with WhatsApp but it takes time. The interface is not as good for detail portfolio summary however when come to Rights Issue and tracking balances they are Top. Transfer of fund is also a breeze with saving accounts in the same bank.

Recently, CDP has upgraded to able to use QR Code which allows me to use PayNow instead of mailing in through the mail system which will be bad. As I travel oversea often, ATM is not a good option either. So I am glad they have finally implemented a better way to do this. Glad to know and happy to be a shareholder of SGX shares !

For the recent Preferential Offering, decided to apply excess in both Poems and DBS Treasures as I have shares in both accounts. Wish me luck. Maybe I should get few more Custodian accounts to improve my chance ?


Cory
2021-0709
Articles in this Blog is personal take and educational purposes only. Reader should seek their own professional help when making financial decision and be responsible for their decision.

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4 comments:

  1. retiree5559Jul 9, 2021, 1:13:00 PM

    Hi Cory,
    Yes, have more custodian accounts if you have stocks intended to be held for the long term & wish to apply for excess when there are PO or rights. Excess allocation is considered separately, thus increase the allocation. For my long term holdings such as FCT, Ascendas, MLT/MIT/MCT, Parkway Life etc. I hold them under 3 or more separate accounts, namely SRS, CDP, DBS Treasure & Stanchart Priority. Another minor benefit is that when attending their AGM, EGM etc., $ voucher will be given for each account (not all companies/groups do so, Ascendas/CapitaLand usually give, but not Frasers)

    ReplyDelete
    Replies
    1. CoryJul 10, 2021, 12:40:00 AM

      How I wish to acquire MLT and Parkway Life in my Portfolio early in the investing. No point crying over spill milk. Today the Reits rebounded, happy investing though that means hard for me to buy more.

      Delete
  2. TheValueFundJul 18, 2021, 8:45:00 AM

    Finally for CDP. But speaks volumes of the strategic and IT capability within SGX.

    ReplyDelete
    Replies
    1. CoryJul 18, 2021, 1:47:00 PM

      Yes. SGX is undervalued under current CEO but I am still puzzle on what his takes on Crypto.

      Delete

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