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Painful stories
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redbean



Joined: 07 Mar 2006
Posts: 14149
Location: singapore

PostPosted: Sun Feb 17, 2019 8:28 am    Post subject: Reply with quote

A financial centre with NO stock market - Uniquely Singapore
Uniquely Singapore is not a mere slogan. There many things that are very abnormal in Singapore and would together bring the prosperity and good life of Singaporeans to an abrupt ending.

Uniquely Singapore can count on having the most expensive universities in Asia, claimed to be in the company of the top 20 universities in the world but could not produce top talents and leaders and have to import many fake talents from third world and unrecognised universities.

Uniquely Singapore can also count on being the financial centre of Asia but have no local talents to helm the top jobs in the banking and finance industry.

Uniquely Singapore also confounded many with the lack of IT talents in a modern city and went everywhere to promote smart cities using ITs but depending on third world talents to do the job.

Uniquely Singapore is a major sea port that provides and supports trade but has no national shipping line.

Uniquely Singapore is about a govt that professed to be looking after the interests of Singaporeans but would soon find that Singaporeans are a minority and becoming a threaten specie in its own country.

Let me return to this Uniquely Singapore financial centre issue. Could Singapore become a financial centre without a stock market? Bloomberg has written a recent article on the rapid demise of the stock market when there were more good companies delisting than listing in the stock market. The pathetic state of the stock market is there for all to see. And from informed sources, it is likely to end up like NOL, if big broking houses start to wind up their stock broking business here.

The failure of the NOL led to it being sold but turned around immediately by its new owners. What does this say about the NOL story? Was it a rotten apple that had to be thrown away or was it gold but the stupid could not its intrinsic value?

The stock market is dying, the broking houses are not making money. So, is the govt thinking of closing down the stock market and the stock broking business? Do they understand what is wrong with the stock market, why is it not performing and how could it be saved and revived? Or they have conveniently ruled that the stock market is like another NOL, beyond hope, so the logical thing is to close it down, just like the NOL, or like Singapore has no talent, so simply import foreign fake talents?Posts

Can a financial centre survive without a stock market? It is not just the stock market and the broking houses that would be done, but the supporting industries including the banking and finance industry that pays for and supports the real estates, also the industries and corporations that need the finances of the stock market. How serious are the implications with the collapse of the stock market if the govt allows it to wind down?

The closing down of the stock market is unlike the selling of NOL. It is not that the selling of the NOL would not affect Singapore as a major sea port, it will and the full impact would be felt over time. If the govt allows the stock market to collapse by not doing anything about it, if broking houses take their own initiative to close down, the impact could be immediate and many times more severe than selling NOL.

Singapore cannot afford not to have a stock market to have a thriving financial centre. Anyone thinking of closing down the broking houses, any attempt to close down broking houses, must be look into it immediately. Any act of such nature is like removing the foundation of the house it is built on. Any act that compromises or threatens the viability of the stock market is undermining the whole economy.

When time was good, when the stock market was booming, they forced broking houses to partner with banks or else. Now that market is no good, the banks want to unwind their broking businesses to the extent of retrenchment and even closing the business. How can like that? Which irresponsible bank is going to be the first to shut down its broking house and lead to another wave of retrenchment and unemployment?

Uniquely Singapore, a financial centre without a stock market would bring an end to the successful Singapore Story in double quick time.

What would happen if a Singapore bank close down its stock broking business?

What would happen if a govt bank close down its stock broking business?
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what i posted is just my personal view. feel free to disagree.
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redbean



Joined: 07 Mar 2006
Posts: 14149
Location: singapore

PostPosted: Thu Mar 07, 2019 9:59 am    Post subject: Reply with quote

MD said he did not need remisiers to trade
Waleed A Hanafi, a MD of Aleviatec, wrote to Business Times that he needed to contribute a rebuttal to an article in Hock Lock Siew praying that DBS would be third time lucky to get it right in its disruptive model in share trading. He claimed that he did not need the services of a remisier to trade as he could do it himself simply and happily.
I also cannot tahan him and must also contribute my rebuttal to his rebuttal. If only every employee has a title like MD of a company or equivalent, he can trade for all he wants in his office, using office time and computers and watching the share movement without a care. No one would be there to tell the MD that he cannot use office time to monitor and trade in shares. I am not sure how he would view his employees doing the same during office hours. Would he be giving them the marching order out of his office?
Incidentally, how many employees are so fortunate to have a boss, a MD that would not mind if they switch on their computers to monitor and trade shares in the office, during office hours? Or how many employees would have to look over their shoulders if they want to take a peep at the share market or make a trade, or be sneaking around to a dark corner, or to do it in the toilet, not to be seen?
There is a place for online trading without the need for the service of a remisier. There is also a place for the service of remisiers for traders that are in a different position. My big traders would not have the time to waste to switch on a computer just to make a trade or the time to monitor the market. And some of them are busy travelling and doing business all over the world. They find the services of a remisier very useful and convenient to their lifestyle and busy schedule.
Oh, for the retirees or those in the jobless statistics and have all the time in the world staying at home and sitting in front of their computers, I fully agree that online trading is the most appropriate past time for them. Save a lot of commission and can trade at their own sweet time. For those who did not have the pleasure of staying at home or holding the position of MDs or CEOs, let me be very diplomatic, they would know best whether they need or do not need a remisier that is only a phone call away, to check on their stocks and to execute a trade, without the bosses breathing down their necks, and not having to sneak around to find a safe place to switch on their mobile or PC to peep at the share market.
Not everyone is a MD for sure, who could do as he pleases in his own office, not only trading stocks, even practicing putting or having a really good time as and when he likes it. It is the privilege of the position.
Oh, I have a personal question to this Waleed. Is this Aleviatec your own company or your father’s company? I would not be wrong to say that you are not an employed MD. If it is, you would not be bragging in public about trading shares during office hours. Your Chairman and board of directors and shareholders would be speaking to you in the next board meeting or AGM.
My friendly advice to those that do not hold the title of a MD not to do what a MD do in the office, like trading stocks. In this case, do not follow the leader if you want your job.
As for those who could not trade online during office hours, you would be like calling a Call Centre to make a trade. And the party on the line, you would not know who or whether it is a robot or human bean, would be asking you about the name of your mother or girlfriend to authenticate that you are who you are before taking your order. They would not entertain you with stock prices or stock news like a remisier.
By the way, how many people would be comfortable placing a $50k or $100k order to a stranger like ordering a pizza on the phone? And would you be comfortable and confident that the trade is done even after the stranger told you so? That would be the new model of trading by phone, calling a Call Centre to trade unlike calling someone you know and trusted on the phone to execute a trade.
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redbean



Joined: 07 Mar 2006
Posts: 14149
Location: singapore

PostPosted: Mon Apr 01, 2019 8:33 am    Post subject: Reply with quote

Hyflux, caveat emptor or someone should be held accountable?


“We have not lost faith. If we all vote no,maybe MAS (the Monetary Authority of Singapore) and the SGX (Singapore Exchange) would step in and investigate this. It’s time for them to takeover to see if there was any misrepresentation of information,” he said.
Another perpetual securities and preference shareholder, whowanted to be known only as Michael, told CNA that he thought MAS shouldhave stopped Hyflux and the local banks from selling the perpetual securities in 2016.
“MAS should have stepped in to investigate overzealous selling by the banks because the banks were paid a sum to sell these shares and got a substantial amount of commission,” said Michael, who invested around S$10,000.

Read more at https://www.channelnewsasia.com/news/singapore/we-have-not-lost-faith-hundreds-of-hyflux-investors-gather-to-11395566




The above are angry comments from desperate investors in Hyflux preference shares and securities that have turned to dust at a protest in Hong Lim Park on 30 Mar. Tan Kin Lian was the main sponsor of this event organised by an investor by the name of Alex. Some of the investors, these are not speculators but people who sought to place their savings in supposedly safer securities hoping to earn some kopi money for retirement, felt that the whole affair is very unfair to them. This is another case of the rich getting richer and the poor getting poorer. Millions were made by some while the small investors lost their nest eggs.




Another comment was that the plants were built by funds from small shareholders and that it was unfair for PUB to announce taking over the Tuaspring desalination plant for a song. The investors were hoping that PUB would pay for it at a fair value so that the investors would not lose every cent of their investments.




The investors must all be wondering why, why is it that no one is held accountable for this fiasco? The management of Hyflux were paid very well running the company, the banks were paid very well issuing and managing the preference shares and securities. They felt that someone did not do his due diligence. Is this a fair view, that when something so good turned so bad, and no one is responsible or held accountable?




Another case of caveat emptor? Is there any investigation going on to apportion responsibilities? An estimated 50,000 investors would see their investment in Hyflux turning to zero value. This is the beginning of the opening up of old wounds and suppressed anger of small investors losing their savings in the stock market because of the abundance of failed stocks, delisted stocks, suspended stocks, stocks where owners simply ran away and disappeared. No room for grievance settlement or to recover some of their investments.

When the dam bursts....
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