Currently, Singapore investors hold their SGX securities either in direct accounts with the Central Depository (CDP), or through broker custody accounts, also known as sub-accounts. About two-thirds of retail accounts in CDP are individually segregated direct accounts, and the remainder are broker custody accounts. In contrast, a broker custody account is held under a broker, who manages the investor’s holdings. To achieve this, a legal framework already exists to ensure assets in broker custody accounts are properly safeguarded and segregated from the broker’s own assets. Sias’ Ang stressed that wider adoption of broker custody accounts requires tighter regulations, as clients’ holding information will be more transparent to brokers.