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 News
2005
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CPF Board tightens admission criteria for new CPFIS funds
Financial Industry Disputes Resolution Centre launched |
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"First, by
handling all disputes that relate to forms of
financial transactions, it provides consumers the
convenience of a one-stop centre... |
| "Third, FIDReC is
affordable. To ensure easy access, mediation services
will be free. If current trend continues, it means
that 95% of all cases handled by FIDReC will be free.
Should adjudication be needed, consumers will pay just
$50." |
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More..... |
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2003
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DBS
Vickers, the stockbroking arm of DBS Group Holdings, has axed
about 30 jobs. It said yesterday that staff from
"various departments" were affected. The company last
laid off workers in September 2001 when it cut 252 jobs
following a merger between DBS Securities and Vickers Ballas. (Straits
Times 5 Apr 2003)(A19) |
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A new study whose findings were released by the Department of
Statistics found that falling property prices and stocks erased
S$26 billion off Singaporeans' wealth in 2001. Singaporeans'
net wealth stood at S$565 billion at the end of December 2001. The
average Singaporean was worth S$170,000 at the end of 2001, down
from S$175,000 in 2000. The net wealth of the average household
amounted to S$612,000 at end-2001, down from S$618,000 at the end
of 2000. (Straits
Times 28 Mar 2003)(A17) |
2002
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More
than one in three remisiers at DBS Vickers Securities defected
to rival brokerages in the past four months, following a
high-profile dispute at the firm involving its online
trading clients. Latest figures from the Singapore Exchange
(SGX) show the latest tally of resignations at the firm to be
154, or nearly four times the number previously disclosed. The
firm now employs around 300 remisiers - down from its original
sales force of about 400 remisiers before the dispute. (STraits
Times 27 Aug 2002) (A18) |
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The
number of stock-broking houses in Singapore - which had dived from
more than 30 to just 10 in the space of 20 months - will dwindle
to a mere five within the next 12 to 18 months, major industry
players say. The likely survivors are DBS Vickers, UOB Kay Hian,
GK Goh, Kim Eng Ong Asia and Phillip Securities. (Straits
Times 17 Jul 2002) (A20) |
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Companies
and individuals may be allowed to own up to 5 per cent of the
shares in newspaper and broadcasting companies, up from the
existing limit of 3 per cent. Shareholders, who are associates,
may as a group, be allowed to own a total of no more than 12 per
cent. Two bills setting out the changes were introduced in
Parliament yesterday. (Straits
Times 24 May 2002) (1) |
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The Singapore Exchange's (SGX) new market data feed system,
dubbed SGX Securities-Book, will give investors live access
to all 50 levels of buy and sell prices of the various stocks
traded on the SGX from July 1. (Straits
Times 9 Apr 2002) (S11) |
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Figures
released yesterday by the CPF Board showed that 370,462 out of the
total of 610,131 investors or six out of 10 investors who opted
for the Central Provident Fund (CPF) Investment Scheme - Ordinary
Account (CPFIS-O) last year made less than the 2.5 per cent
interest they would have got if they had not invested their funds.
Total losses suffered by investors, including the notional loss of
interest that they could have earned, amounted to some S$594.4
million. 35.5 per cent, or 216,550 members, made profits totalling
S$229.92 million. But of these members, 179,324 or 82.8 per cent,
made less than S$1,000, while 10,074 or 4.7 per cent, made more
than S$5,000. (Straits
Times 16 Jan 2002)(3) |
2001
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Ten
men, and the six companies they are linked to, were yesterday
charged with dealing in securities without a dealer's licence.
The accused are: Steve LEE Woon Lou, 54; PNG Kok Wah, 34; GOH
Lam Huat, 50; Anthony LIM Heng Yong, 37; HO Kai Mun, 28; CHIAM
Choon Aik, 44; CHAN Hup Seng, 37; LEE Weng Wai, 37; TAN Lee
Meng, 44; and SEAH Choo Beng, 30. The companies, where the
accused persons work either as a director, general manager or
employee, are World Bond, Kingly Management, Master-United
Traders, Leeds Consultants, Prama Traders and Izumi Trading. It
is understood that the six companies used to deal in
commodities. In May, a new Bill was passed to outlaw bucket
shops - unlicensed commodities-trading firms that have tricked
many people into losing large sums of money. (Straits
Times 8 Dec 2001) (H7) |
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In
the High Court on Thursday, Justice TAN Lee Meng clarified the
law affecting dealers and remisiers when their clients go bust.
A remisier has to settle his clients' losses as he is an
independent agent. But, as an employee of a company, a dealer
cannot be held liable for losses made following his firm's
instructions. This applies when he is told to service his firm's
clients, like banks, statutory boards and publicly listed
companies. But a dealer cannot act beyond the authority given
him. So if he trades beyond the approved amount or makes
unauthorised transactions, he has to settle resulting debts. He
also has to bear his clients' bad debts as he would have been
acting on their behalf, and not his employer's.(Straits
Times 1 Dec 2001)(3) |
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An OCBC Securities dealer who posted a false Internet
announcement - on the forum page of Shareinvestor.com - of a
takeover bid on Venture Manufacturing was yesterday slapped
with a fine of S$80,000. CHAN Yen Yau, 28, who was subsequently
suspended from trading, was charged with making a false
statement likely to induce the purchase of securities under
Section 99 (b) of the Securities Industry Act. The offence
carries a maximum fine of S$250,000 or a seven-year jail term or
both.(Straits
Times 12 Nov 2001)(S12) |
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GK Goh Holdings said
yesterday it is slashing wages across all levels and cutting
around 60 jobs in an effort to trim costs amid
a weaker business environment. Of these, about 20 job cuts will
come from the Singapore unit. All staff will take pay cuts of at
least 5 per cent, but senior executives will have their salaries
slashed by between 20 per cent and 30 per cent. (Straits
Times 30 Oct 2001) (S13) |
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Regional
stock markets that stayed open took a nosedive yesterday in the
wake of terrorist attacks in the United States. Singapore's
newly revised Straits Times Index (STI) was marred with a 7.4
per cent dive to 1,450.45 points. Some local dealers said
anxiety over how long the US markets will remain closed was
another factor that spooked investors - as they sought safety on
the sidelines or in traditionally "safe haven"
investments such as gold. (Straits Times
13 Sep 2001) (12) |
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Investors
withdrew as much as S$2.6 billion from the CPF Special Account
in the first six months of the year to invest chiefly in
insurance products, the CPF Board said yesterday. Savings in the
CPF Special Account were freed up for investment from 1 Jan
2001. About S$2.3 billion of the money withdrawn went into
insurance products - mainly unit trusts which provide risk
cover, also known as investment-linked products (ILPs). The
Board said investors pulled out S$21.4 billion from the CPF
Ordinary Account as at the end of June 2001. While S$9.2 billion
went into stocks, S$10.4 billion went into insurance products. (Straits
Times 25 Jul 2001) (6) |
2000 The Latest Buzz In The
Singapore Stock Market - A Seminar on 30 Sep 2000
Deputy Prime Minister Lee
Hsien Loong on 6 Sep 2000 outlined the Monetary Authority of Singapore's
(MAS) groundrules for regulating the fast-expanding array of
securities-related websites, including news and research portals;
chatrooms and bulletin boards. MAS would distinguish between "fact
and opinion" and require a website to be licensed if it made
interpretive or subjective statements, as opposed to merely stating
facts. He added that websites that are "passive conduits" for
the distribution of online information and services will not need to be
licensed. These include sites that contain only links to research
reports or merely reproduce them in full, as well as those that refer
investors to brokers for the opening of trading accounts. Online
bulletin boards and chatrooms for "public discussion of
securities" also need not be licensed - and neither do their
participants, so long as these participants are not in the business of
providing investment advice.
A stockbroking firm is suing
its former chief executive officer for allegedly causing some S$44
million in trading losses. AMS Securities claims that Mr THIO Gwan Choon,
39, failed to "exercise due care and diligence" in approving
trading and credit limits for customers and monitoring their trading
activities. (ST 5 Sep 2000) The Singapore Exchange (SGX) will allow
remisiers to negotiate freely with their stock-broking houses their
share of the commissions ahead of the liberalisation of broking fees
in October 2000. The SGX said on 28 Aug 2000 it would amend its
rules to "allow members and remisiers full flexibility in
negotiating their share of commission". Currently, SGX by-laws
limit remisiers' share of brokerage to no more than 40%. From 1 Oct
2000, stock-broking commissions for all trades will be freed up.
The two-year suspension on
Clob trades was lifted finally on 3 Jul 2000, but few of the 172,000-odd
investors took to the market, preferring to sit on the sidelines
instead. Clob shares were frozen 21 months ago in September 1998 as part
of Malaysian capital controls during the Asian financial crisis.
From 8 Mar 2000, the
settlement period is cut by two days. Trades done will have to be
settled within three working days. For contra traders, who
hope to make a profit by buying a stock low and selling it high, it
means that they have just three market days to sell the stock before
they are required to pay for its original purchase.
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