Bought Cromwell European REIT SGD (CSFU) via DBS Vickers but received Cromwell European REIT EUR (CNNU) in CDP instead

Bought the SDG version of Cromwell (CSFU) last week but realised i received the EUR version (CNNU) in CDP instead.

I have written in to Vickers to clarify but honestly i am shocked. Anyone knows why this is the case. Also if i had sold as CSFU, would i have been consider short selling?


Nope, the two counters EUR and SGD are considered 100% fungible.

If you now sell x Cromell (SGD) the CDP will simply deduct that number of shares, x, from your account.

There is probably a reference on SGX, but this will do.

However, you might receive the distribution in EUR and not SGD.

But on reflection, if you bought SGD counters, then you should have SGD counters in the CDP. So I would try to get that fixed.

i see…Good to know the counters are fungible. However i bought CSFU precisely bcos i want the distributions to be in SGD though. Indeed, when i buy something in SGD, i expect to see the same in CDP. Will see what Vickers reply


From their website.

“Distributions are declared in EUR. Each Unitholder will receive his distribution in Singapore dollars equivalent of the EUR distribution declared, unless he elects to receive the relevant distribution in EUR by submitting a “Currency Election Notice” that will be send out to all unitholders.”

Which I did not realise. My bad.

So essentially it makes no difference whether the CDP has SGD or EUR counter names. You can sell them as either and receive the distribution in SGD by default.

Thanks for sharing the link :slight_smile:

Just to close out the topic. Reply from Vickers:

“This counter is dual listed in two different currencies, EUR and SGD but SGX-CDP will only appear as CNNU.
You may sell in either one CNNU/CSFU and it will not result in short-sell.”

I guess the main differences then are what fees charged bythe broker for SGD or EUR transactions , and whether one manages to find any possible arbitrage advantage at the moment of transaction

1 Like

And maybe whether Vickers could earn a little more delivering one or the other???

Like i said, check out the fees difference between what the broker charges for SGD or EUR transactions. I used cash upfront for Vickers to buy so the SGD was cheaper for me (fee was cheaper) than the EUR transactions for the same number of units.

1 Like

I have contacted both OCBC and SGX.

The short answer is that the counter is listed in the primary currency, in this case EUR.

The longer answer is from SGX,

"Please note that in the CDP statement, the market value of the listed security with dual currency trading functionality will be computed based on the last done price of the Primary Currency counter and the total number of unit holdings of the listed security.

For this instance, the primary currency for Cromwell European REIT is in EUR and hence it was reflected as EUR in your CDP shareholdings.

You may refer to the following link for more information regarding Dual Currency Trading:"

I try to learn something new everyday…

1 Like

Sharing an article also on the advantages of dual currency trading which i read up on while waiting for Vickers’ answer