By The Ledger desk · Last verified 4 October 2026
To buy shares on the Singapore Exchange (SGX) you need a brokerage account, and you decide where the shares are held: in your own CDP account at SGX’s Central Depository, in your name, or in a custodian account held by the broker for you. Shares trade in board lots, which have been 100 shares for most stocks. From Monday 5 October 2026, 11 of SGX’s highest-priced counters, including DBS, OCBC and UOB, move to board lots of 10 shares (stocks priced above S$10 up to S$100), with lots of 1 share for anything priced above S$100. Each trade costs brokerage, plus a 0.0325% clearing fee, a 0.0075% SGX trading fee and 9% GST on those fees.
Smaller lots mean your first blue-chip purchase can now be hundreds of dollars rather than thousands. That makes the fee structure worth understanding before you click buy.
Quick facts
- A CDP account can be opened online by anyone aged 18 or over who is not an undischarged bankrupt; Singaporeans and PRs can use Singpass MyInfo.
- With a direct CDP account, shares are in your name: you get dividends directly and can attend and vote at AGMs.
- From 14 July 2026, SGX rules let depository agents hold clients’ SGX shares in omnibus broker custody accounts; SGX RegCo is setting minimum service standards for them by end-2026.
- Board lots: 10 shares for the first 11 counters from 5 October 2026; SGX will review which stocks qualify every quarter, starting January 2027.
- Quantities smaller than a board lot are traded on the SGX Unit Share Market.
- Clearing fee 0.0325% and trading fee 0.0075% of contract value, plus 9% GST on all fees.
CDP account or custodian account?
| Direct CDP account | Custodian (broker custody) account | |
|---|---|---|
| Whose name are the shares in? | Yours, at CDP | The broker’s or its nominee’s, held for you |
| Dividends and corporate actions | Paid to you directly by CDP | Passed on through the broker |
| AGMs and voting | You attend and vote as a shareholder | Arranged through the broker |
| Switching brokers | Shares stay put; you link a new broker to the same CDP account | Shares must be transferred out |
| Typical brokerage | Often a higher minimum per trade | Often lower or zero-commission promotions; custody or platform fees may apply |
Custody accounts are growing fast: SGX says six broker custody accounts were opened for every direct CDP account between October 2024 and April 2026. Neither choice is wrong, but a CDP account keeps you directly on the share register.
Which stocks have the new 10-share lots?
The first 11 counters, which made up about 35% of SGX trading activity in the first half of 2026, are DBS, Great Eastern, Haw Par, Jardine Cycle & Carriage, Jardine Matheson, Keppel, OCBC, Prudential, Singapore Exchange, UOB and Venture Corporation. Your existing holdings do not change; some odd lots simply become whole lots under the new size. Every other stock keeps its current lot size until a quarterly review says otherwise.
What a small trade really costs: a worked example
You buy one new board lot of 10 shares at an illustrative S$77, a contract value of S$770, through a broker with a S$10 minimum commission.
- Brokerage (minimum applies): S$10.00
- Clearing fee: 0.0325% × S$770 = S$0.25
- SGX trading fee: 0.0075% × S$770 = S$0.06
- GST at 9% on S$10.31 of fees = S$0.93
- Total cost: about S$11.24, or roughly 1.46% of the trade
Selling later costs about the same again, so this small position must rise about 3% just to break even. Buying fewer, larger lots, or using a broker with a lower minimum, cuts that drag.
Your first trade, step by step
- Open a CDP account online, or decide to use a broker’s custody account.
- Open a brokerage account and, if using CDP, link it to your CDP account number.
- Fund the account as the broker requires, and set up a bank account for payments.
- Check the board lot and the broker’s minimum commission before you set the quantity.
- Place a limit order, then pay by the settlement date shown on your contract note.
- Check that the shares appear in your CDP or custody statement.
The WahLiao Verdict
The 10-share lots are a real gift to new investors, but fees now matter more than ever. If you want to be a shareholder in your own name, open your own CDP account and pick a broker whose minimum commission suits the size of your trades. If you prefer the cheapest commissions, a custody account is fine; just read the custody and platform charges. Either way, buy in sensible chunks rather than many tiny lots, and hold for the long term.
Questions people ask
Does opening a CDP account cost anything?
You apply online through SGX’s investor portal. Check SGX’s current fee schedule for any account or service charges, and your broker’s own fees.
Can I buy fewer shares than a board lot?
Yes, quantities below one board lot are generally traded through the SGX Unit Share Market. Ask your broker whether it supports unit share orders and what minimum commission applies.
Will more stocks get smaller board lots?
Possibly. SGX will review eligibility every quarter; the first review, in January 2027, uses July to December 2026 prices.
Can I use CPF to buy shares?
Yes, under the CPF Investment Scheme through an agent bank, which adds its own charges, such as a CDP settlement fee and an agent bank fee per transaction.
Sources: SGX, custody structure enhancements and board lot reduction announcement; PhillipCapital POEMS, list of the 11 counters with new board lots; DBS, investment fees for buying and selling stocks. The Ledger explains; it does not advise.
Read next: Singapore Savings Bonds and T-Bills · The Supplementary Retirement Scheme (SRS) · Back to The Ledger
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