No, you do not need a Central Depository Account or linkage to trade with Phillip CFD.
For existing Phillip Securities customers, the CFD transactions facilities will be opened within three trading days, after their trading representative has signed off on the application form. For new customers, account opening will take around 5 working days.
You will be informed by letter when your Phillip CFD account is activated. Your trading representative will also be informed. In addition, you will be granted full access to the CFD transactions page on your platform as compared to the partial access before activation.
There is NO maintenance fee or administrative fee for the Phillip CFD account.
Each customer is limited to 1 CFD account per trading representative. However, each customer is at liberty to open 1 CFD account with different trading representatives.
In case of CFDTrader 2, POEMS Internet or POEMS Mobile downtime, kindly contact your Trading Representatives or our Dealing Desk at +65 6336 3338 to place your trades.
For CFDs, all Bid and Ask prices are quoted at live cash market prices, without any additional spreads. You buy at the current market Ask price and sell at the current market Bid price.
For Direct Market Access (DMA) CFD, all Bid and Ask prices are quoted at live cash market prices, without any additional spreads. Your orders are done based on last done price according to price/time priority.
For World Indices CFD, all Bid and Ask prices are quoted with a spread. You buy at the quoted Ask price and sell at the quoted Bid price.
Yes it can. Your orders may be fully done or partially done based on market conditions.
Phillip CFD trades will be liquidated in a First-in-First-out (FIFO) basis.
In case of POEMS Internet or POEMS Mobile downtime, kindly contact your Trading Representatives or our Dealing Desk at +65 6336 3338 to place your trades.
For CFDs and DMA CFDs, we do not quote additional spread.
For World Indices CFDs, we typically quote a target spread, which is subject to variation, especially in volatile market conditions and may widen during out-of-trading hours.
All POEMS customers are subscribed to Singapore live prices by default. Customers who wish to subscribe to Hong Kong and US, Malaysia and Japan live prices can do so through POEMS 2.0 -> Rewards -> New Rewards Subscription. Customers who do not subscribe to Hong Kong, US, Malaysia or Japan live prices will see delayed prices by default but they will still be able to trade these markets.
Account Management & Payments
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.
|First SGD 1000||Free to deposit|
|Every subsequent SgD 1000||SGD 1.00 (exclusive of GST)|
Cheques should be crossed and made payable to “Phillip Securities Pte Ltd”. Please state the CFD transaction 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 and Malaysia respectively.
EPS (Electronic Payment for Shares)
Please select “Lump Sum” payment and initiate payment before 9pm to ensure the CFD ledger is credited by the next market day.
For Cash Management (KC), Margin (M), Custodian (C), Phillip Financial (V) and SBL (B) 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) accounts: Please inform your Trading Representative (“TR”) the EPS payment is meant for your CFD trading account before 10am the next market day.
Please select “Phillip Securities” and initiate payment before 9pm 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:
Enter 7 digits of trading account number e.g. trading account “123456”, to enter as “0123456”
20<Full 7 digits of trading account number>
- Standard Chartered Bank / Maybank:
<Full 7 digits of trading account number>
To find your TR code, log in to POEMS 2 -> Settings -> My Account -> Stocks -> Update Particulars -> Remisier Code. If the TR code has more than 2 alphabets, please enter TR code as TT.
- For DBS/ UOB accounts: Please submit an online internal funds transfer form to transfer funds from Stocks trading ledger to CFD ledger before 10am.
- For Maybank/ OCBC/ Standard Chartered Bank accounts: Please inform your Trading Representative (“TR”) the bill payment is meant for your CFD trading account before 10am the next market day.
Internal Funds Transfer
Customers can initiate online funds transfer from shares or futures trading account to CFD transaction account or through TR.
Telegraphic Transfer (“TT”)
Please specify CFD transaction account number and name along with the telegraphic transfer. Kindly inform your TR after the TT transfer that the TT amount is meant for CFD transaction account. Customers are liable to pay for all telegraphic transfer charges.
Please click here for Phillip Securities Pte Ltd’s TT details for the respective currencies.
Phillip Securities keeps customers’ 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 customers’ moneys and assets in line with regulations prescribed by the MAS. In addition, section 104A of the SFA provides that customers’ moneys and assets cannot be used for payment of the CMS licence holder’s debts.
Yes. The current CFD transactions limit ceiling for all customers 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.
Your CFD transaction related information is readily available to you and your Trading Representative via the POEMS 2 Online platform and CFDTrader 2 Acct Mgmt page. You can access your Outstanding Positions, Trades Done (Intraday), Trades Done (Historical), Closed Positions (Intraday), Closed Positions (Historical), Account Details and transaction history from the Acct Mgmt page.
Margin call, available balance and credit limit can be obtained from the Account Details tab.
The details provided in the CFD account management page on POEMS 2 is updated daily at 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.
To opt in to E-Statement, please log in to your POEMS 2 account, go to Settings -> My Account -> Stocks -> E-statement Particulars. 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.
A way of calculating commission charges. A collective commission is charged against the total value of the day’s transactions, instead of separate commissions for each transaction carried out. This saves the customer commission fees if the value of each individual commission per transaction falls below the minimum commission. Phillip CFD amalgamate buy and sell contracts of the same counter traded on the same day.
Equity Balance – Maintenance Margin ± Unrealised Credit or Debit Interest
Buying a financial instrument with the intention of selling when the price rises, thus earning the difference in price. It is generally used to profit from rising markets.
Selling a financial instrument with the intention of buying when the price falls, thus earning the difference in price. It is generally used to profit from falling markets.
The percentage of the contract value paid to the broker every time a transaction is carried out. Each contract’s minimum commission charges still apply.
Interest accrued excess of minimum funds.
Interest accrued on account debit balance.
This refers to the value of the ledger carried forward taking into account the current profit/loss of the contract and the financing charges to continue holding it.
Equity Balance = Ledger Carried Forward ± Unrealised Profit/Loss – Unrealised Finance Charges
The charge for the cost of borrowing from the brokerage to finance a purchase.
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 for CFD.
Trading in stock with money borrowed from the brokerage. An initial margin, which is a pre-determined percentage of the value of the stock to be the traded is deposited with the brokerage. The funds in that account must be greater than the percentage of the market value of the portfolio in order for the customer to continue trading. Once the balance of the account drops below that percentage of the market value of the portfolio, the customer has to meet the difference in order to continue trading.
The minimum amount of Equity Balance that must be maintained in customer’s CFD account. Starts from 10% of market value of portfolio for Equity CFD.
When Equity Balance falls below the Maintenance Margin, a margin call amount equivalent to the difference between the Maintenance Margin and the Equity Balance must be made. The customer has two business days to top up if the amount is <20% and one business day if the amount is <5%.
When the value of the Equity Balance falls below that of the Maintenance Margin, the difference is the Margin Deficit.
Margin Deficit = Maintenance Margin – Equity 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
The price of a security that is taken from its current market value.
The system process act of renewing the contract after it has expired, after 30 calendar days.
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.
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 POEMS 2 -> Acct Mgmt -> CFD -> Account Details.
No. Should the Margin Call 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.
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 POEMS 2 -> Acct Mgmt > Stocks -> Online Forms -> Withdrawal Form. 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.
You may withdraw any excess cash from your cash ledger, provided the Maintenance Margin has been satisfied. Log in to POEMS 2 -> Acct Mgmt -> CFD -> Online 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.
All withdrawal requests submitted by 10am on each trading day will be processed within the same day.
Log in to POEMS 2 -> Acct Mgmt -> Stocks -> 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.
6.00% per annum
7.00% per annum
7.00% per annum
4.20% per annum
8.25% per annum
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.
You may go to POEMS 2 -> Acct Mgmt -> CFD > Online Forms > Currency Conversion to submit a currency conversion request. All requests submitted before 2pm on each working day will be processed within the same day.
Your conversion request would be processed based on the exchange rate found on POEMS 2 -> Announcement -> Exchange Rate.
No fees are charged for transfer of funds or conversion of currency in Phillip CFD accounts.
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.
Your CFD account is typically suspended when
- You experience suspension on your stocks account due to contra loss or
- Your POEMS account is locked due to keying in an incorrect password for 3 consecutive times
Please contact your trading representative in such situations.
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.
You can tell if an outstanding position is a rolled-over position from its contract code. CFD contract codes are typically a string of digits without dashes, while renewed contracts have a format of XXXXXX-1-0.
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.
No, pledging of shares as collateral to trades CFDs is not allowed.