Citibank Brokerage

Brokerage Account Fees and Charges

For Citibank Singapore customers

Please click here for Brokerage Fees and Charges.

Please note that transactions in French, Italian, and Spanish companies will be subject to the corresponding Financial Transaction Tax (FTT).

• French FTT - Effective 1st December 2012, all Buy Trades in French companies are subject to the French FTT of 0.30% of the transaction amount.
• Italian FTT - Effective 1st March 2013, all Buy Trades in Italian companies with a market capitalization greater than 500 million Euros are subject to the Italian FTT of 0.10% of the transaction amount.
• Spanish FTT - Effective 14th January 2021, all Buy Trades in Spanish companies are subject to the Spanish FTT of 0.20% of the transaction amount.

For Citibank International Personal Bank customers

Refer to the below charges for the different markets:

U.S. Market

Custodian Fees are payable every 6 months on your monthly average stockholding. Inclusive of GST where applicable.

Prevailing Goods & Services Tax (GST) of 8% applies to the brokerage rates.

^With effect from January 1 2023, the prevailing Goods & Services Tax (GST) will be increased from 7% to 8%.

*A fee of USD75 will be charged for transfer in of securities held under the Direct Registration System (DRS).

Hong Kong Market

*With effect from 1 Jan 2023, the trading levy imposed by the Stock Exchange of Hong Kong will be increased from 0.005% to 0.00565%.

Custodian Fees are payable every 6 months on your monthly average stockholding. Inclusive of GST where applicable.

Singapore Market

Please note that transactions in French, Italian and Spanish companies will be subject to the corresponding Financial Transaction Tax (FTT).

French - Effective December 1 2012, all Buy Trades in French companies will be subject to the French FTT of 0.3% of the transaction amount.

Italian - Effective March 1 2013, all Buy Trades in Italian companies with a market capitalization greater than 500 million Euros will be subject to the Italian FTT of 0.1% of the transaction amount.

Spanish - Effective January 14 2021, all Buy Trades in Spanish companies will be subject to the Spanish FTT of 0.2% of the transaction amount.

What are custodian fees and how are they computed?

Custodian fees apply to the stockholdings in your account(s). It is charged semi-annually on 30 June for the period of January to June, and 31 December for the period of July to December.

Computation of custodian fees:

Monthly average stockholding balance = Sum of daily stockholding balance / Number of days in the month

Single Month Custodian Fee = Custodian Fee Rate x Monthly average stockholding balance

Custodian Fee (Semi Annual Fee) = Sum of the Single Month Custodian Fees during the 6 month period

For further information on custodian fees, please click here.

Am I subject to any U.S. Tax?

This only applies to U.S. Brokerage Account holders.

All brokerage accounts are held under the US tax bracket of 30% withholding, which is imposed by the US tax regulator - IRS. The tax will be imposed on dividend payments and the custodian will perform the withholding automatically. This means, dividend payments are always net of tax when credited to your brokerage account with Citibank. Customers do not need to perform any tax reporting on U.S. shares.

For offshore customers, submitting a Form W-8BEN to Citibank Brokerage may qualify your account for a lower rate of withholding if the U.S. has a tax treaty with your home country. In order to have the correct amount of tax withheld - which can vary from 0% to 30%, depending on the accountholder's country of residence - a non-U.S. person must have provided Citibank Brokerage with a valid Form W-8BEN that has the "Claim of Tax Treaty Benefits" section duly completed.

Dividends distributed by foreign corporations listed in the U.S. markets are subject to different tax rates. The tax rate may vary for different countries (country in which that corporation is located) and also the different types of business entities.

Note: A non-U.S. person's residency status must be re-certified every 3 years, or when any information on the original Form W-8BEN has changed.

What is SEC charge?

This only applies to U.S. Brokerage Account Holders. It refers to Securities And Exchange Commission (SEC).

The federal agency created by the Securities Exchange Act of 1934 to administer that act and the Securities Act of 1933. The statues administered by the SEC are designed to promote full public disclosure and protect the investing public against fraudulent and manipulative practices in the securities markets. Generally, most issues of securities offered interstate commerce or through the mails must be registered with the SEC. (See Maloney Act, Securities Act Amendments of 1975, Securities Exchange Act of 1934).

For more information, the official website is www.sec.gov.

Are there any risk profile or knowledge and/or experience requirements that I need to fulfill before I can place an order with Citibank Brokerage?

With effect from 1 April 2019, all Brokerage customers will need to have a valid Investment Risk Profile ("IRP") and the required Knowledge and/or Experience in 'Equity' and/or 'Exchange Traded Fund ("ETF")' to trade in stocks and/or ETFs. Please click here to update your IRP online.

Some Stock Trading Risks to take note of:

• Securities investments are not bank deposits and involve risks, including the possible loss of the principal amount invested. Past performance does not guarantee future results.
• The price of securities can and does fluctuate, sometimes dramatically, and that any individual security may experience upward or downward movements, and may even become valueless. Therefore, it is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. This is the risk that customers should be prepared to accept.
• Investors investing in securities denominated in non-local currency should be aware of the risk of exchange rate fluctuations that may cause a loss of principal.
• Customers will take complete responsibility for any losses resulting from your trading strategy.
• You may be charged a transaction fee and/or service fee when you redeem these securities. Investors investing in securities denominated in non-local currency should be aware of the risk of exchange rate fluctuations that may cause a loss of principal. Exchange controls may be applicable from time to time to certain foreign currencies. You should therefore determine whether any foreign currency investment is suitable for you in the light of your investment objectives, your financial means, and your risk profile. Brokerage account is not available to U.S. Persons.

* The above is only a summary of some of the key risks in investing in the product. Detailed risk disclosures are set out in the documentation relating to the specific product. Prior to entering into a transaction, you should ensure that you have read and understood the nature of all of the risks associated with the investment in order to determine whether the investment is suitable for you in light of your experience, objectives, financial position and other relevant circumstances. You should consult with your legal, regulatory, tax, financial and/or accounting advisors to the extent you consider it necessary in making your own investment decision. In the event that you choose not to seek advice from a financial advisor, you should carefully consider whether this product is suitable for you in light of your investment objectives, financial means and risk profile.

What are the prohibited trading practices that I must be aware of when trading through Citibank Brokerage?

The Securities and Futures Act, Chapter 289 of Singapore (the "SFA") makes it an offence to engage in certain prohibited conduct in relation to securities. The prohibited conduct extends to acts within or outside Singapore, as well as acts in relation to securities listed in Singapore or elsewhere. You must familiarise yourself with the relevant provisions of the SFA (as amended from time to time) and ensure that you do not engage in such prohibited conduct when trading through Citibank Brokerage.

The prohibited conduct are:

• False trading and market rigging: This includes (i) creating a false or misleading appearance of active trading, (ii) engaging in transactions that do not involve any change in the beneficial ownership of securities, or (iii) engaging in fictitious transactions that maintain, inflate, depress, or cause fluctuations in the market price of securities. A wash sale could create such a false or misleading appearance of active trading or with respect to the price of securities. A "wash sale" could involve a person entering multiple orders for the purchase or sale of the same securities, where his purchase order could be matched with his sale order. Another form of false trading could involve 2 customers arranging to enter purchase and sale orders which could be matched with one another on the market.
• Securities market manipulation: This refers to engaging in transactions that raise, lower, maintain, or stabilize the price of securities (or that are likely to have such effect) with the intent of inducing other persons to trade in securities.
• False or misleading statements: This refers to making false or misleading statements that induce others to trade in securities or that affect the market price of securities.
• Fraudulently inducing persons to deal in securities: This includes making misleading, false, or deceptive statements, promises, or forecasts to induce another person to deal in securities, as well as inducing another person to deal in securities by any dishonest concealment of material facts.
• Employment of manipulative and deceptive devices in connection with securities trading: This includes making false statements or omitting to state material facts in connection with any securities transaction.
• Dissemination of information about illegal transactions: This refers to making statements that the price of securities will, or is likely to, rise or fall or be maintained as a result of any transaction that the person making the statement knows involves prohibited conduct, where the person making the statement (or a person associated with such person) is also involved in the prohibited conduct.
• Insider trading: (i) Insider trading refers to dealing in securities or procuring another person to deal in securities whilst in possession of non-public, price-sensitive information; (ii) the communication of non-public, price-sensitive information to another person is also prohibited if the person communicating the information knows, or ought reasonably to know, that the recipient of the information is likely to deal in securities or procure another person to deal in securities.

Engaging in such prohibited conduct may result in you being convicted of a criminal offence, being subject to a civil penalty or being subject to civil liability.

The above does not constitute legal advice. If in doubt, you must consult your own independent legal adviser.

The SFA can be found online on the Singapore Attorney-General’s Chambers’ website at statutes.agc.gov.sg.

1 Section 197 of the SFA

2 Section 198 of the SFA

3 Section 199 of the SFA

4 Section 200 of the SFA

5 Section 201 of the SFA

6 Section 202 of the SFA

7 Section 218, 219 of the SFA

What are the trading hours and non-trading days of the Singapore, Hong Kong and U.S. markets?

Singapore Market

For Singapore Market Trading Hours, please visit SGX Trading Hours.

U.S. Market

U.S. trading hours is between 9.30am - 4.00pm (U.S. time).

This translates to Singapore Time of:

* Daylight Savings Time begins on the second Sunday in March and end on the first Sunday in November.

Hong Kong Market

Monday to Friday

Please refer to HKEX website for details.

What are the non-trading days of U.S., Hong Kong and Singapore markets?

US Holiday Calendar 2023

*Each market will close early at 1.00pm (US Time) on July 3 2023 and November 22 2023

Singapore Holiday Calendar 2023

Hong Kong Holiday Calendar 2023

Can I place my orders with Citibank Brokerage anytime of the day?

Singapore Market

You can place trading orders almost 24 hours a day (Except during the daily maintenance period, between 5.30pm to 7pm). Orders placed after market closure will be placed on queue on a first come first serve basis for next trading day.

U.S. Market

You may place orders with Citibank Brokerage 24 hours a day, except during the period between 5.15am - 5.45am. Orders placed after the U.S. markets close will be placed in a queue on a first come first serve basis for the next trading day.

Hong Kong Market

You may place orders with Brokerage Officers from 8.30am - 5.00am. Orders placed after the Hong Kong market close will be placed in a queue on a first come first serve basis for the next trading day.

What are the instruments available for trading?

Singapore Market

Ordinary stock e.g. Singtel, Singapore Airlines

U.S. Market

• Ordinary (Common) stock on Nasdaq, e.g., MSFT (Microsoft); NYSE, e.g., IBM
• American Deposit Receipt (ADR), e.g., CHA (China Telecom ADR); SHI (Sinopec Shanghai ADR)
• Exchange Traded Funds (ETF), e.g., QQQQ (Nasdaq 100 Trust), SPY (UTS SPDR TRUST)
• Over The Counter (OTC) stocks, e.g., FNMA (Federal National Mortgage Association)

Please note that only DTC eligible US securities will be offered for trading.

Hong Kong Market

1. Ordinary stock e.g. HSBC Holdings
2. Exchange Traded Funds (ETF) e.g. iShares MSCI China Index ETF
3. Listed Warrants

How can I search for stock quotes of the securities that I wish to trade in the Singapore, U.S., and Hong Kong markets?

You can use "Stock Symbol Guide" to search stock quotes by entering company name with the help of "Containing" and "Starting With" functions.

What are the types of orders available for trading and how long are they valid for?

For Buy Orders, you can only place limit orders (The highest price you are willing to buy) across all markets.

For Sell Orders, you can place limit orders (The lowest price you are willing to sell) and stop loss limit orders across all markets

Market Order is available for U.S. Market sell orders only. When a Market Order for a "Sell" order is placed, the order will be partially or fully filled at the prevailing bid price. Note: The execution price may not be the same as the last traded price as stock prices are volatile and it may have moved upon execution.

What do you mean by "Limit price"?

For "Sell" order, the "Limit price" which you indicate will be the lowest price you want to sell your securities. As for "Buy" order, it will be the highest price you want to buy the securities.

What do you mean by "Stop Loss Limit price"?

This is the triggered price for your sell order to be sent to the market for queuing/execution.

How does Stop Loss Limit Order work?

Stop Loss Limit Order is a normal order with respect to a sale instruction (with a specified Lowest Selling Price and a pre-set Stop Loss Price) which you may place with the Singapore, U.S. and Hong Kong markets for processing during the continuous trading session on any relevant trading day.

As the last traded price is used to determine if the Stop Loss Price has been triggered, the opening price of the continuous trading session may be adopted for the earliest triggering of a stop loss order placed on the relevant trading day.

Once the order is triggered at the Stop Loss Price on any trading day, the sale instruction will be carried out at or above the Lowest Selling Price in the same way as a normal order except that any unfilled order (in whole or in part) will lapse at the end of the same trading day and will not be carried forward to the following trading day. Therefore, even if the Stop Loss price has been triggered, the stop loss order may not be executed (in whole or in part.)

How long are my orders valid for?

Your "Good for the day" order expires at the end of the trading day. "Good till date" (GTD) order is valid up to 30 calendar days across all markets.

Remember to check your order status at the end of the trading day. If you would like to continue with a lapsed order on the next trading day, please submit a new order.

Who executes the trade and what checks are performed before Citibank Brokerage accepts a trade?

All trades are executed by Citigroup Global Markets or other brokerage firms and not Citibank Singapore Limited. Citibank Singapore Limited will take your instructions for transmission to such brokerage firms.

Before a "Buy" order can be accepted, Citibank Brokerage will check your Cash Trading Account for sufficient funds and earmark the full amount for settlement.

Before a "Sell" order can be accepted, your securities account is checked for sufficient sellable stock quantity.

How will I know if my trade is successfully executed?

You will receive SMS and email notifications upon successful execution of your trades. A contract note will also be mailed to you on the following business day.

Your trades and stockholding will be reflected in your monthly statement.

Is odd lot trading available? What is the minimum quantity for trading and is there any limitation on the price I enter for my order?

Singapore Market

No. SGX introduced reduced board lot size on 19 January 2015. Most counters listed on SGX are currently trading in lot size of 100 shares. For more information on the list of counters, please refer to SGX.com.

For Singapore Market Trading Bid size and price range, please click here.

U.S. Market

Yes. The minimum quantity is at least 1 share.

There is no limitation on the price entered for U.S. markets orders.

Note: The price entered for securities listed on the NYSE market must be kept within 2 decimal places, otherwise it will be rejected by the exchange.

Effective 3 October 2016, the U.S. Securities and Exchange Commission ("SEC") has launched a tick size pilot test where small-cap equities will be traded in $0.05 increments. Please refer to the following website for the list of selected securities: http://www.finra.org/industry/tick-size-pilot-program-implementation-plan. Do note that orders that do not meet the above criteria will be rejected.

Hong Kong Market

No. The minimum quantity is based on the lot size of the security.

Securities traded on Hong Kong exchange are subject to the following minimum bid size:

How do I check the status of my orders if I place them with Citibank Brokerage, and can I modify or cancel my orders?

After submission of orders, you may proceed to My Trades and check under Trade Status to check if the orders are open, partially filled or filled, depending on your order and market situation.

The normal brokerage rate applies for partially fulfilled orders. Full details of our fees and charges can be seen in our fee schedule.

Note that the unexecuted portion of partially filled orders will be reflected under Trade Status Open category. All orders are issued an order reference number for tracking purposes.

Can I modify or cancel my orders with Citibank brokerage?

You may modify or cancel orders that have not been executed. These are displayed under the Trade Status, Open orders screen. You may also call our Citibank Brokerage Hotline 6333 3223 for assistance on the navigation to modify/cancel your order online.

For Singapore and Hong Kong market orders, you can only modify new quantity to a lower value. No modification is allowed from a lower quantity to a higher value. To increase quantity, please submit a new order. For U.S. market orders, you may modify your quantity to a higher new quantity or lower value.

You may modify your price to a new higher price or lower value for all markets.

For U.S. market orders, modification or cancellation during Singapore Time, between 4.00am - 8.00am (Daylight Savings) or 5.00am - 9.00am (Standard Time) will not be accepted. Please submit your request after these timings.

Note that your original order may have been executed while your modification / cancellation request was being transmitted. Therefore, it is important to check the outstanding order screen again later to see if the order has been successfully modified or cancelled. Cancelled orders will be removed from the Trade Status screen. Note that once the order is executed, you will not be able to modify or cancel it.

What are some trading features that are not available?

Will I be able to "Amalgamate" my trades?

No.

Can I perform "contra trades"?

No contra trades are allowed.

Can I short-sell?

Short-selling of stocks that you don't already own is not allowed.

Can I trade shares that I purchased through other security firms?

No. You need to transfer the securities you are holding with other security firms to Citibank Brokerage to be able to trade those securities through Citibank Brokerage. Please refer to Securities Transfers for more details on transferring.

I would like trade on a counter which is currently not available on screen, what do I do?

If the counter you would like trade is not reflected on screen, please call our Citibank Brokerage Hotline at 6333 3223 for assistance.

What are some useful links related to Citi Brokerage Account?

Enhanced Trading Platform related links: Glossary

Other Relevant Links: Letter of Indemnity

What are the procedures to transfer securities held with other securities firm to Citibank Brokerage?

To transfer securities into Citibank Brokerage, you will need to:

Provide us with an instruction and details of your existing brokerage firm / depository agent by completing the Security Transfer Form.

Initiate the transfer process by providing an instruction and Citibank Brokerage Custodian details to your existing brokerage firm / depository agent.

If you have further queries, please contact our CitiPhone Hotline at (65) 6225 5225

How long does it take to transfer shares from another brokerage firm over to Citibank?

Depending on your securities firm handing over the instruction to us, it may take at least 1 to 2 weeks from the time the instruction is given to your other securities firm, to release the securities

If I decide to close my Citibank Brokerage account, how do I transfer my security holdings out?

To transfer securities out of Citibank Brokerage, you will need to:

Initiate the transfer process by providing us with an instruction and the details of your other brokerage firm / depository agent by completing the Security Transfer Form.

To facilitate the transfer, please provide Citibank Brokerage Custodian details (as stated above) to your other brokerage firm / depository agent.

If you have further queries, please contact our CitiPhone Hotline at (65) 6225 5225.

How do I transfer Singapore shares from my CDP account to my Citibank brokerage account? Complete both the Security Transfer Form and CDP Request for Transfer of Securities Form. Submit both forms to Citibank.

How long is trade settlement?

Singapore Market

Buy Orders: Funds required for the purchase will be earmarked on trade date and debited from the Brokerage Cash Account on T+2 by midnight (Singapore Time).

Sell Orders: Proceeds from sales will be credited into the Brokerage Cash Account on T+2, and the funds will be available for use on the following business day.

U.S. Market

Buy Orders: Funds required for the purchase will be earmarked on trade date and debited from the Brokerage Cash Account on T+2 by midnight (Singapore Time).

Sell Orders: Proceeds from sales will be credited into the Brokerage Cash Account on T+2, and the funds will be available for use on the following business day.

Hong Kong Market

Buy Orders: Funds required for the purchase will be earmarked on trade date and debited from the Brokerage Cash Account on T+2 by midnight (Singapore Time).

Sell Orders: Proceeds from sales will be credited into the Brokerage Cash Account on T+2, and the funds will be available for use on the following business day.

What is the settlement currency of my "Buy" order?

Singapore Market

If you buy securities denominated in USD, your trade will be settled in USD. For securities purchased in SGD and other currencies, your trade will be settled in SGD.

U.S. Market

You trade will be settled in USD.

Hong Kong Market

You trade will be settled in HKD.

Will I be notified on Corporate Actions?

Notifications of upcoming and effective corporate actions are delivered as a courtesy to provide information which may be of note to our customers. Citibank cannot guarantee the timeliness or accuracy of the information. Terms of an offer may change without new information being provided. Customers are responsible for reviewing all corporate action terms with external parties, such as company websites or news releases, prior to making any trading decisions.

Types of Corporate Actions

• Mandatory Events: Citibank does not send general notifications to account holders for mandatory events.
• Voluntary Events: Customers should check with external parties for announcements. As a courtesy, Citibank may send an email informing eligible shareholders of the corporate action on a best-efforts basis. Customers may submit their election directly through Citibank Online, Mobile App, or their Relationship Managers.

All communications on corporate actions will be in English. Citibank does not provide translation services to other languages.

Will I be notified if the security I hold has bonus, share split, or other corporate actions?

Yes, you will receive a letter from Citibank regarding the corporate action of the securities you hold. This letter will be sent after the adjustments have been made. The adjustments will also be reflected on your monthly statement.

Please note that "Sell" orders for the respective securities can only be placed after the adjustments have been settled and reflected in your Cash Securities Account. The timing of crediting corporate action entitlements may vary depending on the nature of the corporate action and may be after the effective date. For assistance, please call our Citibank Brokerage Hotline at 6333 3223.

Will I be notified if the security I hold has dividend payouts?

Yes, you will receive a letter from Citibank once the payout is settled. The dividend payout will be credited into your Brokerage Cash Account and will also be indicated on your monthly statement.

What are the types of Exchange Traded Funds?

ETFs can be categorized primarily into Conventional ETFs and Synthetic ETFs based on how each type replicates the performance of an index.

Conventional ETFs

Conventional ETFs aim to replicate the performance of a specific index by investing in the index’s underlying securities such as stocks or bonds. These ETFs physically hold the underlying securities of the index they track.

Synthetic ETFs

Synthetic ETFs also aim to replicate the performance of a benchmark index, but instead of tracking the underlying securities, they use derivatives such as swaps. Synthetic ETFs do not own physical securities. The ETF fund manager enters into a swap agreement with a counterparty, typically an investment bank, which agrees to pay the benchmark return to the ETF.

Common Types of ETFs

• Bond ETFs: Invest in bonds with various strategies and holding periods. They include government, corporate, and municipal bonds.
• Stock ETFs: Consist of a basket of stocks, typically tracking a single industry or index. They provide exposure to specific sectors.
• Commodity ETFs: Invest in physical commodities such as oil or gold. They offer diversification and may be cheaper than holding physical commodities.
• Currency ETFs: Track the performance of domestic and foreign currencies, useful for diversification and hedging against forex fluctuations.
• Inverse ETFs: Aim to profit by shorting stocks. They use derivatives and increase in value when market performance declines. Some may be Exchange Traded Notes (ETNs).
• Leveraged ETFs: Use derivatives and debt to amplify the returns of an underlying index. They aim to maintain a constant leverage ratio such as 2:1 or 3:1.

Are ETFs a good thing?

ETFs can be beneficial for investors seeking diversification and market exposure without directly buying individual shares. They help in portfolio diversification by holding various types of assets. However, investors should be aware of potential tracking errors and complex settlement dates.

How is an ETF different from a stock?

Stocks represent shares in individual companies traded on stock exchanges, whereas ETFs hold a basket of shares from multiple companies. ETFs can track an index or sector, providing broader exposure than single stocks.

What are some examples of ETFs?

• The SPDR Dow Jones Industrial Average (DIA)
• The SPDR S&P 500 (SPY)
• The Invesco QQQ (QQQ)
• The iShares Russell 2000 (IWM)

Where can I buy and sell ETFs?

ETFs are bought and sold on stock exchanges in the same way as stocks. They can be traded during market hours with real-time pricing, so no separate trading accounts are required.

Is the liquidity of an ETF the same as its trading volume?

No, trading volume is not the same as an ETF's liquidity. ETFs are as liquid as their underlying stocks due to their open-ended structure and the unique creation and redemption process inherent in ETFs.