Order Executions

• Currency handling for stock transactions

  How are different currencies handled when buying stocks on HKEX, SGX, and US exchanges via our platform?

  Our platform prioritises the use of local currency balances for stock transactions on the HKEX, SGX, and US exchanges. Below are the specific currency handling scenarios for each exchange:

   

  Buying US stocks:

  Primary: Use the USD balance if available.

  Secondary: If USD is insufficient, check and convert SGD to USD.

  Tertiary: If both USD and SGD are insufficient, convert HKD to USD.

   

  Buying HKEX stocks:

  Primary: Use the HKD balance if available.

  Secondary: If HKD is insufficient, check and convert SGD to HKD.
  Tertiary: If both HKD and SGD are insufficient, convert USD to HKD.

   

  Buying SGX stocks:

  Primary: Use the SGD balance if available.

  Secondary: If SGD is insufficient, check and convert USD to SGD.

  Tertiary: If both SGD and USD are insufficient, convert HKD to SGD.

   

  What happens if the primary currency balance is not sufficient for a transaction?

  If the primary currency balance (HKD for HKED stocks, SGD for SGX stocks, or USD for US stocks) is insufficient, our platform will automatically check and convert from the next available currency balance in the order of preference outlined above.

   

  Can I directly convert my currency balances on the platform?

  Yes, our platform allows for direct currency conversions between USD, SGD, and HKD, enabling you to manage your balances according to your investment needs and currency preferences.
  
  How does the platform handle funds for pending buy and sell orders?

  
  When you place Buy Limit Orders, the required amount (which includes applicable trading fees) is temporarily withheld from your available buying power to ensure sufficient funds are reserved if the trade is executed. 

  
  For Sell Limit Orders, our platform temporarily withholds an estimated amount for associated trading fees. This ensures a seamless transaction if the order is executed.

   

  The system follows the currency order of preference as outlined above to determine which balance to deduct from.

   

  For more information on the applicable fees: What are the charges applicable to my Brokerage orders?

   

  If a pending Buy or Sell Limit Order is canceled before execution, the withheld amount will be released and reflected back in your Brokerage Cash Balance.

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• What is the settlement cycle for each market?

  The US market follows a T+1 settlement arrangement where settlement will be completed on the next business day after the trade is completed.

  The Singapore and Hong Kong markets follow a T+2 settlement arrangement where settlement will be completed on the second business day after the trade is completed.

   

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• My market order is not getting executed immediately. Why is this so?

  There may be instances when your market order does not get filled. This can be attributed to 2 main reasons: 

  Trading Halt 

  A trading halt occurs when there is a temporary suspension of trading of a particular security in the stock market. When a trading halt happens, your market order may appear to be stuck at "pending" status and does not get filled as expected. To see if a security is under a trading halt at any point in time, you may check the security information on the exchange market's official website(s).

  Lack of Volume 

  A market order may not be filled when the security is less liquid. For example, if you place a large market order for a particularly low-volume security, there may not be sufficient shares available at the current price to fill your market order. This would mean that your order might not get filled and you would have to wait until there is more liquidity in the market. Your order would remain in "pending" status until it expires or is filled later on.

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• How long does it take for a buy or sell order to be executed?

  This depends on the order type.

  During trading hours, market orders are executed immediately, whereas limit/stop-loss orders are executed once the specified price criteria are met.

  If the market is not open, your orders will be queued and submitted when the market opens again.

  Here is a quick summary of the supported time slots for different order types for US market:

  

  

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• Are short selling and margin trading supported?

  Please note that short selling of stocks and margin trading are not supported at the moment.

  As we forge new frontiers with our neobrokerage offering, our current priority is to focus on the smooth running of our current offerings. After which, the expansion of our product suite will be based on market demand and client feedback, as well as the necessary regulatory approvals.

   

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• Can I cancel a pending order?

  Yes. You can cancel an order as long as its status is still pending or partially executed.

  To cancel an order, kindly log in to your Syfe Brokerage app > Account > Order details > click on the open orders that you wish to cancel > click on 'Cancel Order' and proceed with the cancellation.

  The order status will reflect 'Cancelled' if the cancellation is successful. If you choose to cancel an order that has been partially executed, only the unfilled quantity will be cancelled. For limit orders cancelled outside of market hours, the status may change to 'Pending cancellation' instead but will be cancelled before the market opens and will not get executed. Learn more here.

   

  Do I get charged when I cancel an order?

  No, there are no additional charges if you cancel an order. Once your order is cancelled, any cash held will be released back to your buying power, including any applicable Syfe commission fees. However if you cancel a partially executed order, then only the unfilled quantity gets cancelled and commission fees are charged on the partially executed order. If you have used a free trade to place an order, once the order is cancelled, your free trade will be returned.

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• I placed a market order (by dollar) of $100 for Stock X, but the units I received do not seem to be worth the full $100. Why?

  This is due to the fact that order quantity in your order details page is rounded to 3 decimal places. 

  Here's an example of what you might see. With the quantity showing as '0.033' on the order details page, it may seem that the purchase value is only 0.033 x $2,978.46 = $98.29.

  In reality, the quantity purchased is $100/$2,978.46 = 0.0335744, however, this figure is rounded to 3 decimal places (0.033) in the app.

  Rest assured that the full dollar amount you've entered has been used to purchase your security.

  

  To check the overall unit quantity that you own in 9 decimal places, kindly click on the Portfolio tab (bottom right corner of the app) > choose the security that you wish to see > click on 'History' button.

   

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• The price I see on Google Finance is different from my execution price on Brokerage. Why?

  The reason you see a discrepancy in the execution price of a market order is because the data you see on publicly available sources does not fully reflect actual market conditions. This is primarily due to 2 reasons.

  1. The US market has multiple exchanges. Websites with market data usually don't have data from all exchanges, hence providing an incomplete picture. 
  2. Graphs displayed on many publicly available sources are normally on the back of a single price snapshot per minute. For the most popular and liquid stocks there could be hundreds if not thousands of transactions happening every second, all at different prices.  

  As such, the stock price you might see on publicly available sources is incomplete and your actual execution could be different (higher or lower) depending on the price moment in the very micro second.

  Should you wish to buy a stock at a specific price, you may consider placing a limit order instead. However, please note that if your desired price does not come within the limit order, it is possible that your order will remain unexecuted. 

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• Do partial executions occur?

  Yes, partial execution of an order may occur if there is insufficient quantity of shares available in the market.

  Partial executions are notified to the clients via in-app notifications in real time and Trade confirmations are generated by the next business day for SGX market. US market related partial fills will be notified once the order reach the terminal state (i.e., order fully executed or cancelled or expired). Commissions for partial executions are charged on the total quantity executed on the original order and it will be reflected on the last partial execution.

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• How and when will I receive trade confirmations and monthly statements?

  Trade confirmation is a PDF document generated and sent to your Syfe-registered email address within 1 business day after you have executed any buy or sell trade. It contains the details of your executed trade(s), such as the security and quantity of units purchased/sold, execution price, fees, and total order amount. Depending on the order execution status, commissions may not be reflected in the trade confirmation but will be reflected in monthly statements.

  Monthly statements on the other hand, are generated in-app latest by the 5th day of the next month. It summarises your portfolio holdings at the end of the month as well as your executed transactions within that month.

  Can I retrieve my trade confirmations and monthly statements in the Syfe Trade app?

  Yes, you will be able to access and download them via the Syfe Trade app. Kindly click on Account > Reports > Trade confirmations / Monthly statements.

  Please note that we do not send out hardcopy statements.

   

   

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• What is 'pattern day trading' rule and how does it affect me?

  The “Pattern Day Trading” (PDT) rule is only applicable to the US market. The Singapore and Hong Kong markets do not follow any PDT rule. 

  The PDT rule states that the customer should not execute four or more "day trades" within a rolling 5-Business Day period. By default, the fourth pattern day trade will be blocked to avoid PDT violation. A day trade is considered the opening and closing of the same position within the same day.

  FINRA rules define a “pattern day trader” as any customer who executes four or more “day trades” within five business days, provided that the number of day trades represents more than 6% of the customer’s total trades in the account for that same five business day period.

  Your day trade count includes pending orders that you have placed. For example, if you’ve purchased a stock and then set a sell limit order on that same stock on the same day, that order will count as a day trade in our system, regardless of whether or not it gets executed. However, if the trade is not executed on the same day, it won’t be counted as a day trade for regulatory purposes, and your day trade count will be reset on the next day.

   

  What is “good faith violation” and how does it affect me?

  A good faith violation occurs when you buy a security and sell it before paying for the initial purchase in full with settled funds. Only cash or the sales proceeds of fully paid-for assets qualify as "settled funds".

  Liquidating a position before it was ever paid for with settled funds is considered a "good faith violation" because no good faith effort was made to deposit additional cash into the account prior to the settlement date.

  If you incur 3 good faith violations in a 12-month period, we will restrict your account. This means you will only be able to buy assets if you have sufficient settled cash in the account prior to placing a trade. This restriction will be effective for 90 calendar days.

   

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• What is 'good faith violation' and how does it affect me?

  A good faith violation occurs when you buy a security and sell it before paying for the initial purchase in full with settled funds. Only cash or the sales proceeds of fully paid for securities qualify as "settled funds."

  Liquidating a position before it was ever paid for with settled funds is considered a "good faith violation" because no good faith effort was made to deposit additional cash into the account prior to the settlement date.

  If you incur 3 good faith violations in a 12-month period, we will restrict your account. This means you will only be able to buy securities if you have sufficient settled cash in the account prior to placing a trade. This restriction will be effective for 90 calendar days.

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