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Tracking Holding of Shares in CDP
Many people like to track their stock holdings via the brokerage platform that they bought their shares with.
As each platform will only tabulates the holdings based on the transactions you have executed with them, this could lead to inaccurate results and erroneous trades (example selling shares you don’t own).
Even if a person uses only one platform for all his trades, you can still be given the wrong information as the platform will not track corporate actions like share consolidation, stock splits, bonus issues and rights issues.
The correct way would be to track your holdings via the The Central Depository, which will give a true indication of your current stock holdings. This can be done simply via the online platform of CDP.
SGX has announced a revamp of this existing system, which will take about three years to complete.
Under the new system, Singapore’s stock brokerage firms will have access to your CDP account and your broker will be able to tell how many shares you have.
You can also choose to receive electronic version of the CDP statements instead of the physical copies that you are currently receiving. Now, that would really cut down on a lot of wasteful paper!