I'm thinking about trading through ASB Securities, what is CHESS?
CHESS is a computerised share sub-register system operated by the Australian Stock Exchange (ASX), used to manage share ownership and settle trades on the ASX. As an ASB Securities share trading client, you will automatically have a CHESS account opened for you, which is sponsored by Commonwealth Securities, enabling you to trade on the ASX. Having your shares CHESS sponsored has a number of advantages:
- You can trade or sell your shares immediately. Alternatively with issuer sponsorship, you cannot sell your shares unless you know your Shareholder Reference Number (SRN). It can take up to six weeks to get your SRN from some companies.
- You have only one Holder Identification Number (HIN) for all your shareholdings. Alternatively with issuer-sponsored shares, you are given a different SRN for each company. A single HIN is easier to remember and, if you change address, you only need to notify us rather than notifying every company that you hold shares in.
You elect to have Commonwealth Securities sponsor you into CHESS by filling in the section in the Client Service Agreement when you register as a client.
If you already have issuer-sponsored shares or any shares sponsored by another sharebroker, you can arrange to have them transferred to Commonwealth Securities by faxing or mailing your instructions to us including copies of any holding statements.
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