Direct Market Access CFD
Access the market directly with DMA CFD
As the name suggests, Direct Market Access (DMA) CFD allows investors to have a direct access to the cash market via CFD. When a DMA order for buying long and shorting stocks is submitted to Phillip CFD, a corresponding stock order is sent to the exchange. When the order is filled on the actual exchange, the investor’s trading platform would be updated accordingly. In this model, the brokerage firm behaves like an ‘agent’ of the client. Phillip CFD provides DMA CFD on Singapore (SGX) and United States (AMEX, NYSE & NASDAQ).
Key difference between Shares CFD and DMA CFD:
- Phillip CFD will send the corresponding stock order to the exchange, and clients can see the order in the market depth
- Orders are done based on last done price, based on price/time priority (not bid/ask prices)
- Submit orders during the pre-opening, pre-closing and overnight periods
- Commission rates are lower on Shares CFD
Prices shown on the DMA CFD platform also mirror the cash market prices, which provides clients full transparency and the ability to trade at market prices with no additional spreads. Clients are able to improve the bid and ask prices by submitting orders at desired price and quantity. Their orders can also participate in the order book of the exchange and market liquidity, which makes DMA CFD trading transparent for clients. Once a DMA CFD order is submitted, the order would appear in the market depth of the particular counter. To begin trading in DMA CFD, simply opt in by logging in to POEMS > CFD > Forms > DMA Opt in form.
Do note that any limit order for Equities CFDs submitted at prevailing market bid/ask prices exceeding the following limit(s) might be rejected or delayed subject to our approval:
(DMA) CFD (whichever has a lower contract value)
- Maximum quantity per order: 500,000 shares
- Maximum contract value per order: S$500,000
It is therefore highly recommended for you to split large orders into multiple smaller ones for submission.