Additional Terms for Fractional Shares Trading
The terms and conditions in these Additional Terms for Fractional Shares Trading (the “Additional Terms”), together with the Customer Agreement for Securities Trading Account (as may be amended, varied or supplement from time to time) (the “Agreement”), govern the provision of services by Tiger Brokers (Singapore) Pte. Ltd. (“TBSPL”) to you in relation to the execution of Transactions in fractional shares (the “Fractional Shares Trading Services”).
The Fractional Shares Trading Services is an additional Service provided by TBSPL to you under the Agreement. These Additional Terms shall form part of the Agreement. All capitalised terms which are not defined in these Additional Terms shall have the same meaning as in the Agreement. In the event of any conflict or inconsistency between the Agreement and the provisions of these Additional Terms, the provisions of these Additional Terms shall prevail to the extent of such conflict or inconsistency.
By clicking the “OK” or “I Accept” button, you are indicating an agreement to be bound by all the terms and conditions in these Additional Terms. If you do not accept or do not agree to be bound by all the terms and conditions in these Additional Terms, do not click on the “OK” or “I Accept” button.
1. Scope of the Fractional Shares Trading Services
1.1 TBSPL may, in respect of certain shares in certain markets, at its discretion accept and execute Orders for Transactions to buy or sell a fraction of such shares. The shares for which TBSPL will provide the Fractional Shares Trading Services will be determined by TBSPL at its discretion.
2. Execution of Orders for Fractional Shares
2.1 Although the shares for which TBSPL will provide the Fractional Shares Trading Services may be listed or primarily traded on a particular exchange or marketplace, TBSPL will not route such an Order for fractional shares for execution on the exchange or marketplace where the shares are listed or primarily traded. Instead, TBSPL will place the Order with an Executing Broker who will arrange for execution of the Order in another marketplace or in an over-the-counter transaction (and the seller or buyer of the fractional shares may be an affiliate of the Executing Broker or the Executing Broker itself.
2.2 The prices that are displayed in respect of shares in the Electronic Trading System are for whole shares and not fractional shares. You acknowledge that the market for fractional shares may be less liquid than the market for whole shares, and the price at which an Order for fractional shares is executed may be materially different from the prevailing prices for the shares that are displayed on the Electronic Trading Service.
2.3 Where you place an Order for a quantity of shares that includes at least one whole share and a fractional share (for example, an Order to buy 20.5 shares), you will be deemed to have placed an Order for the whole share(s) and a separate Order for the fractional shares (in the same example, you will be deemed to have placed an Order to buy 20 whole shares and a second Order to buy half a share). You acknowledge that the two Orders may be executed separately (at a different time and at different prices) or one may be executed while the other is not.
2.4 The types of Orders that TBSPL will accept, and the trading hours in which such Orders may be placed or executed, in respect of fractional shares may be different from Orders in respect of whole shares.
3. Custody of Fractional Shares
3.1 You acknowledge and agree that any fractional shares that are purchased through TBSPL will be held by us in your Account as a custodian through a sub-custodian or nominee in accordance with the Customer Agreement for Securities Trading Account.
4. No Withdrawals or Transfers Permitted
4.1 You will not be able to transfer any fractional shares that are held in your Account with us to another account you hold with any other custodian or bank. In the event you decide to close your Account with TBSPL, your fractional shares will have to be sold through TBSPL.
5. Dividends and other Rights
5.1 You will be entitled to receive dividends in relation to any fractional shares held in your Account with us.
5.2 Notwithstanding to the terms in the Agreement, in relation to any fractional shares held in your Account with us, you will not be entitled to exercise any rights or powers (e.g. voting rights or election rights in relation to corporate actions) arising from ownership of the fractional shares, and you will not receive any notices or communications or any shareholder documentation of any nature, in relation to such fractional shares.