Prying Power & Control

Who owns SGX and who holds your shares: CDP or brokerages?

SGX owns the exchange where a Singapore share trades, the clearing house and depository that settle it, and the regulator that polices the firms involved. The same few banks recur around it as shareholders, clearing members and agents, and SGX's own register is concentrated too. Three bank nominee companies hold close to 40% of its shares, and the largest holder, SEL Holdings, which state investor Temasek says it owns, is barred by law from voting on its stake.

Where a share ends up is a separate matter. CDP holds it as a bare trustee, either in an account in the investor's own name or in a broker's custody account one level down. A direct account is individually segregated at CDP, and a licensed broker must keep a separate book entry for each customer, so the difference is mainly whose name is on the register.

A trade only completes when the shares and the cash, which travel separately, are posted together by CDP. The chain below shows who is involved, and the flows after it show how each settles.

  • S$2.1bn

    Average value of securities traded on SGX each trading day in April 2026, all cleared through CDP

    SGX statistics Apr 2026

  • T+2

    Business days from trade to settlement on the exchange’s main market

    SGX-ST Rule 9.2.1 2 Nov 2026

  • 2 in 3

    Retail accounts held directly at CDP in the investor’s own name, and the rest through a broker

    SGX RegCo 30 Jan 2026

  • 23.35%

    Share of SGX held by SEL Holdings, which Temasek says it owns and which cannot vote the shares

    SGX annual report 1 Sep 2026

The chain behind a Singapore share

One group owns the exchange, the depository and the regulator, and the same few firms recur around it as shareholders, members and agents.

MAS Singapore’s central bank and financial regulator. It runs MEPS+, where Singapore dollar payments settle.
Temasek A state-owned investment firm that manages its assets commercially.
Other Shareholders The rest of the register. Most large holdings sit in nominee, broker and bank names. 71.45%of SGX
BlackRock Largest asset manager, SGX’s only substantial holder. 5.20%held indirectly
SEL Holdings A special purpose company set up by law to hold the shares for the Financial Sector Development Fund. 23.35%of SGX No votebarred by law
SGX Group The listed company behind Singapore’s securities market. It earns a fee at each step of a trade.
Central Depository (CDP) The post-trade utility. Every matched trade on the exchange ends up here to be cleared, settled and recorded. CSDDepository Keeps the register of who holds CCPClearing house Buyer to every seller, seller to every buyer SSSSettlement Moves shares and cash in two runs a day
SGX-ST Where orders are matched and companies list. T+2settlement day, ready market
SGX RegCo Front-line regulator. Proposes the rules members follow. 27trading members
Settlement banks Each participant appoints 1 of 8 designated banks. CASHCash clearing Cash in and out of CDP
Depository agents Hold shares at CDP for clients, usually brokers, on their own books.
Clearing members Principals at CDP, standing behind the brokers they qualify.
Member brokers Take the investor’s order and payment.
Trading platforms Not SGX members. They pass orders to an executing broker.
Issuer The company whose shares are traded. It pays the dividends. 604listed, Sep 2026 10in 2026
Investor The end holder. How the investor holds decides whether they are named on the register. Over S$2mnet assets, accredited 2 in 3retail accounts, direct

Expand to read the labels and lines.

  • Owns
  • Licenses, approves or reviews
  • Registered members
  • Holds shares for
  • Is a client of
  • Moves cash

From listing to settlement

Shares and cash move on separate paths, and only become final when CDP posts them together.

1Initiation2Clearing3Settlement

Buying a share

Before and after a trade

ABuy into a CDP account

1 Initiation trade date, T The investor buys through a broker. The exchange matches the order and passes the trade to CDP. Buy 10,000 at S$3.20 Order Matches it with a seller Trade confirmed Fill shown as an unsettled trade Trade accepted for clearing 2 Clearing trade date CDP becomes the buyer to every seller and the seller to every buyer. Nothing has moved yet. Novates, so CDP faces each side 3 Settlement T+2, runs at 10:00 and 13:30 The investor pays, a bank meets CDP’s cash call, and CDP posts the cash and the shares. Pays for the purchase, in advance or by T+2 Cash call Tells its bank to pay Sends SGD to CDP via MEPS+ Funds land Posts the cash in its ledger Moves the shares. Debits the seller, credits the investor Shares in the investor’s own account Earns Pays –CommissionTrading access fee0.0075% of contractvalueClearing fee0.0325%, about 2.61 bpsnetSettlement feeS$0.35 per instructionPayment feesNot publishedMEPS+ feesRecovers costs,time-basedBroker commissionUp to 0.275% online atOCBCSGX fees, passed onClearing, access,settlement feesSGX feesRecovered from theinvestorClearing member feeTrade-only brokers pay.Not published––MEPS+ feesTime-based, charged byMAS– Investor Broker Trading and clearingmember Exchange SGX Clearing & depository SGX Bank Settlement bank Central bank MAS

Expand to read the labels.

What to know

Buy into a CDP account

The exchange matches the order on the trade date, and CDP settles the cash and the shares together two business days later.

When it happens
Trade date
T order matched, trade novated
In the app
T fill shown as an unsettled trade
Settlement
T+2 runs at 10:00 and 13:30 (Regulatory Notice 3.4.1)
Cash
SGD finalised in MEPS+
Who holds the shares The investorNamed on the registerOwn CDP account
What it costs, at one broker
Commission
0.275% up to S$50,000, then 0.22% to S$100,000 and 0.18% above
Clearing fee
0.0325% of the contract value, to CDP
Trading access fee
0.0075% of the contract value, to the exchange
Settlement fee
S$0.35 per instruction, to CDP

OCBC Securities, online, plus GST. The published rates differ by broker, and brokers pass SGX fees on.

What this chain leaves out Government bonds settle on a different chain. MAS says secondary trades settle T+1 on a delivery-versus-payment basis over MEPS+, through primary dealers. Wholesale corporate bonds settle at T+2 but are not eligible for clearing by CDP. Derivatives clear at a separate SGX subsidiary, SGX Derivatives Clearing, with its own clearing fund. Who controls tokenized real-world assets is covered in who controls tokenized RWAs.

Key facts

Not in the public record How and when the investor funds the broker is set by the broker’s own terms. The public CDP rules start at the clearing member.

Notes on the earns and pays rows

Commission and SGX fees are from one broker’s published rates, and other brokers differ. The net clearing fee is the group’s average for FY2026, from the SGX annual report. MAS recovers the MEPS+ costs from participants through time-based fees. What a settlement bank charges its participant is not published. A dash means that party takes or pays nothing in this route.

What the sources do not say (2)
Sources (7) CDP Clearing Rules, read undefined undefined NaNCDP Settlement Rules, read undefined undefined NaNCDP Regulatory Notice 3.4.1, settlement schedule, read undefined undefined NaNCDP, Making CDP Transparent for Market Participants, December 2023, read undefined undefined NaNSecurities and Futures Act, section 81SJ, read undefined undefined NaNMAS, buy and sell SGS for institutions, read undefined undefined NaNSGX Group audited financial statements, year to 30 June 2026, read undefined undefined NaN

BBuy through a broker custody account

1 Initiation Same as a CDP account trade date, T The order and the match are the same as for a direct account. Buy 10,000 at S$3.20 Order Matches it with a seller Trade confirmed Fill shown as an unsettled trade Trade accepted for clearing 2 Clearing Same as a CDP account trade date Clearing is the same as for a direct account. Novates, so CDP faces each side 3 Settlement T+2, runs at 10:00 and 13:30 The shares are credited to the broker’s sub-account, and the broker records the holding. Pays for the purchase, in advance or by T+2 Cash call Tells its bank to pay Sends SGD to CDP via MEPS+ Funds land Posts the cash in its ledger Moves the shares. Credits the broker’s sub-account Records the holding on its own books Shares shown in the investor’s account Earns Pays –CommissionCustody feeAs depository agent, onsome accountsTrading access fee0.0075% of contractvalueClearing fee0.0325%, about 2.61 bpsnetSettlement feeS$0.35 per instructionFees from the agentNot publishedPayment feesNot publishedMEPS+ feesRecovers costs,time-basedBroker commissionFrom about S$0 atcustodian appsSGX fees on thetradePass-on is the broker’sown termCustody feeOn some custodianaccountsSGX feesAnd any clearing membercharge––MEPS+ feesTime-based, charged byMAS– Investor Broker Depository agent Exchange SGX Clearing & depository SGX Bank Settlement bank Central bank MAS 1 Initiation Same as a CDP account trade date, T The order and the match are the same as for a direct account. Buy 10,000 at S$3.20 Order Matches it with a seller Trade confirmed Fill shown as an unsettled trade Trade accepted for clearing 2 Clearing Same as a CDP account trade date Clearing is the same as for a direct account. Novates, so CDP faces each side 3 Settlement T+2, runs at 10:00 and 13:30 The shares are credited to the broker’s sub-account, and the broker records the holding. A CDP accountThis flow Pays for the purchase, in advance or by T+2 Cash call Tells its bank to pay Sends SGD to CDP via MEPS+ Funds land Posts the cash in its ledger Moves the shares. Debits the seller, credits the investor Shares in the investor’s own account Pays for the purchase, in advance or by T+2 Cash call Tells its bank to pay Sends SGD to CDP via MEPS+ Funds land Posts the cash in its ledger Moves the shares. Credits the broker’s sub-account Records the holding on its own books Shares shown in the investor’s account Earns Pays –CommissionCustody feeAs depository agent, onsome accountsTrading access fee0.0075% of contractvalueClearing fee0.0325%, about 2.61 bpsnetSettlement feeS$0.35 per instructionFees from the agentNot publishedPayment feesNot publishedMEPS+ feesRecovers costs,time-basedBroker commissionFrom about S$0 atcustodian appsSGX fees on thetradePass-on is the broker’sown termCustody feeOn some custodianaccountsSGX feesAnd any clearing membercharge––MEPS+ feesTime-based, charged byMAS– Investor Broker Depository agent Exchange SGX Clearing & depository SGX Bank Settlement bank Central bank MAS

Expand to read the labels.

What to know

Buy through a broker custody account

The trade settles the same way as a direct purchase. What changes is whose name CDP records as the holder. It is the broker’s, not the investor’s.

Who holds the shares The depository agentInvestor not namedBroker’s own books
How retail investors hold
Direct CDP account
2 in 3 in the investor’s own name
Broker custody
1 in 3 held by the broker as bare trustee

From the SGX RegCo consultation, January 2026.

Key facts

Not in the public record A depository agent must disclose its account structure to a retail client before depositing the client's securities. What each broker discloses is in its own terms.

Notes on the earns and pays rows

Commission is from the brokers on MoneySmart’s comparison, which gives custody fees as a separate charge on some custodian accounts. SGX fees are the same on every trade, from one broker’s published rates. A dash means that party takes or pays nothing in this route.

What the sources do not say (1)
Sources (4) Securities and Futures Act, section 81SI, read undefined undefined NaNWongPartnership, SGX RegCo amendments, read undefined undefined NaNSGX RegCo consultation on broker custody accounts, 30 Jan 2026, read undefined undefined NaNCDP Depository Rules, read undefined undefined NaN

CA company lists its shares

1 Initiation before the offer The issuer raises pre-IPO funding, appoints a sponsor, applies to list and lodges a prospectus. Appoints Offers pre-IPO investors a convertible loan Pre-IPO investors lend Applies to list Reviews suitability to list Replies, with any conditions Prepares the preliminary prospectus Lodges the preliminary prospectus 2 Clearing marketing and the offer The sponsor builds demand, MAS registers the prospectus, and investors place or apply. Markets the offer and builds the book Sets the price with the issuer Registers it. Not approval of the contents Placement allocates shares to investors Public offer applies and pays by ATM, internet or mobile Closes the application list Ballots if oversubscribed Refunds the unsuccessful 3 Settlement listing day The offer closes, shares are credited to investors, and RegCo admits the company to trading. Confirms the final allocation Shares allotted to CDP Pre-IPO loans convert into shares Credits the securities accounts Shares in the investor’s account Admits it to the list. Trading starts Earns Pays –Professional feePart paid in sharesUnderwritingcommission3.5% of sharesunderwrittenPlacementcommission3.5%, withco-placement agentListing andapplication feesS$68,000 on thatoffer–AdministrativefeeSet by each bank,not statedDepository feesNot covered here–Listing expensesS$2.5m on oneoffer, 15.5%–––––BankadministrativefeeSet by each bank,not stated Issuer Sponsor Issue manager Regulator SGX Registrar MAS Bank Receiving bank Depository SGX Investor

Expand to read the labels.

What to know

A company lists its shares

Two regulators look at a listing before the shares exist, and the shares are credited to investors before they trade.

The market today
Listed securities
604 at the end of September 2026 (SGX September statistics)
New listings
10 in 2026 to the end of August, raising about S$1.4bn
Who reviews
MAS
Prospectus registers it, through SGX-ST for Catalist
SGX RegCo
Suitability decides on admission to the list
What it takes to list
Mainboard, profit
S$10m pre-tax profit in the latest year, with a three-year track record
Mainboard, size
S$150m market cap if profitable, or S$300m with operating revenue
Public float
12% to 25% of the shares by market cap, with at least 500 shareholders
Catalist
Sponsor No minimum profit or track record. 15% in public hands and 200 public shareholders

Mainboard Rule 210 and Catalist Rules 402 and 406. The S$2.5m above is one offer's cost, not a requirement.

Key facts

Not in the public record How the offer price and the split between public and placement shares are set. The share registrar is named on the offer document, and what it does for each issuer is not covered here.

Notes on the earns and pays rows

The fees are from one 2026 Catalist offer document, and other offers differ. The group earned S$28.6m from listing on cash equities across all issuers in FY2026, from the SGX annual report. The receiving bank's fee is set by each bank, and what CDP earns on an issue is not covered here. A dash means that party takes or pays nothing in this route.

What the sources do not say (1)
  • How the offer price and the split between public and placement shares are set. The share registrar is named on the offer document, and what it does for each issuer is not covered here. Toku Ltd offer document, 14 January 2026
Sources (4) MAS, offers of securities, read undefined undefined NaNMAS, proposal to consolidate listing review functions, 29 Oct 2025, read undefined undefined NaNToku Ltd offer document, 14 January 2026, read undefined undefined NaNMAS, speech at the SIAS Investors’ Choice Awards, 21 Oct 2026, read undefined undefined NaN

DThe seller cannot deliver

1 Initiation intended settlement day, T+2 The seller’s clearing member cannot deliver on the intended settlement day. Shares not available to deliver Cannot execute the trade, so carries it forward Trade stays unsettled 2 Clearing from the intended settlement day CDP may buy the shares in. The member that failed to deliver pays the cost and may be fined. May buy the shares in Tells it which shares Shares bought Delivers the bought-in shares Charges it the cost of buying in Pays the cost of buying in May fine the seller’s member 3 Settlement by the fifth settlement day If the delivery is still outstanding by the fifth settlement day, CDP may cash settle. Must find the shares if not bought in by day two Cash settles if still outstanding Earns Pays –The fineFees on the buying-intradeNot stated in the rules–Buying-in costs and afineAt least S$1,600 onS$32,000––– Seller’s member Clearing member Clearing & depository SGX Buying-in market SGX Buyer’s member Clearing member

Expand to read the labels.

What to know

The seller cannot deliver

When a seller’s clearing member cannot deliver on settlement day, CDP can buy the missing shares on the market in its name, called buying in, and the cost falls on that member.

What it costs
Fine
S$1,600 at least, on a S$32,000 purchase
Further fine
S$5,000 if still outstanding on the fifth settlement day

Key facts

Not in the public record CDP tells clearing members which securities are in buying-in, on the SGX website.

Notes on the earns and pays rows

The fine is the higher of S$1,000 or 5% of the contract value, with a further S$5,000 if the delivery is still outstanding on the fifth settlement day. A dash means that party takes or pays nothing in this route.

What the sources do not say (1)
  • CDP tells clearing members which securities are in buying-in, on the SGX website. CDP Clearing Rules
Sources (2) CDP Clearing Rules, read undefined undefined NaNCDP Settlement Rules, read undefined undefined NaN

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