Last updated: October 2026
A CDP account (Central Depository account) is the official securities account run by SGX that holds Singapore-listed shares, bonds and ETFs directly in an investor’s own name, separate from the brokerage account used to place buy and sell orders.
Not financial advice. All figures for educational reference only. Data as at October 2026.
Key Takeaways
- A CDP (Central Depository) account is operated by SGX and holds SGX-listed securities directly in the investor’s own name, rather than pooled under a broker’s nominee name.
- Opening a CDP account is free and can be done online via SingPass in under 15 minutes, but it must usually be linked to a brokerage trading account before you can actually buy shares.
- Shares held in CDP give the holder direct voting rights, annual report mailings and participation in rights issues without going through the broker as an intermediary.
- Not all products use CDP — unit trusts, most ETFs bought on overseas exchanges, CFDs and margin-financed shares are typically held in a custodian or nominee account instead.
- SGX has been consolidating retail investor accounts since 2023 under the CDP e-services revamp, making it easier to view a full SGX securities portfolio in one dashboard.
What Is a CDP Account?
The Central Depository Pte Ltd (CDP) is a wholly owned subsidiary of Singapore Exchange (SGX) that acts as the central securities depository for the Singapore market. Think of it as the official, government-recognised registry of who owns what — every share of DBS, every unit of Keppel DC REIT, every Singapore Government Securities bond bought on SGX ultimately gets recorded against an investor’s CDP account number.
This structure dates back to the demutualisation of SGX in the late 1990s, when Singapore moved from physical share certificates to a scripless (electronic) settlement system. Instead of a paper certificate sitting in a safe, your shareholding exists as an electronic entry in CDP’s books, directly under your own name (or joint names, for a joint CDP account).
This is a meaningfully different structure from markets like the US, where most retail shares sit in “street name” under the broker’s nominee account. In Singapore, a CDP-linked purchase means the investor — not the broker — is the registered legal owner on SGX’s books, which matters for corporate actions, inheritance and broker-failure protection.
How Does a CDP Account Work in Singapore?
A CDP account by itself cannot place trades — it is purely a custody and settlement account. To actually buy or sell shares, an investor needs a separate brokerage trading account (DBS Vickers, FSMOne, Tiger Brokers, moomoo, Interactive Brokers, etc.) that is linked to their CDP account.
Opening a CDP account is done online at the CDP website using SingPass for identity verification, and is free of charge. Once opened, the investor receives a CDP securities account number, which they then provide to their chosen broker to link the two accounts together (a process sometimes called a “CDP-linked” or “direct CDP” trading account, as opposed to a “custodian account” where shares sit under the broker’s own nominee name instead).
| Step | What Happens |
|---|---|
| 1. Open CDP account | Apply online via SingPass, free, usually approved within 1–2 business days |
| 2. Open broker account | Choose a broker and apply for a trading account, selecting “CDP-linked” if offered |
| 3. Link the two | Provide CDP account number to the broker during account opening or via a linking request |
| 4. Place a trade | Buy order goes through the broker; on settlement (T+2), shares are credited into CDP |
| 5. Ongoing | Dividends, rights, bonus shares and AGM notices flow directly from the company/registrar to the CDP-linked investor |
Not every broker offers CDP-linked trading for every product. Many newer digital brokers default to a custodian account structure instead, where your SGX shares are legally held in the broker’s own nominee name on your behalf, which is usually cheaper and faster to set up but means you are not the directly registered shareholder on SGX’s books.
CDP Account Example
Say a Singapore investor, Mei Ling, wants to buy 1,000 shares of Singtel. She first opens a CDP account online via SingPass — no cost, approved within a day. She then opens a trading account with a CDP-linked broker and links her CDP account number during the application.
She places a buy order for 1,000 Singtel shares at S$2.60, a S$2,600 trade. On settlement (two business days later, T+2), the 1,000 shares appear in her CDP account under her own name. When Singtel declares its next dividend, the payout is credited straight to her bank account linked to CDP — not routed through her broker. When Singtel holds its AGM, she receives the notice of meeting directly and can vote her shares or appoint a proxy, because CDP’s register shows her as the legal shareholder.
By contrast, her colleague Wei Jie bought the same 1,000 Singtel shares through a custodian-account broker. His shares are held in the broker’s nominee name. He still receives the economic benefit of dividends (passed through by the broker) but does not appear on CDP’s shareholder register himself, and voting or AGM participation typically has to go through the broker’s own process.
Advantages of a CDP Account
- Direct legal ownership. Shares sit under the investor’s own name on SGX’s official register, not pooled with other clients under a broker’s nominee account.
- Broker-failure protection. Because CDP-held shares are not part of the broker’s own balance sheet, they are generally ring-fenced from a broker’s insolvency — the shares remain the investor’s property even if the brokerage collapses.
- Broker portability. A CDP-linked share can usually be transferred to a different broker without selling and rebuying, letting investors switch platforms for lower fees without triggering a taxable disposal.
- Direct shareholder rights. Dividend crediting, AGM notices, proxy voting, and rights issue entitlements are handled directly by CDP and the company’s share registrar.
- Free to open and maintain. There is no account-opening fee and no ongoing custody fee charged by CDP itself for a standard individual account.
Risks and Limitations
- Two accounts to manage. A CDP account alone cannot trade — investors need a separate linked brokerage account, which adds a small amount of admin versus an all-in-one custodian account broker.
- Limited to SGX-listed securities. CDP generally only holds Singapore-listed shares, SGS bonds and some SGX-listed ETFs — US stocks, UCITS ETFs on LSE, or unit trusts are not held in CDP.
- CDP corporate action deadlines are strict. Missing a rights issue acceptance deadline or a scrip dividend election date because of a CDP mailing delay can mean forfeiting an entitlement.
- Not all brokers offer CDP-linking for every trade type. Margin-financed or short-sold positions are typically held under the broker’s custodian account instead, even for an investor who also holds a CDP account for other, fully-paid shares.
- Fraud and scam targeting. Because a CDP account is tied to SingPass and personal banking details, it has become a target for phishing scams impersonating CDP or SGX — investors should only ever access CDP e-services through the official cdp.com.sg domain.
CDP Account vs Custodian Account
| Feature | CDP-Linked Account | Custodian (Nominee) Account |
|---|---|---|
| Legal share ownership | Investor’s own name, on SGX register | Broker’s nominee name |
| Who receives AGM notices | Investor directly | Usually via broker, if offered |
| Voting rights | Direct, as registered shareholder | Often requires broker’s proxy process |
| Broker-failure protection | Shares ring-fenced from broker insolvency | Varies by broker, generally also protected but structurally different |
| Typical fees | Free to open/hold; broker trading fees apply | Often lower trading fees, sometimes platform fees |
| Cross-broker transfer | Possible without selling | Usually requires selling and rebuying |
Source: SGX CDP e-services, individual broker fee schedules, 2026.
The Bottom Line
For Singapore investors, a CDP account is what makes you the legal, registered owner of SGX-listed shares rather than a client of a broker holding shares on your behalf. It costs nothing to open, protects shareholdings if a broker runs into trouble, and gives direct access to voting, dividends and corporate actions. The trade-off is a small amount of extra setup versus an all-in-one custodian account, which is why many long-term SGX investors still prefer CDP-linked brokers for their core holdings.
Frequently Asked Questions
What is a CDP account used for?
A CDP account holds Singapore-listed shares, SGS bonds and certain SGX-listed ETFs directly in an investor’s own name, serving as the official record of ownership maintained by SGX’s Central Depository.
Is a CDP account free?
Yes. Opening and maintaining a standard individual CDP account is free. Investors only pay the trading and brokerage fees charged by their linked broker when buying or selling.
Do I need a CDP account to buy Singapore shares?
Not strictly — some brokers let you buy SGX shares through a custodian account without a CDP account. However, a CDP-linked account is required if you want shares registered directly in your own name.
Can I have more than one broker linked to one CDP account?
Yes. A single CDP account can be linked to multiple CDP-linked brokers, so shares bought through different brokers still consolidate into the same CDP holdings.
What happens to my CDP shares if my broker closes down?
Because CDP-linked shares are registered in the investor’s own name on SGX’s books rather than the broker’s balance sheet, they are generally not affected by the broker’s insolvency and remain the investor’s property.
How do I open a CDP account in Singapore?
Singapore investors (citizens, PRs and eligible foreigners) can apply online at the CDP website using SingPass for identity verification. Approval typically takes one to two business days, after which the account number can be linked to a broker.