Singapore Exchange Limited (SGX) together with DBS Bank Limited (DBS), United Overseas Bank Limited (UOB) and Oversea-Chinese Banking Corporation Limited (OCBC Bank) today announced that all Singapore Government Securities (SGS) holdings of individual investors will be migrated to the Central Depository (CDP) for safekeeping starting from 1 April 2010.
This SGS migration exercise is part of the Monetary Authority of Singapore’s (MAS’) initiative to make the SGS market more accessible for individual investors. Other elements of the SGS migration exercise include:
- consolidating details of investors’ SGS and securities holdings into a single CDP account;
- making SGS valuations and details of investors’ SGS holdings available online via www.cdp.com.sg
- making available day-end SGS/T-Bill prices via www.SGX.com; and
- allowing investors to freely buy or sell SGS through any SGS agent bank, thereby improving their access to the most competitive SGS market prices. Currently, individual investors are restricted to dealing SGS only with their agent bank.
The SGS migration exercise will be conducted from 1 April 2010 to 30 June 2010. SGX, DBS, UOB and OCBC Bank will contact the investors with more details on the exercise.
During the exercise period, SGX will waive the CDP transfers fees in relation to the SGS holdings being migrated. SGX will also waive fees for the SGS holdings services for a three-year period from 1 April 2010. SGX does not currently charge fees for CDP account opening. CDP account opening fees and the securities and/or SGS holding fees are subject to a review process that SGX conducts every three years.