Earlier this year, we announced our plans to integrate DBS Vickers’ retail equity trading business into DBS Bank by the end of 2019, to provide customers a one-stop platform with access to a full array of banking, brokerage and wealth management solutions.
As part of this integration, we have arranged to transfer our offline retail securities brokerage business to UOB Kay Hian (UOBKH) on 28 October 2019 (Completion Date). This will ensure continuity for customers with DBS Vickers (DBSV) trading accounts currently serviced by remisiers.
We wish to assure customers transferring their accounts to UOBKH that we are committed to ensuring that the transfer process is as seamless as possible.
To guide customers on the transfer process, we have new updates below on the questions that you may have regarding your trading account(s) to be transferred.
Please note that trading accounts under the DBS Vickers institutional business will not be affected by the transfer. DBS Vickers remains committed to growing its Global Institutional Business.
Thank you for your patience during this time.
DBSV trading accounts that are part of this business transfer will be transferred on 28 October (Completion Date). If you still wish to trade through DBSV, you may open a DBSV online trading account.
Yes. You will receive our letter with the details of the transfer by end September 2019 if your DBSV trading account(s) is to be transferred to UOBKH.
You would have received a notification letter informing you of your new Trading Representative. Kindly contact your new Trading Representative if you would like to trade through DBSV.
You may continue to trade on your existing DBSV trading account(s) until 25 October 2019.
All unfilled long-dated orders like Good till Maximum (GTM) and Good till Date (GTD) orders placed via the DBSV trading account(s) will be cancelled at the end of trading day of 25 October 2019.
Please provide your withdrawal/transfer request by 24 October 2019, 6pm.
The last day you may perform a same day contra would be 25 October 2019.
All outstanding buy positions executed with DBSV can only be contra by 25 October 2019. Otherwise, please settle your trades with DBSV.
No ‘contra’ trade can be placed at UOBKH for any unsettled Buy positions executed with DBSV.
To minimise any disruption to your trading activities from the Completion Date, your UOBKH trading account(s) will be set up in advance in early October 2019 and linked to your Central Depository Account (CDP), subject to CDP’s approval.
Your UOBKH trading account(s) will be setup in advance in early October 2019. However, trading on these accounts can only commence from Completion Date.
Any outstanding Buy positions at the end of the trading day on 25 October 2019 must be settled by the due date with DBSV. All outstanding trades (Buy and Sell positions) that are not yet settled at DBSV at the end of the trading day on 25 October 2019 will not be transferred to UOBKH.
You may only start trading on your new UOBKH trading account(s) from 28 October 2019.
No. You will have new UOBKH trading account number for each corresponding DBSV trading account transferred. We will be writing to you by end September 2019 regarding your new corresponding trading account number(s) that will be setup in UOBKH in early October 2019.
In other words, if you have two existing DBSV trading accounts that will be transferred on 28 October 2019, two new corresponding trading accounts will be setup in UOBKH.
Your existing account with UOBKH will not be affected by this transfer.
Your personal details will not be affected. UOBKH will maintain separate records for your existing account with UOBKH and the new UOBKH trading account number for each corresponding DBSV trading account transferred.
If you currently have an online trading account with DBSV, UOBKH will send a new set of User ID and password to your email address maintained in DBSV’s records. However, if that email address is no longer in use, please update UOBKH with your new email address.
In our letter sent to you in September 2019, you will be notified of your servicing remisier in UOBKH.
From Completion Date, you may call UOBKH Client Services Officers at 6536 9338 from 8:30am to 6pm, Mondays to Fridays (excluding public holidays) for your servicing remisier’s contact.
With effect from the Completion Date, the terms currently governing your DBSV trading account(s) will be deemed replaced and your new UOBKH account(s) will be subjected to UOBKH’s standard terms, which are available at UOBKH website once you commence trading with UOBKH from the Completion Date, UOBKH will assume that you have read, understood and accepted UOBKH’s terms.
There will be no change to the commission rate if you are on negotiated rates with DBSV. Otherwise UOBKH’s standard Offline and Online rate applies except for online trades in HK and US shares and securities where DBSV current Online commission of 0.18% will continue to apply.
All transferable shares and securities including delisted and pink sheets held by DBSV on your behalf will be transferred and held by UOBKH and/or its nominees on your behalf from Completion Date.
All shares, securities and monies, including foreign currencies that are transferred to UOBKH from the Completion Date will be reflected in the monthly statement prepared by DBSV and UOBKH for you for October 2019.
If your DBSV trading account is to be transferred to UOBKH and you have closed this trading account by 25 October 2019, your new corresponding UOBKH account that is set up will be closed and removed from UOBKH’s system.
No, the information will be transferred to UOBKH.
Yes, you may continue to update your personal details with DBSV until 25 October 2019 and the updated information will be transferred to UOBKH.
DBSV trading accounts that are part of this business transfer will be transferred to UOBKH on 28 October 2019. If you wish to trade with UOBKH, you may contact your existing DBSV remisier about opening a UOBKH trading account after 28 October 2019.
You may continue to trade through the dealers in our Equity Service Centre. The dealers in our Equity Service Centre can be contacted at 6398 6830 from 8.30am to 6pm, Mondays to Fridays.
The dealers at Equity Service Centre will provide a standard suite of trade execution and account related matters services to retail DBSV clients.
You are unable to request for a specific dealer. However, please be assured all dealers in our Equity Service Centre are equipped to support your trading needs.
The Equity Service Centre dealers are available to take your US market orders before 6pm. You may continue to trade in the US market after 6pm via our DBS Vickers online trading account.
If you currently do not have an online trading account, we would encourage you to open one. Please visit our Customer Centre at 12 Marina Boulevard Level 3, Marina Bay Financial Centre Tower 3, Singapore 018982 from 8:30am to 4:30pm, Mondays to Fridays (excluding public holidays) to apply for an online trading account.