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serious advices needed, thanks

<So really I did not make any complaints except to some other banker friends who told me the various possibilities.  That either the transaction manager was up to something unusual or that the software at the bank met with hitches. Upto today, I just treated it as my luck was bad and met with evil.  So did nothing except pray to my God to forgive what has been done to me.  Maybe I will have it returned somehow in other ways.>

I don't know wat I'd do if I were in your shoes. Chances are I might just burn down the bank. Seriously, you can write in to appeal. Mistakes do happen even in banks. Don't give in too easily. Afterall, it is your hard earned money. 

 

Ha ha, they will take your appeal, as if they reject, u will appeal in d forum in all papers, they got trouble liao. Cheers.

Laulan      ( Date: 27-Apr-2009 11:14) Posted: Hi bro AK, you really shd count yourself as a lucky man.  Normally banks couldn't be bothered abt any complains against excuse for their charges. I lost about SGD$10 K in exchange rates when they took their own liberties to convert my US$ when my first attempt to do so at a higher USD/SGD rate thro internet failed.  When rates started falling they got the transaction through at a cheaper US/SGD rate, ie. I get lesser SGD for my US$.  I did not notice the later transaction until a few days later and this way my money evaporated in my the HSBC accts. Did not make an appeal as it was too late, the discovery was 4 days later. You know when asn internet transaction failed, you don't go to check your account anymore.  The thing happened late 2008. Any advice?  AK_Francis      ( Date: 27-Apr-2009 11:01) Posted: Ha ha, if u r a valuable client in d broking hse, sure they will help u one. So jangan tension loh. For exp, AK 3 bounded chqs kena fined $140.00 by d bk early ds mth, my broker paid me $100 for compen. Ha ha, later I appealed to d bk, I got back d $140 n returned back d 100 to my kind TR.  Ha ha, d moral of d story is that write in to appeal, be it anything under d sun. Ie, AK ran away fine of $70 cum 3 demit pt of being parking overnite near traffic light at my place. Few cases of violation of parking rules etc. But sad to say, didn't win d case of drink driving in court loh. he he.

 

tmr will be XD for the stock i'm holding, if the price goes down, am i allowed to buy in, lets say, the price is 0.71 once XD, i have to pay for the XD (say, $800/10lots), and i have 4 of them, means im paying 0.71 x 4000 + $320 + brokerage fees, am i right to say that??

 

good 4 u 4 having forgiven.

 

Thanks.  Last year it was like this:

I was thinking the US$ acct with nearly US$180K was ripe for changing to Singapore dollars.  It was fluctuating between SGD 1.48 to 1.42.  At the time I wanted to convert the spot went up to 1.5 and then started to fall a little.  I went to the internet acct and click to transfer wll the US$ to SGD at 1.47 which was the bank buying rate.  The the message appeared that the transaction has encountered an error which means it did not get through. I checked to see no transfer was made and then I switched off.

Subsequently the market continued to fluctuate between SGD 1.46 to 1.52.  I thought it was really a blessing in disguise and felt so happy that the transaction did not materialise.

When the SGD/USD rate shot up above 1.5, I was ready to change so switch on the internet account and to my horror it was already transacted and not at my price of 1.47 but at 1.42.  That to me is a shock and I was helpless because a few days have elapsed so they can say that I never objected. The diffference amounted to around $10K or more.

So really I did not make any complaints except to some other banker friends who told me the various possibilities.  That either the transaction manager was up to something unusual or that the software at the bank met with hitches. Upto today, I just treated it as my luck was bad and met with evil.  So did nothing except pray to my God to forgive what has been done to me.  Maybe I will have it returned somehow in other ways.

keepnosecrets      ( Date: 27-Apr-2009 11:22) Posted: Wow if you dared to mention the name, of the bank, I trust what you are saying.  Banks are no angels.  You should lodge two complaints, one with the HSBC and one with MAS.  Never too late if there is a record.

 

tmr will be Xd for the stock i short sell, right now the counter is 8 bid below my sell price, say 0.715. Should i just buy in 4k in order not to pay for the XD?

 

Wow if you dared to mention the name, of the bank, I trust what you are saying.  Banks are no angels.  You should lodge two complaints, one with the HSBC and one with MAS.  Never too late if there is a record.

 

Hi bro AK, you really shd count yourself as a lucky man.  Normally banks couldn't be bothered abt any complains against excuse for their charges.

I lost about SGD$10 K in exchange rates when they took their own liberties to convert my US$ when my first attempt to do so at a higher USD/SGD rate thro internet failed.  When rates started falling they got the transaction through at a cheaper US/SGD rate, ie. I get lesser SGD for my US$.  I did not notice the later transaction until a few days later and this way my money evaporated in my the HSBC accts. Did not make an appeal as it was too late, the discovery was 4 days later. You know when asn internet transaction failed, you don't go to check your account anymore.  The thing happened late 2008. Any advice? 

AK_Francis      ( Date: 27-Apr-2009 11:01) Posted: Ha ha, if u r a valuable client in d broking hse, sure they will help u one. So jangan tension loh. For exp, AK 3 bounded chqs kena fined $140.00 by d bk early ds mth, my broker paid me $100 for compen. Ha ha, later I appealed to d bk, I got back d $140 n returned back d 100 to my kind TR.  Ha ha, d moral of d story is that write in to appeal, be it anything under d sun. Ie, AK ran away fine of $70 cum 3 demit pt of being parking overnite near traffic light at my place. Few cases of violation of parking rules etc. But sad to say, didn't win d case of drink driving in court loh. he he.

 

Ha ha, if u r a valuable client in d broking hse, sure they will help u one. So jangan tension loh.

For exp, AK 3 bounded chqs kena fined $140.00 by d bk early ds mth, my broker paid me $100 for compen. Ha ha, later I appealed to d bk, I got back d $140 n returned back d 100 to my kind TR. 

Ha ha, d moral of d story is that write in to appeal, be it anything under d sun. Ie, AK ran away fine of $70 cum 3 demit pt of being parking overnite near traffic light at my place. Few cases of violation of parking rules etc. But sad to say, didn't win d case of drink driving in court loh. he he.

 

It is too late to do anything.  Not even opening a share borrowing account, becuase, you must hasve a borrowed case before you can sell short.

 

Typo Error CPF - Should be CDP

knightbridge      ( Date: 26-Apr-2009 23:20) Posted: One method i can think of (very unlikely to happen) If happen that your wife, parent or brother who got the free qty on hand.. Can transfer his or her share to you in CPF (by doing a share transfer) .. Dont know if CDP can do it in one day. Then u will have the qty for the sell hence no penalty... Hope it help...

 

One method i can think of (very unlikely to happen)

If happen that your wife, parent or brother who got the free qty on hand.. Can transfer his or her share to you in CPF (by doing a share transfer) .. Dont know if CDP can do it in one day. Then u will have the qty for the sell hence no penalty...

Hope it help...

 

Try not to worry too much about it...

As long as there's no wild swings against you in prices in the next few sessions, things should work out fine.

Then the worst that can happen is you will just lose a bit of $ in the process.

But on the other hand, you may even gain if the price moves a few clicks or more in your favour...

 

i am not involved in this cock-up but am touched by all the great advice and consolation that the forumners here offer to someone else.  Very heartening to know that saints like you all exist.  Be blessed !

 

Yes, below is d better back-up remedy. Call your TR again on d below n act accordingly. Likely, u need to stand at d broking hse doorstep 2 wait for your TR liao. Hence, jangan tension, relax lah.

rogue_trader      ( Date: 25-Apr-2009 01:35) Posted: If i not wrong, you can give a call to your Remisier/Dealer on monday morning and arrange to open a script borrowing account. But you must go down personally to get the paperwork done. Or you can write in to appeal to SGX through your Remisier/Dealer. Think you get both the script borrowing account and appeal letter done on monday just in case.

 

i have called my dealer last night, he said to print screen of my portfolio stating that i have actually owned 4 lots but selling another extra 4 lots by mistake. He will write in to sgx to appeal for me, wonder if the penalty could be waived off.....

 

If i not wrong, you can give a call to your Remisier/Dealer on monday morning and arrange to open a script borrowing account. But you must go down personally to get the paperwork done. Or you can write in to appeal to SGX through your Remisier/Dealer. Think you get both the script borrowing account and appeal letter done on monday just in case.

 

I think you are just a retail investor and not a BB....the fine impose by SGX is only $1000 or 5% of contract....see here:

1) Penalty for Failed Delivery

We advise you to exercise prudence in executing your sell orders. Do ensure that you have checked your correct holdings prior to submitting of your sales order. Any oversold positions by client will be constituted as "Short Selling" and will be subjected to buying-in by SGX. Client will be responsible for any losses and fees incurred from buying-in.  

 

In addition to the current processing fee for buying-in of S$30 per contract, there will be a penalty of 5% of the value of the failed trade subject to a minimum of S$1,000. This penalty will take effect for trades executed from 25 September 2008 onwards. SGX will review the penalty fee from time to time to assess its effectiveness.

 

For more details, please refer to  SGX website.

 

gh3yboy      ( Date: 25-Apr-2009 00:18) Posted: aww, alright, guess i would need to pay penalties from the small sum i made. Thanks all! Will trade carefully in future..

 

aww, alright, guess i would need to pay penalties from the small sum i made. Thanks all! Will trade carefully in future..

 

cdp will buy in on T+4 at 10am (i think) at 2 bids higher than 0.75 (ie, 0.77) or whichever higher at that time (eg. if it is trading at 1.00, CDP will also buy in on your behalf to deliver the shares to the buyer). you can choose to hedge against price run up on T+4 by buying 4 lots if the price goes below 0.75 (say, 0.73and below) on monday.  If it is tight trading band stock, then leave it alone since you sold 4 lots at 0.80. May not lose.