malaysia & singapore investors are affected

Hi friends,

It has just become more costlier for Malaysian and Singaporean investors trading the australian market through one of South East Asia's major investment bank..and if there are asian interests operating through singapore and kuala lumpur, this is an additional cost. Anyone checked out the foreign portion of transactions to see whether this has any effect? Any major singaporean transactions in POH?

The announcement from CIMB bank ( operating through Malaysia and Singapore )as follows:

"We wish to inform you that with effect from 1st May 2012, an Australian Securities Exchange (ASX) portfolio fee charge of 0.02% per annum on the market value of Australian market shares held will be imposed.

The fee is based on the market value of the stock last done price at the end of each month and will be billed into your trading account maintained with CIMB Investment Bank Berhad on monthly basis, not later than 14th said month................"

Cheers

dascore