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Feb 7, 2014 19:54:01 GMT 8
Post by wiley on Feb 7, 2014 19:54:01 GMT 8
Singapore May Add Trading Restrictions After Penny-Stock Crash ... www.bloomberg.com/news/print/2014-02-07/singapore-may-add-trading-restrictions-after-penny-stock-crash.htmlSingapore also plans to shorten the settlement period to two days from three by 2016 and impose more transparency for short selling, according to the statement today. So-called contra-trading accounted for 31 percent of market turnover in the year ended October, the regulators said. The exchange and central bank have set a May 2 deadline for industry feedback on the proposed changes.
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Feb 7, 2014 20:02:33 GMT 8
Post by wiley on Feb 7, 2014 20:02:33 GMT 8
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Feb 7, 2014 20:06:07 GMT 8
Post by wiley on Feb 7, 2014 20:06:07 GMT 8
SGX to revise fees for securities market www.sgx.com/wps/wcm/connect/sgx_en/home/higlights/news_releases/sgx_to_revise_fees_for_securities_marketTransfers and onward settlement fees, which are mainly levied on brokers and depository agents, will be revised to encourage on-exchange trades, thereby increasing transparency and liquidity, and consequently improving price discovery in the market. Transfers and onward settlements pursuant to on-exchange trades will be charged a fee of $30 and transfers and settlements pursuant to off-exchange trades will be charged a fee of 0.015% of the value of the transaction, subject to a minimum of $75. wa lau ... cost of doing married deal so cheap nia for brokerages and depository agents.... no wonder everything price up/down a lot sure got many married deal lah....
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Feb 7, 2014 22:52:43 GMT 8
Post by donut42day - 不战而胜 on Feb 7, 2014 22:52:43 GMT 8
more rules they implement , more ppl will stay out. not enough small flies for them to kill? so let them carry the babies lor...hehe
If the market not going to make significant fluctuation with all these rules. Why not cash out and wait for major crash of the centuries.. hehe
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Feb 8, 2014 13:37:29 GMT 8
Post by wiley on Feb 8, 2014 13:37:29 GMT 8
from Investor Central...
Proposed new SGX rules: good, but not far enough
Dear Subscriber,
The measures being considered by the Singapore Exchange and the Monetary Authority of Singapore sound grand and innocuous, but could signal a much bigger change in the constitution and operation of the Singapore market.
In short, the local stock market might become a little less like the wild west.
Just yesterday (February 7, 2014), the SGX and MAS announced in a consultation paper three proposed changes, which it formulated after a review: • promoting orderly trading and responsible investing; • improving the transparency of market intervention measures; and • strengthening the process for admitting new listings and enforcing against listing rule breaches To get there, it proposes: • a minimum trading price of stocks on the mainboard, possibly around 10c-20c. • collateral to be placed with brokers, such as for contra trading • more detailed reporting of short positions • brokers to announce trading restrictions on certain stocks through the SGX website, not just to their own clients • establishing a Listings Advisory Committee to ensure only good companies [our interpretation, ed] make it onto the market • establishing a 15-member Listings Disciplinary Committee and a Listings Advisory Committee to deal with rule breaches, with fines up to S$250,000 possible • ensuring SGX statements are signed off by the board of directors - this implies that past announcements filed by Company Secretaries and management executives were left wanting. It reminds directors of their fiduciary duties • publication of a health warning (officially: "Trade with Caution" notice) by SGX when issuers can't explain unusual moves in their stock price or volume, and • notification by listed companies when they are in discussions over a major transaction, not just when the takeover, RTO or acquisition is already finalised. Those are the main points. But what didn't make it into the press release, but which is stated implicitly or explicitly in the 30-page consultation paper is: • A reduction in board lot sizes to 100 shares, down from 1,000, is clearly on the cards. • The settlement period will be reduced to T+2, down from T+3. I encourage you to read the consultation paper for yourself - it's written in a conversational style, and isn't too legalistic.
We are in favour of any moves that reduce or cut out the shenanigans in the market.
We're going to see fewer, but higher-quality IPOs. Unscrupulous management that thinks the Singapore market is a great place to spring their rotten stocks on an unsuspecting investing public will be turned away at the door. We hope the Listings Advisory Committee will not just consist of investment bankers who will just rubber stamp listings applications because of the fees their buddies stand to make. There will be less hiding behind PR firms. The board will no longer be able to palm off announcements for public relations hacks to write and for management and Company Secretaries to upload to the SGX website. It is remarkable that collateral was not demanded for contra sales in the past. Heck, Singaporeans and PRs pay S$100 just to set foot in our two casinos, and if you don't bring cash you can't buy any chips. Yet anyone can wade into the market with virtually no cash and start punting. How ridiculous is that?! The same goes for short sale trades - why is it that greater transparency was not introduced in the past? The only people who will suffer from the new requirements, if they are implemented, are those who have something to hide.
While we welcome these moves, we think there is room for improvement. The SGX is like a supermarket. People will only "shop" there when the products on the shelves are worth buying. The quality of the products must improve.
Giving about 130 mainboard companies three years (!) to bring their share prices back above a minimum trading price is too long. The SGX itself acknowledges that a share consolidation is a quick, easy and cheap (SGX will waive its corporate action fees for 2 years) way to raise the per-share price.
We also think the per-share price of 10c-20c is too low, especially when coupled with a reduction in board lot sizes to 100 from 1,000.
We think board lots should be reduced to something more meaningful - like 10 - with minimum prices set at least at S$1/share.
All of these measures need to come with more oversight. People behave very differently when they know they are being watched. Just as a sign announcing the presence of a speed camera causes drivers to slow down - whether a camera is actually there or not - the exchange must give market participants the feeling that their every move is under scrutiny.
In the meantime, keep reading Investor Central.
Have a great weekend.
Best wishes,
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Feb 8, 2014 13:38:37 GMT 8
Post by wiley on Feb 8, 2014 13:38:37 GMT 8
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Feb 8, 2014 13:39:42 GMT 8
Post by wiley on Feb 8, 2014 13:39:42 GMT 8
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Feb 8, 2014 14:29:47 GMT 8
Post by wiley on Feb 8, 2014 14:29:47 GMT 8
Singapore Exchange to Add Circuit Breakers Next Month - Bloomberg www.bloomberg.com/news/2014-01-22/singapore-exchange-to-add-circuit-breakers-next-month.htmlThe trading restrictions will apply to Straits Times Index (FSSTI) and MSCI Singapore Index members and all securities priced from 50 Singapore cents from Feb. 24, according to a regulatory filing. The circuit breakers are triggered when a stock rises or falls more than 10 percent from at least five minutes earlier and cause a five-minute period where trading is limited, according to SGX’s statement. The rules cover securities that account for about 80 percent of trading on the Singapore market. If the circuit breaker is triggered, investors can only trade within 10 percent of the reference price from at least five minutes earlier, according to the statement. Normal trading resumes five minutes later. The bourse operator will also revise its erroneous trade policy, it said. Purchases will not be canceled if the price falls within a range of 5 percent or 20 minimum bid sizes from the last traded price for most securities. The price range for structured warrants will be 25 percent or 20 minimum bid sizes from the last valid price, SGX said. Trades done outside of the relevant price range are eligible for review by SGX, the bourse operator said in the statement.
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Feb 8, 2014 21:25:42 GMT 8
Post by donut42day - 不战而胜 on Feb 8, 2014 21:25:42 GMT 8
macam our traffic...every 100m one traffic light awaiting u..hehe
When BB withdraw all their q... left right center all die one. No diff ...zzz
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Feb 9, 2014 20:03:50 GMT 8
Post by wiley on Feb 9, 2014 20:03:50 GMT 8
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