United States (NYSE, NYSE-MKT, NASDAQ) Aus

Launch of New U.S. Market Order Types

We have just launched 3 new U.S. market order types: Market Order, Market On Open (MOO) and Market On Close (MOC).

  1. What is a Market Order?
    • A market order is an order placement with a defined quantity but without a price. It will be traded at the best price currently available in the market.
  2. What is Market on Open?
    • A MOO order is an order placement with a defined quantity but without a price. It is placed before a market is opened and will trade at the best price when the exchange starts trading. It is an order to execute at the day’s opening price.
  3. What is Market on Close?
    • A MOC order is an order placement with a defined quantity but without a price. It is placed during the market trading session and will be executed at the closing. It is an order to execute at the day’s closing price.
  4. When can I start placing a Market Order, MOO and MOC?
    • A Market , MOO and MOC order can be placed throughout the day. More specifically, 15 minutes after the US market has closed, market orders for the next trading session can be placed.
  5. What is the cut-off time for placing an order?
    • Order Type Market Cut Off Time
      MOO All 2 mins before market opens
      MOC NASDAQ 5 mins before market closes
      NYSE 15 mins before market closes

More information about Market, MOO & MOC order

Description of US Stock Exchange Practice

All the orders received prior to market open will be routed and protected versus the stock’s primary listing exchange market opening print. Sometimes, there may be a delay in the opening for certain stocks in the primary exchange which will result in these counters not being able to open at 9.30am sharp.

However, you may still see transactions execute off the primary exchange before the official open, which by themselves are still required to be reported under SEC regulation. Any activity prior to the primary market open that is reported to the tape would be from alternative display facilities or dark pools.  The reason that these trades are still reported to the tape, even though the primary market is not opened, is because under SEC rules, every stock transaction must be reported to a consolidated data feed, whether it occurs on an exchange, like the Nasdaq or Intercontinental Exchange Inc’s (ICE.N) New York Stock Exchange (NYSE), or in a dark pool. Off-exchange trades are reported through Trade Reporting Facilities (TRFs) run by Nasdaq and NYSE in conjunction with FINRA.

Similarly, the high and low of the day for certain counters may be executed off the primary exchange and may not be taken as official primary executed prices

Brokerage
  Online Trades Broker-Assisted Trades
Commission 0.3% 0.5%
Minimum USD 20 USD 25
Exchange fees:
Securities and Exchange Commission (SEC) Fee 0.00221%^ (sell trades) 

*will revise to 0.00051% with effect from 23 February 2021*
Trading Activity Fee (TAF) Applicable only for sell trades at USD 0.000119 per share, subject to maximum of USD 5.95. (With effect from 19th February 2018)
Other charges/exchange fees:
Financial Transaction Tax 0.3% (Buy trades only, applicable for French ADRs with market cap >= EUR 1 B)
0.1% (Buy trades only, applicable for Italian ADRs with market cap >= EUR 500 M)
American Depository Receipt (ADR) / Depository Receipt (DR) fee Varies for each counter

Note: Goods & Services Tax (GST) will be applied to commission charges. Commission and exchange fees may be subject to change without prior notice. Please click here for custodian charges.

^With effect from 13 February 2020, United States’ SEC Fee will be revised from 0.00207% to 0.00221%. For more information, please visit https://www.sec.gov/news/press-release/2020-7

Trading Details
Order Placement Via

1) POEMS or

2) Your designated Trading Representative or

3) Night dealer (US Trading Hours)

 

Trading lot 1 share
Live price Via POEMS (live price quote)
Exchange NYSE, NASDAQ and NYSE-MKT
Order Type1 Limit Order, Stop Limit Order, Market Order, Market on Open Order, Market on Close Order
Minimum bid size2 Share price (USD) Minimum Bid Size (USD)
<1 0.0001
≥1 0.01

 

Order Type Market Cut Off Time
MOO All 2 mins before market opens
MOC NASDAQ 5 mins before market closes
NYSE 15 mins before market closes
Trading Hours
Singapore Time 10.30pm – 05:00am
09:30pm – 04:00am

(during Daylight Saving Time3)
US(Eastern) Time 09:30am – 04:00pm

Orders will not be done during Pre-Opening and Post-Closing as Phillip Securities does not provide extended trading hours.

Orders for the next trading day will be accepted 15 minutes after current trading day market closes.

Settlement
Settlement Date4 T+2 market days
Settlement Currency USD or SGD
Order Amalgamation No
Contra Trading Yes
CPF settlement No

Note: For payment methods, click here.

Holidays (2021)

2020

Month Day Date Holidays Settlement Trading Day
January Wednesday 01 January New Year’s Day No No
Monday 20 January Martin L. King Day No No
February  Monday 17 February Presidents’ Day No No
April Friday 10 April Good Friday No No
May Monday 25 May Memorial Day No No
July Friday 03 July Indep. Day Early Close (obs) No No
September Monday 07 September Labor Day No No
October Monday 12 October Columbus Day No Full
November Wednesday 11 November Veterans’ Day (obs) No Full
Thursday 26 November Thanksgiving No No
Friday 27 November Day After Thanksgiving Yes Partial
December Thursday 24 December Day Before Christmas Yes Partial
Friday 25 December Christmas Day No No

2021

Month Day Date Holidays Settlement Trading Day
January Friday 01 January New Year’s Day No No
Monday 18 January Martin Luther King Jr. Day No No
February  Monday 15 February Martin Luther King Jr. Day No No
April Friday 2 April Good Friday No No
May Monday 31 May Memorial Day No No
July Monday 05 July Independence Day (obs) No No
September Monday 06 September Labor Day No No
October Monday 11 October Columbus Day No Full
November Thursday 11 November Veterans’ Day  No Full
Thursday 25 November Thanksgiving No No
Friday 26 November Day After Thanksgiving  Yes Partial
December Friday 24 December Christmas Day (obs) No No

Note: Information is correct at the time of posting

 

  1. Orders will be executed at the prevailing market price which will be the same as or better than the order price. Note that your orders might be partially filled.
  2. Share prices that are USD1 or higher are only subject to a maximum of 2 decimal places for NASDAQ, NYSE-MKT and NYSE orders.
  3. Daylight Saving Time starts on 2nd Sunday of March to 1st Sunday of November,should the due date coincide with a:
    a) Singapore public holiday – The due date will follow the traded market's due date.
    b) US public holiday – The due date will be the following market day after the US public holiday.
  4. Where a holiday falls on a Saturday, NYSE-MKT / NYSE / NASDAQ will be closed on the preceding Friday, and there will not be a market day on that preceding Friday.
    Where a holiday falls on a Sunday, NYSE-MKT / NYSE / NASDAQ will be closed on the Monday following that Sunday, and there will not be a market day on that Monday.