Please be informed that DBS is having scrip dividend with ex-date on 07 Apr 2021 (Wed).
Kindly note that we would be catering for both long and short positions. Clients with long positions will receive a cash adjustment.
However, clients with short positions will have to take note of the following breakdown of events:
1) The dividend amount will be debited from clients' CFD account 1 day before ex-date after market closes.
2) Between ex-date and last opt-in date, the lenders of the scrips, which are used as a hedge for clients' CFD short positions, will have the right to opt for scrip or cash.
If the lender opt for scrip, it will trigger a need to purchase the shares and be delivered back to the lender. The purchase will be done after the last opt-in date. Please note that the purchase price is discretionary and may not be the same as the opening price.
3) Due to the value difference between the dividend paid and the cost of the shares purchased, clients may need to perform a top up if there is a deficit. In the case of an excess, clients will receive the difference.
Clients are advised to exercise caution in holding short positions past the ex-date as the option may result in additional losses. Clients, holding short positions, who do not want to be subjected to the above will need to liquidate your positions before ex-date.
Updated 29th March 2020, 04:30pm
Negative Interest Rate on Japanese YEN
Following PSPL’s review of the prevailing interest rate environment, we would like to inform that negative interest on margin excesses in YEN currency will apply with effect from 17th April 2020 instead of 15th April 2020 on all CFD accounts as follows:
|Currency||Negative interest rate on Margin Excess|
Please be informed that rates are subjected to change from time to time without prior notice.
A notification has been included in the footnote of the March 2020 monthly statement as a form of client notification.
An announcement will also be put up on CFD Announcement Page.
In order to answer more in-bound calls into the CFD Operation team, please be informed that CFD Operations will not be calling Trading Reps for the settlement of CFD Margin Call effective from Monday, 30th March 2020.
However, Trading Reps will still be receiving email with the subject header “CFD – Margin Call report” as per usual. Please be mindful that partial settlement / no settlement of margin call will result in force-selling on the stipulated time without any further notice.
For any margin call enquiries / settlement, please direct your emails to CFDOPS@phillip.com.sg.
In accordance to new regulations introduced by the Monetary Authority of Singapore (MAS), all clients who wish to continue trading CFDs will be required to do a one-time acknowledgement of the Risk Fact Sheet provided by PSPL.
From 8th October 2019 onward, you will not be able to place any new CFD orders until you have acknowledged the Risk Fact Sheet. Please acknowledge the Risk Fact Sheet as early as possible to prevent any disruption to your trading activities.
The Risk Fact Sheet can be acknowledged online through POEMS 2.0 by following the steps below:
1. Login to POEMS 2.0
2. Go to Acct Mgmt > CFD > RFS & RDS
3. Read through and acknowledge at the bottom of the page
For joint account holders, both account holders will be required to acknowledge the physical copy of the Risk Fact Sheet separately and email the scanned copy to email@example.com. Please indicate your joint account number on the top right corner. The Risk Fact Sheet can be downloaded here.
Force-Closure of Short Sell Positions:
When you are short-selling, you are at risk of having your position forced-closed if our borrowed shares are recalled by the lender. For more information, please refer to our Terms and Conditions, Section 7 “Market Disruption, Suspension of Trading, Delisting of Underlying Financial Instrument or Closure of Hedge Position”.
Maximum Order Size:
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:
Shares CFD (whichever has a lower contract value)
1) Maximum quantity per order: 500,000 shares
2) Maximum contract value per order: S$300,000
DMA CFD (whichever has a lower contract value)
1) Maximum quantity per order: 500,000 shares
2) 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.
Please do so by 10:00am for the funds to be credited on the same day. (Only applies for Cash Trading Account)
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