Q: What is a stock exchange?
A:
A stock exchange is an association of stockbrokers, which
provides a central market place for its members to trade. It
provides for the regulation and surveillance of all its
members to ensure that they (i.e. the members) are able to
fulfill their obligations to their customers and to each
other.
A stock exchange also monitors the quality of service
provided by member firms to the investing pubic.
A stock exchange also has an economic function, which we
define as follows:-
- To increase the quantity of funds available to finance
industry
- To direct the flow of new savings towards investment in
industries where expansion of facilities is most desirable
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Q: Does CMMB have a seat on the stock exchange?
A:
Yes we do! CMMB has purchased a seat on the stock exchange
and is authorized to begin trading as at 1st June 2001!
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Q: What stocks does CMMB trade?
A:
CMMB trades in all the stocks that are listed on the
Trinidad and Tobago Stock Exchange. Through our
correspondent brokers we also trade in Jamaican, Barbados
and US stocks.
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Q: What are the trading days?
A:
Tuesday, Wednesday and Friday are the trading days and trading takes place from about 9:30 am to 12 noon.
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Q: Why should I invest through CMMB?
A:
We offer an integrated portfolio management services through
our full service capability, which covers both stocks, and
bond investments.
In addition, we offer excellent client care standards and a
wealth of knowledge and financial guidance from our team
members.
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Q: What do I need to sell my shares?
A:
You will need:
- Your original share certificate(s) (copies are not
sufficient)
- Id for the person(s) named as beneficial owner(s)of the
shares to confirm that the owner(s) are indeed the ones
selling the shares
- If the owner is not present, he must send written
instructions to the effect that he would like x number of
shares sold. A copy of his id will also be necessary to
confirm the signature
- A Stock Transfer form (can be obtained from CMMB) duly
signed by the owner(s) of the shares or their legal heirs.
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Q: What if I have no id that proves I am the owner of the
certificates?
A:
We will need a notarized declaration of your identity.
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Q: Can somebody who is not the owner of a share certificate
sell the shares?
A:
No. Except in the case where:
- the person whose name is on the certificate is deceased,
and the heir(s) wish to sell the shares; Letters of
Administration, or the Will, must be brought in to certify
that this(ese) person(s) is(are) authorized to sell the
shares on behalf of the deceased.
- the shares are jointly owned, and one person dies, then
according to T&T Laws ownership automatically reverts to the
other person(s); the Death Certificate must be brought in to
confirm the death of the individual
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Q: What evidence would I have of the shares I have given to
CMMB to sell?
A:
CMMB will give you a signed receipt for any certificates you
have lodged with us.
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Q: What does CMMB do with my share certificate?
A:
Share certificates are stored safely in a fireproof vault or
cabinet. They are taken out only when sold so that they can
be sent to the registrar for transfers of ownership.
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Q: How does CMMB go about selling shares?
A:
Our trader executes transactions on behalf of our clients on the Horizon Trading Platform provided by the Trinidad & Tobago Stock Exchange.
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Q: How long does it take to get shares sold?
A:
The length of time taken for shares to be bought or sold is
dependent on the state of the market. Shares that are in
great demand can be easily sold. Shares that are in great
supply may take some time to be sold.
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Q: How long does it take to receive monies for shares sold?
A:
The Settlement period is 3 working days after the bargain date. Funds owed to clients will be deposited into their respective Money Market Accounts by 12 noon on settlement day.
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Q: What happens if all or some of the shares are not sold?
A:
If all of the shares are not sold, you will be informed and
you can either:
- Cancel your sell order and get a balance certificate for
the difference
OR
- wait for all the shares to be sold
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Q: What do I need to purchase shares?
A:
You can make your request to us by coming into one of our offices. We simply need you to sign an instruction sheet, which describes the details of the shares you would like to purchase.
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Q: What if requested shares are not available?
A:
You will be kept informed on the status of your requested
purchase. We will continue to try to purchase the stocks for
you until you change this request. You will be reimbursed
for any down payments you may have made should you decide to
cancel the request.
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Q: When do I pay for purchased shares?
A:
Clients are required to open a Money Market Account to facilitate all transactions. Upon purchase of the shares, the client will be informed and the amount payable to CMMB will be deducted from your account. The settlement day is 3 working days after the bargain date.
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Q: What forms of payment does CMMB accept for share purchases?
A:
CMMB accepts:
- Cash in amounts up to TT$10,000. " Managers cheques
- Bank drafts " Personal cheques - subject to approval by
management
Cheques must be made payable to CMMB Limited.
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Q: Are there any service charges? How are they deducted?
A:
There is a standard commission fee of 1.5% on the first
$50,000 of consideration, 1.25% on the second $50,000 of
consideration and 1% for any other amounts thereafter on the
sale or purchase price. There is also a Stock Exchange
transaction charge of .1% (minimum $1.00) and a 25c stamp
charge.
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Q: What are CMMB's opening hours?
A:
CMMB opens for business Monday to Friday from 8am to 4pm.
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