I have set up a poll here and will run till end of the month. This will give everyone sufficient time to decide if they want to continue with SCB trading account. Lets see what kind of results we will get.
Update from SCB CSO – 12 Jan 2015
A SCB representative called me today and assured me that my trading account will not be affected. However when asked about the future, he is unable to give the same assurance.
I will not close down my SCB account trading because I still have some shares and I do not see a need to sell them but I will no longer be using their brokerage for local stocks.
Their commission may be cheaper but I like the assurance that my shares are safe in CDP and will not be held ransom by any single brokerage. In addition, when it comes to rights issue, DRP etc, SCB has a shorter timeline.
How about the rest? Will you continue to use SCB trading account?
Update from SCB Facebook – 8 Jan 2015
HONG KONG: Standard Chartered Bank will close its equities business worldwide, reported Reuters on Wednesday (Jan 8), citing an internal memo. Read the full article here.
I am not surprise by the news but I am a little annoyed that Standard Chartered could have inform me earlier. I told my colleague and he was very surprised too, because just last week a staff from SCB was still asking his wife to sign up for a trading account.
The big question in everybody’s mind is what will happen to our shares? I am pretty sure we will get back our shares but how? Will they transfer to CDP? What about shares in other markets – will they force sell it at the privileging price, give us a dateline to sell or find another broker to transfer to? Cost is going to be another important issue.
Coincidentally, the news come just when SGX board lot size reduction will come into effect in a week or so time. It will be interesting to see what is SCB next step.
Are there any SCB trading account holders who want to share their concerns?