Quote:
Originally Posted by MegLooney
I was going to open a US online brokerage account and another one for HK with the assumption that each would have a more comprehensive offerings in its respective market. Is my assumption incorrect?
philippe, you mentioned that you would choose a do-it-for-all brokerage account. Is maintaining all three a big hassle?
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Well, I do need to wire money around that's one problem. Between HK ans USA it takes a day maximum but from to EU it takes a week.
Also one broker does not know what you own elsewhere. Most broker will not allow you to sell naked call/put. Yet you may in fact own the underlying asset in another brokerage firm.
At the moment I own Sinopec shares in HK and Sinopec Options contracts in USA but I cannot write Sinopec call options with my USA broker if I want to hedge my shares.
With an integrated global account (HSBC and Citigroup have that) it would be a lot easier to manage all my stuff.
Also if you wish to switch funds between the same fund house you may run into trouble (e.g. you want to switch to whatever Fidelity Fund with your local broker but the only Fidelity Fund you want to dump is with your US Broker) as you may need to Tx the fund from one broker to the other.
Voila.