股票保证金交易

Phillip Nova’s Shares Margin Trading allows you to maximise your purchasing power by financing the purchase of marginable securities held in your trading account. Marginable securities refer to stocks and ETFs accepted by Phillip Nova as having collateral value for financing purposes.

A haircut is applied to these securities as a risk buffer. The discounted (net) value is then added to your buying power. All financing is subject to the prevailing haircut, security eligibility, and account‑level financing limits determined by Phillip Nova.

By using margin, you potentially get to:

• Amplify your investment capacity
  • Take larger positions with the potential for higher returns.
• Generate positive carry
  • Earn dividends or coupons that exceed the cost of financing.
• Access multi-currency financing
  • Borrow in the traded currency to create a natural hedge against currency risk.

By using margin, you assume additional risks, including but not limited to:

• Leverage amplifies losses
  • While you can invest more, losses are magnified in the same way as gains. You may lose more than your initial capital.
• Market Volatility and Gap Risk
  • Sharp overnight movements or market gaps can cause losses that exceed your available margin before you have a chance to respond.
• Margin Calls and Forced Liquidation
  • If the value of your marginable securities falls, you may be required to top up your margin at short notice. Phillip Nova can liquidate your positions without prior notice to meet margin requirements, and you remain liable for any shortfall.
• Carry trades can reverse
  • If dividend yields fall or financing costs rise, a once-profitable carry may turn negative.
• Interest Rates Risk
  • Financing costs (interest rates) are variable and can rise unexpectedly, eroding potential returns or turning profits into losses.
• 流动风险
  • In times of market stress or low trading volumes, it may be difficult to sell your securities quickly without substantial price impact, especially during forced liquidations.
• FX risk
  • Foreign-currency movements can impact both your returns and financing cost, as changes in exchange rates impact the value of your holdings and borrowings.
• Regulatory and Haircut Adjustments
  • Phillip Nova may change the eligibility or haircut of marginable securities at any time. A sudden increase in haircut could cause an instant margin shortfall, triggering margin calls or liquidations.
• Concentration Risk
  • Holding a few securities as marginable assets can lead to significant exposure if those securities experience sharp declines.

Illustrations of how leverage increases your investment capacity, potentially leading to higher returns.

Scenario 1 – Trading with Cash:

1. You have S$10,000 cash in your trading account.
2. You purchase 10,000 shares at S$1, totalling S$10,000 (10,000 shares x S$1).
3. Your entire cash is used, so your buying power is reduced to S$0.
4. The share price rises to S$1.25, and you sell your 10,000 shares for S$12,500
   (10,000 shares x S$1.25).
5. Gross profit less commission = S$2,500(S$12,500 shares proceeds – S$10,000 initial purchase cost)

Scenario 2 – Trading with Margin:

1. You have S$10,000 cash in your trading account.
2. You use margin to buy 20,000 shares at S$1, totalling S$20,000 (20,000 shares x S$1).
   
   1. This will result in a loan of S$10,000
      (S$10,000 initial deposit – S$20,000 shares purchased).
   2. With a 30% collateral haircut, that leaves a net collateral value of S$14,000
      (70% of S$20,000 collateral value)
   3. This leaves a remaining cash balance of S$4,000 (S$10,000 initial deposit – S$20,000 shares purchased + S$14,000 of net collateral value).
      This becomes your available buying power.

3. After 7 days, the share price rises to S$1.25, making your holdings worth S$25,000 (20,000 shares x S$1.25).
   
   1. Net collateral value increases to S$17,500 (70% of S$25,000).
   2. Buying power increases to S$7,500.
      (-S$10,000 loan + S$17,500 of net collateral value).
4. You sell your shares for S$25,000.
   
   3. Financing charges = S$9.59(S$10,000 loan x 5% p.a. x 7/365 days)
   4. Gross profit less commission = S$ 4,990.41(S$25,000 shares proceeds – S$20,000 initial purchase cost – S$9.59 financing charges).

Illustrations of how leverage increases your exposure to losses, potentially resulting in losses greater than your initial capital.

Scenario 3 – Trading with Cash:

1. You have S$10,000 cash in your trading account.
2. You purchase 10,000 shares at S$1, totalling S$10,000 (10,000 shares x S$1).
3. Your entire cash is used, so your buying power is reduced to S$0.
4. The share price falls to S$0.75, and you sell your 10,000 shares for S$7,500
   (10,000 shares x S$0.75).
5. Gross loss less commission = S$2,500(S$7,500 shares proceeds – S$10,000 initial purchase cost)

Scenario 4 – Trading with Margin:

1. You have S$10,000 cash in your trading account.

2. You use margin to buy 20,000 shares at S$1, totalling S$20,000 (20,000 shares x S$1).

   1. This will result in a loan of S$10,000
      (S$10,000 initial deposit – S$20,000 shares purchased).
   2. With a 30% collateral haircut, that leaves a net collateral value of S$14,000
      (70% of S$20,000 collateral value)
   3. This leaves a remaining cash balance of S$4,000 (S$10,000 initial deposit – S$20,000 shares purchased + S$14,000 of net collateral value).
      This becomes your available buying power.

3. After 7 days, the share price falls to S$0.75, making your holdings worth S$15,000 (20,000 shares x S$0.75).

   1. Collateral haircut reduces to S$4,500 (30% of S$15,000).
   2. Net collateral value reduces to S$10,500 (70% of S$15,000).
   3. Buying power reduces to S$500.
      (-S$10,000 loan + S$10,500 of net collateral value).

4. The next day you sell your shares for S$15,000.

   1. Financing charges = S$10.96(S$10,000 loan x 5% p.a. x 8/365 days)

   2. Gross loss less commission = S$5,010.96(S$15,000 shares proceeds – S$20,000 initial purchase cost + S$10.96 financing charges)

Phillip Nova applies several controls to promote prudent financing and risk management. These include application of collateral haircuts, security price caps (SPC), single‑security limits (SSL), and an account‑level maximum loan value (MLV). All parameters are subject to periodic review and may be adjusted at Phillip Nova’s discretion.

• Collateral Haircut – A discount applied to the market value of a security used as collateral. This helps ensure a safety buffer against market fluctuations, supporting responsible risk management.
  • For example, if a stock is worth S$100 and has a 30% collateral haircut, only S$70 of its value will be counted as collateral.
• Security Price Cap (SPC) – A cap on the collateral valuation of each margin‑eligible security. This prevents artificially inflated or volatile market prices from overstating the collateral value and helps manage downside risk.
  • For example, if a stock is trading at S$40 and has historically traded between S$10 and S$50, a price cap of S$80 may be applied.
• Single Security Limit (SSL) – A maximum collateral exposure per security to manage concentration risk.
  • For example, if a Single Security Limit (SSL) of S$50,000 is applied to a stock, and you hold S$100,000 worth of it, only S$50,000 will be counted towards your collateral value.
• Maximum Loan Value (MLV) – A limit on the total financing extended to your account.
  • For example, if your account has S$100,000 cash and the stock has a 50% collateral haircut, you would typically be able to purchase S$200,000 worth of the stock — borrowing S$100,000 from Phillip Nova. However, if a MLV of S$50,000 is applied, the maximum stock purchase would be limited to S$150,000.

You may apply for a Shares Margin Trading account as long as you are above 21 years of age.

If you are a new client to Phillip Nova, select Phillip Nova 2.0 Multi Asset Account as you begin your investment journey. When you get to the Account Confirmation page, select Shares (Margin) as your account type.

If you have an existing Nova trading account, you may opt-in for Shares Margin Trading on the Client Portal. If you have an existing MT5 trading account with Phillip Nova, you will need to apply for a Nova trading account for Shares Margin Trading.

If you have an existing Nova trading account, follow these steps to opt-in for Shares Margin Trading on Client Portal:

First, click on 股票保证金交易 in the right panel under Subscription.

Next, read and acknowledge the Risk Disclosure Statement and select Continue.

When your request meets the criteria for immediate approval, it will be approved on the immediately. You will see a banner displaying the time and date of your opt-in, and an email confirmation will be sent to you.

If your request doesn’t qualify for immediate approval, it will be reviewed internally. The banner will show that your request is under review, and you will receive an email confirming this status.

After the review, if your request is approved, you will see a banner displaying the time and date of your opt-in, and an email confirmation will be sent to you.

If your request is not approved after review, the banner will show no status, and you will receive an email notification of the decline

Margin-eligible securities can be identified with these icons on the Watchlist and the Order Ticket:

或者，您可以参考可供保证金交易的证券清单。 立即开户。.

不，无需向菲利普·诺瓦追加抵押证券。

一旦您的账户获得股票保证金交易批准，您交易账户中由 Phillip Nova 托管的任何可保证金证券将自动被认定为抵押品，以支持额外的股票购买。

是的，可以。您的保证金证券价值将按现行汇率转换为交易货币，以确定您的购买力。

但是，如果您购买的证券是以您不持有的货币计价的，就会造成货币赤字。为避免支付利息，请确保您持有足够的该货币权益余额。

您可以参考我们已公布的现行融资利率。 立即开户。.

不，Phillip Nova 不会就使用 Phillip Nova 的保证金交易服务收取任何账户费或平台费。

只有当您的账户出现资金缺口时（即您的权益余额与初始保证金之和小于零），才会收取融资费用。费用按每种货币的缺口金额计算。

当您的权益余额以任何币种表示为负数时，即视为您已进行融资。出现负余额的原因可能是您的证券购买额超过可用账面余额，或衍生品交易中已实现或未实现的亏损、佣金或其他相关交易费用和融资费用。利息费用按权益余额减去初始保证金后的负数计算，并按日累积，直至偿还为止。

以下是一些示例场景：

是的，我们的低净值和周末风险政策在所有账户类型中都是统一的。请参阅我们的保证金交易常见问题解答。 立即开户。.

我们的追加保证金通知、低净值交易和周末风险政策在所有账户类型中均采用标准化流程。请参阅我们的保证金交易常见问题解答。 立即开户。.

请查看我们的保证金交易常见问题解答 立即开户。.

虽然将证券转移到 Phillip Nova 会增加您的抵押品基础，但这通常并不实际，因为我们的标准追加保证金政策通常要求在 2 天内结算。

我们建议您参阅我们的保证金交易常见问题解答。 立即开户。 有关追加保证金方式的更多信息。

不，我们不提供与CPFIS-OA/SRS的交易服务。Phillip Nova仍将作为您通过我们购买的证券的资产托管人。

公司行为可能会影响您所持股份的抵押价值。Phillip Nova 将根据其内部政策和每项事件的具体情况调整融资资格、折价幅度以及抵押价值。

如果公司行为对您的持股价值或整体投资组合健康状况产生重大不利影响，您的账户可能会面临追缴保证金的风险，或者在严重的情况下，面临低净值清算的风险。

下表说明了某些类型的公司行为如何影响股票价格，进而影响您的投资组合价值。实际结果可能与所示示例有所不同。

*TERP = 理论除权价格