The Singapore CSD, the Central Depository of Singapore (CDP), is migrating to a new processing platform on 15 March. It will facilitate real-time transfers of securities in selected transactions. At the moment, transfers are effected through an end-of-day batch-run and securities are available only on the next business day.
Under the new web-based system, same-day availability and delivery of securities for certain transfers will be possible. The types of transaction affected are off-market transfers between agent banks’ sub-accounts; off-market transfers from agent banks’ sub-accounts to retail investors’ accounts held directly with the CDP; transfers for securities borrowing and lending transactions, or repo transactions; transfers involving no change of beneficial owner; and transfers of ADRs.
All other types of transfers will continue to be effected through the submission of physical transfer forms to the CDP and will continue to be subject to the existing transfer procedures.
In addition, the CDP will also remove the current system restriction, and allow agent banks to effect transfers between local and foreign investors (and vice versa) and between local investors.