+65 6336 4564FAQ: Account Management & Payments
Are my funds deposited with Phillip Securities Pte Ltd for CFD trading secured?
Phillip Securities keeps clients’ funds in a trust account, which are not commingled with its own house funds. This is in accordance with section 104 of the Securities and Futures Act (‘SFA”) which requires that a CMS licence holder handle clients’ moneys and assets in line with regulations prescribed by the MAS. In addition, section 104A of the SFA provides that clients’ moneys and assets cannot be used for payment of the CMS licence holder’s debts.
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Is there any imposed CFD trading limit?
Yes. The current CFD trading limit ceiling for all clients is set at S$200,000 or up to the maximum leverage factor of the counter based on your available cash in your CFD account, whichever is lower. Example: If you have deposited cash of $10,000 ‘A’ share initial margin requirement: 25% (4x leverage) ‘B’ share initial margin requirement: 20% (5x leverage) If you wish to buy only ‘A’ share based on $10,000, you can only buy up to $10,000 * 4 times = $40,000 contract value. If you wish to buy only ‘B’ share based on $10,000, you can only buy up to $10,000 * 5 times = $50,000 If you would like to increase your trading limit, please contact your Trading Representative.
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How do I access my account information?
Your CFD account information is readily available to you and your Trading Representative via the POEMS Online platform and CFDTrader (CFD Acct Mgmt page). Contract notes will be sent on the trading day after each CFD transaction. The contract notes will be sent by postage mail, or by email if you have opted in to receive electronic statements. (To opt in to E-Statement, please log in to your POEMS account, go to Stocks -> Acct Mgmt -> Update Particulars, check the E-Statement box and enter your email address.)
In addition, you will receive monthly statements on your Phillip CFD account if there is any trading activity or ledger movement (e.g., fund transfer) in the month. Note that if your ledger balance is zero and there is no transaction for the whole month, then the monthly statement will not be generated.
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How often is my CFD account management updated?
The details provided in the CFD account management page on POEMS is updated by the following trading day before 7am. After you have traded, you can check your POEMS account management the following trading day. The account management page on CFDTrader is updated every 15 minutes, customers can click on “Refresh” button to refresh the details to get the most updated information.
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How do I access information on the past orders I have executed?
You can access the information on all the past orders you have executed for the 6 preceding months by visiting www.poems.com.sg>CFD>ACCT MGMT>Trades Done. You can filter the information by date range, currency and market. Shares CFD and DMA orders are shown in the same page. You can see the commission charged, and price and quantity of each transaction. This page is updated before 7am on the following trading day.
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You can access all account related information for the 6 preceding months by visiting www.poems.com.sg>CFD>ACCT MGMT>Trades Done. You can filter the information by date and currency. Shares CFD and DMA orders are shown in the same page. This page is updated before 7am on the following trading day. This page would show you details on your ledger, adjustments, commissions, realised profits/loss, unrealised profits/loss, unrealised finance charges, equity balance, initial margin, maintenance margin, margin excess/deficit, ledger deficit, margin call amount, and funds for withdrawal.
Please visit www.phillipcfd.com/education/cfd-trading-glossary-definition/ to learn more about what the various terms mean.
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How do I access information on my outstanding positions?
You can access the information on current outstanding positions for the 6 preceding months by visiting www.poems.com.sg>CFD>ACCT MGMT>Closed Positions. You can filter the information by date range, currency and market. Shares CFD and DMA orders are shown in the same page. You can see the traded price, quantity, initial and maintenance margins, unrealised profit/loss and unrealised finance charges. This page is updated before 7am on the following trading day.
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How do I access information on the positions I have liquidated?
You can access the information on the outstanding position you have liquidated for the 6 preceding months by visiting www.poems.com.sg>CFD>ACCT MGMT>Closed Positions. You can filter the information by date range, currency and market. You can see details such as quantity, traded price, and realised profit/loss. Shares CFD and DMA orders are shown in the same page. This page is updated before 7am on the following trading day.
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Where can I check my contract expiry date?
You may check your contract expiry date on www.poems.com.sg>CFD>ACCT MGMT> Outstanding Positions. In the event of corporate actions such as bonus issue and stock spilt where the quantity and the price of contract have been adjusted, you are advised to check the new expiry date of the adjusted contract.
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What are the common terms that I should be familiar with when trading CFD?
Below are the terms that you would commonly come across when using CFD and reflected in your statement and account management.
a) Ledger: Initial cash deposit – commission (inclusive of GST) – realized finance charges + Realized Profits/Losses
b) Equity Balance = Ledger + Unrealized Profits/Losses + Unrealized Finance Charges Mark-to-market at end of each trading day
c) Initial Margin (IM): The required available balance (margin excess) in customer’s CFD account prior to buying or selling CFD contract. Starts from 10% of market value of portfolio.
d) Maintenance Margin (MM): The minimum amount of Equity Balance that must be maintained in customer’s CFD account. Starts from 10% of market value of portfolio. Mark-to-market at end of each trading day
e) Force Liquidation Margin (FM): If equity balance falls below 5% of market value of portfolio, customer will receive notification to top up the account to maintenance margin level. Mark-to-market at end of each trading day.
f) Margin Excess (Available balance) = When the value of the equity balance rises above that of the initial margin, the difference is the margin excess. Margin Excess = Equity balance – Maintenance margin
g) Margin Deficit: MM – Equity Balance
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Under what circumstances will I receive a margin call?
You will receive a margin call when your equity balance falls below the required maintenance margin of your portfolio that is marked to market on a daily basis.
Any shortfall will trigger a margin call, and customer would have up to 2 trading days from the date of notice to top up the margin deficit. It will be a force-liquidation call if Equity Balance drops below 5% of the Portfolio Market Value. Customer must make good the shortfall on the same day before 3 pm. Example: Day 1: Customer deposits S$5,000 cash. Minimum commission of S$22/US$15/HKD150 applies Beginning of Day 1:
Equity Balance < Total Maintenance Margin for portfolio
Any shortfall will trigger a margin call, and customer would have up to 2 trading days from the date of notice to top up the margin deficit. It will be a force-liquidation call if Equity Balance drops below 5% of the Portfolio Market Value. Customer must make good the shortfall on the same day before 3 pm. Example: Day 1: Customer deposits S$5,000 cash. Minimum commission of S$22/US$15/HKD150 applies Beginning of Day 1:
- Buy (Long) 2 lots of Share A (SGX Component Stock) @ $7.00. Initial Margin requirement = Maintenance margin = 20%, Commission = 0.20%, Finance Charge = 5.5% p.a. Market Value = $7.00 * 2,000 = $14,000 Initial Margin requirement = 20% * $14,000 = $2,800
- Long 2 lots of Share B (Non component stock) @ $1.50.
Initial Margin requirement = Maintenance Margin = 25%, Commission = 0.50%, Finance Charge = 5.5% p.a.
Market Value = 2,000 * $1.50 = $3,000
Initial Margin requirement = 25% * 3,000 = $750
* Min commission $25 applies End of Day 1 & 2: Equity Balance > MM; No Margin Call End Day 3: Equity Balance< MM; Margin Call End of Day 4: Equity Balance < Force Liquidation Margin; Force Liquidation DayEnd of Day 1 End of Day 2 End of Day 3 End of Day 4 End Closing Price Stock (A) End Closing Price Stock (B) $ 7.00 $ 1.60 $7.50 $ 1.20 $6.50 $0.80 $5.80 $0.50 Total Market value of Portfolio @ End of Day (Stock A+ B) $17,200 $17,400 $14,600 $12,600 Ledger Balance B/F $5,000.00 $4,943.29 $4,943.29 $4,943.29 Less: Opening Commission (incl. GST) – Stock A Less: Opening Commission (incl. GST) – Stock B ($29.96) ($26.75)* $0.00 $0.00 $0.00 Ledger Balance C/F $4,943.29 $4,943.29 $4,943.29 $4,943.29 Less: Finance Charges (Stock A) Less Finance Charges (Stock B) ($1.53) ($0.35) ($3.17) ($0.61) ($4.59) ($0.79) ($5.86) ($0.90) Unrealized Profit/(Loss) – Stock A Unrealized Profit/(Loss) – Stock B $0.00 $200.00 $1,000.00 ($600.00) ($1,000.00) ($1,400.00) ($2,400.00) ($2,000.00) Equity Balance $5,141.41 $5,339.51 $2,537.91 $536.53 Maintenance Margin – Stock A Maintenance Margin – Stock B Total Maintenance Margin (Stock A + B) $2,800.00 $800.00 $3,600.00 $3,000.00 $ 600.00 $3,600.00 $2,600.00 $400.00 $3,000.00 $2,320.00 $250.00 $2,570.00 Force-Liquidation Margin (5% of Total Portfolio Value) $860.00 $870.00 $730.00 $630.00 Margin Excess/Deficit (Equity Balance – MM) $1,541.41 $1,739.51 ($462.09) ($2,033.47) Margin Call No No Yes Force Liquidation
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How do I fulfill my margin call requirement?
You can fulfill the margin call through the following methods:
Cash payment can be made at the Head Office's cashier counter.
EPS (Electronic Payment of Shares): Please choose 'lump sum' payment and initiate payments before 9pm to ensure that your CFD ledger is credited punctually before the next trading day. Kindly inform your trading representative that the EPS is meant for your CFD trading account. Applicable for 1st day Margin Call Only.
Cheque should be crossed and made payable to 'Phillip Securities Pte Ltd'. Please state your trading account number, name and contact number on the back of the cheque, and indicate that this payment is meant for CFD. Cheque can be made payable at the Head Office's cashier counter.
Liquidation of Shares in CFD: Clients can choose to liquidate their CFD holdings to fulfill margin call. The amount to be liquidated would be margin call amount * leverage amount (depending on margin requirement of the stock). For example, to fulfill a margin call of S$1,000, client would need to liquidate a contract value worth S$5,000 at time of liquidation for Equities CFDs of 20% margin requirement.
Internal Funds Transfer: You may also do an internal funds transfer from your other Phillip Securities Trading account to CFD.
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How do I know if there is a margin call?
Your trading representative will contact you if there is a margin call. You may also read from your POEMS if there is a margin call. Please go to
www.poems.com.sg > CFD Account Management > Account Details > Under Margin Excess/ (Deficit).
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How will I be informed of my margin call?
For 1st day margin call, you will receive a letter notification from us. A copy of the margin call letter will also be copied to your respective trading representative. For 2nd day margin call, your Trading representative will be informed. Alternatively, you may also view your daily portfolio on www.poems.com.sg > CFD Account Management > Account Details > Margin Excess/(Deficit). Margin Calls will be called upon you based on the SGD Based Margin Excess/(Deficit) amount.
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Will you call me before force-liquidating my positions?
No. Should the margin requirements not be fulfilled, we reserve the right to force-liquidate your positions without prior notice in order to bring your margin back to the required level.
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I have EPS funds transferred into my Phillip account but it is not reflected in my CFD account.
Your funds would probably be in your stocks trading account. You may like to perform an online transfer from your stocks trading account to your CFD account in order to commence CFD trading.
To do the transfer, log in to www.poems.com.sg > STOCKS > ACCT MGMT > Online Forms. Input the amount that you would like to transfer, scroll down until you see "To transfer into account...", select your CFD account from the drop down list, and click submit. For same day processing, please submit this request before 10am.
By default, the funds that you EPS will be credited into your stock trading account if you did not inform us that it was meant for CFD. Hence, it is recommended that you contact your Trading Representative to let us know of the fund transfer so that we may channel it into your CFD account promptly.
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Can I withdraw cash from my CFD account?
You may withdraw any excess cash from your cash ledger, provided the maintenance margin has been satisfied.
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When will my withdrawal request be processed?
All withdrawal requests submitted by 10am on each trading day will be processed within the same day.
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How do I transfer funds from my stocks account to CFD account?
Log in to www.poems.com.sg>STOCKS>ACCT MGMT>Online Forms>Withdrawal Form, enter the amount you would like to transfer, and select the 5th option, and the CFD account you would like to transfer funds to before clicking “Submit”. The cut-off time to submit the online form is 10am on each trading day, in order for the funds transfer process to be done within the same day.
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How do I transfer funds from my CFD account to my other Phillip accounts?
Log in to www.poems.com.sg>CFD>FORMS>Withdrawal Form, enter the amount you would like to transfer, and select the 4th option and the Phillip account you would like to transfer funds to before clicking “Submit”. The cut-off time to submit the online form is 10am on each trading day, in order for the funds transfer process to be done within the same day.
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How do I transfer funds from my CFD account to my bank account?
Log in to www.poems.com.sg>CFD>FORMS>Withdrawal Form, enter the amount you would like to transfer, and select the 1st or 2nd option (depending on which bank) before clicking “Submit”. The cut-off time to submit the online form is 10am on each trading day, in order for the funds transfer process to be done within the same day.
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How much interest do I pay for debit balances?
Margin Deficit will incur a penalty debit interest charge of:
| Currency | Interest on Debit Balance |
| SGD | 6.00% p.a. |
| USD | 7.00% p.a. |
| HKD | 7.00% p.a. |
| JPY | 4.20% p.a. |
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How do I deposit cash into my CFD account?
Payment can be made at the cashier counter in Phillip Securities Pte Ltd’s main office (Raffles City Tower). Customers must specify that the payment is for his/her CFD account. Cash payment must be made in Singapore Dollars.
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How do I deposit cheques into my CFD account?
Cheques should be crossed and made payable to “Phillip Securities Pte Ltd”. Please state the CFD trading account number, name and contact number on the reverse of the cheque, and specify that the payment is meant for your CFD trading account. If cheque payment is in USD or MYR, Phillip Securities only accepts cheques drawn from a bank in Singapore, Hong Kong and Malaysia respectively.
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How do I make an EPS (Electronic Payment for Shares) transfer into my CFD account?
Please select “Lump Sum” payment and initiate payment before 9 pm to ensure the CFD ledger is credited by the next trading day.
- For Cash Management (KC), Margin (M), Custodian (C), SBL (B) and Phillip Financial (V) accounts: Please submit an online internal funds transfer form to transfer funds from Stocks trading ledger to CFD ledger before 10am.
- For Cash Trading (T): Please inform your Trading Representative (“TR”) the EPS payment is meant for your CFD trading account before 10am the next trading day.
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How do I make a Bill Payment transfer into my CFD account?
Please select “Phillip Securities” and initiate payment before 9 pm to ensure the CFD ledger is credited by the next market day.
Consumer / Bill reference code required through the participating banks is as follows:
- DBS / POSB / OCBC 20<TR Code><Last 6 digits of trading account number>
- UOB 20<Full 7 digits of trading account number>
- Standard Chartered Bank / Maybank <Full 7 digits of trading account number>
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Will I be charged when I transfer funds or convert currency?
No fees are charged for transfer of funds or conversion of currency in Phillip CFD accounts.
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How will funds for my trades be credited and debited?
Funds will be debited real-time for all new CFD positions, and credited real-time when the positions are liquidated or when the contract rolled-over. Commission, accrued finance charges and unrealized profits or losses will be credited and debited at the end of the day. Interest will be debited or credited at month end.
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How will my Phillip CFD contracts denominated in foreign currency be settled?
| SGX | KLSE | HKSE | NYSE & NASDAQ | |
| Currency | SGD/USD/HKD | MYR | HKD | USD |
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With the exception of MYR where we will force convert to offset the MYR deficit, there will not be any auto conversion done for the rest of the currencies ledger deficit. In the above- mentioned example, you would have to convert your SGD using our online currency conversion forms to offset your USD deficit.
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How can I do a currency conversion?
You may go to www.poems.com.sg > CFD > Online Forms > Currency Conversion to submit a currency conversion request. All requests submitted before 10am on each working day will be processed within the same day.
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How can I check if I have any foreign currency deficit?
You may check your respective ledger details under www.poems.com.sg>CFD>ACCT MGMT> Account Details>Select the respective Ledger currency to check on your foreign currency ledgers.
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How do I subscribe to live prices?
All POEMS clients are subscribed to Singapore and Malaysia live prices by default. Customers who wish to subscribe to Hong Kong and US live prices can do so through www.poems.com.sg (Rewards points). Customers who do not subscribe to Hong Kong or US live prices will see delayed prices by default and they will still be able to trade these markets.
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My CFD account is suspended. What do I do?
Your CFD account is typically suspended when 1) you experience suspension on your stocks account due to contra loss or 2) your POEMS account is locked due to keying in an incorrect password for 3 consecutive times. Please contact your trading representative in such situations.
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Is there an account closure fee?
An administrative fee of up to S$1.07 (inclusive of GST) will be charged for account closure with credit balance of S$1.00 or below.
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How much does it cost to retrieve my account statements?
An administrative fee will be levied for the retrieval of CFD monthly statements. Statements of up to 1 year cost S$21.40 per statement, whereas statements of more than 1 year cost S$32.10 per statement. Please note that statements are not available beyond the statutory retention period of 5 years.
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What is the exchange rate used to convert currencies in my CFD account?
Your conversion request would be processed based on the exchange rate found on www.poems.com.sg/FXrate (Table AM).
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How can I tell if a particular outstanding position is a rolled-over position?
You can tell if an outstanding position is a rolled-over position from its contract code. CFD contract codes are typically a string of 5 or 6 digits, while renewed contracts have a format of XXXXXX-1-0.
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This is possibly due to a roll-over on your contract, which you can tell from the contract code. The traded price stated is the price used to renew the contract for another 30 calendar days, and is the closing price of the counter or index on the contract renewal day.
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Can I pledge my shares to trade CFDs?
No, pledging of shares as collateral to trades CFDs is not allowed.
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