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Hi teeth53. I refer to the number 1 point below.
If I did a short sell unintentionally, without holding on to any shares in my cdp account, can I buy back the same share by T+3 12pm? Or I could only wait for CDP to do buying in for me?
Thank You for your reply!
teeth53 ( Date: 29-Jun-2013 13:13) Posted:
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Clients are advised to take note of the new SGX settlement processes which will apply to trades due for settlement.
1.Shares security delivery cut-off time, 12.00pm on trade date (T+3). Investors must ensure - sufficient securities in CDP their accounts by cut-off time of 12.00pm on T+3 mkt days for delivery of their sell positions.
2.Buying-in on T+3 (effective 14-Dec-09 after the transition period). Trades with insufficient securities, buying-in start from 3pm to 5pm on T+3. CDP will not accommodate withdrawal of buying-in requests on T+3 after 12.00pm cut-off time.
3.Penalty for Failed Settlements on T+3. From 14 Dec-09, if buying-in for the shortfall is unsuccessful by the end of T+3. SGX will impose a penalty of S$1,000 or 5% of the value of the failed contract that was not bought-in (whichever is higher) at the end of T+3. The existing arrangement for SGX to consider appeals for waiver of this penalty will continue.
4.Buying-in and Procurement after T+3
Buying-in will continue on T+4 & T+5 from 3.00pm to 5.00pm for open positions that are not covered in the previous mkt day. CDP may consider request for withdrawal of the buy-in instructions by 11.00am on T+4 if it is satisfied that there are sufficient securities in the customer's securities account.
If buying-in is unsuccessful by T+5, procurement required securities will commence from T+6. SGX will impose a fine of S$5,000 for each day a sell contract is overdue. If the sell contract is still overdue after T+7, SGX may refer the matter to the Disciplinary Committee, a penalty of not less than $20,000 may be imposed. Please note that the penalties outlined in paragraph 3 and 4 above are cumulative in nature.
To facilitate the implementation of the above changes, SGX has transition period of 3wks from 20-Nov-09 to 11-Dec-09.
Buying-in will start from T+4 between 3.00pm and 5.00pm. Request for withdrawal of buying-in orders by 11.00am on T+4 if it can established - there are sufficient securities in the customers' securities accounts.
(note - Old old Rules 0f 2009) - A penalty of 5% of the value of the failed trade, subject to a minimum of S$1,000, will also be imposed from September 25 onwards, on top of the current processing fee for buying-in of S$30 per contract.
Oso any fail trade, failure to deliver shares in the buying-in mkt may also be liable for a penalty of S$50,000 and/or disbarment from participating in the buying-in mkt.
Above are old old news, new rule I don noe...onething new is sell short position without scribe, if it remain open within the same day is not cover, is deem a fail trade.
Contra has 5 days before they take money out of ur account. U can buy n sell anytime u want. Even 1 sec after ur buy order goes thru.
You can buy first and sell even the difference in > second. We call it CONTRA.
Emptyhand ( Date: 07-Mar-2013 09:40) Posted:
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Hi all,
Could someone enlighten me whether it is possible for me to make a buy and sell transaction on the same day ?
If i have sufficient funds in my account to purchase a stock, and after order is done will the transaction still take T +3days to clear ?
in order for me to own the stocks ? Will i be able to sell if the stock i purchase is not yet reflected in my Portfolio ?