Information on the change in Australian trading agent from Commsec to FinClear.
What happens to my existing holdings with Commsec as my sponsoring broker?
Your holdings will remain on your current HIN, your new sponsoring broker will become FinClear.
Why are you moving from Commsec?
CommSec have reviewed their business model and are no longer looking to offer third party trading, which means that ASB Securities had to find a new trading agent and has opted to utilise FinClear’s third party trading services.
Will we see any new features coming with the move away from Commsec?
ASB Securities current focus is on a successful migration of our customers and there is potential for review in future, all existing functionality will remain the same i.e. we will not remove any functionality from you.
Will my holdings be safe with FinClear?
Yes, your holdings will remain on your current HIN, your new sponsoring broker will become FinClear.
I haven’t heard of FinClear before, who are they?
FinClear are a reputable ASX trading participant and other NZ brokers utilise their trading services, for more information you can visit their website at www.finclear.com.au.
Also, important to note ASB have a robust procurement process and assessed other ASX trading participants and concluded FinClear were superior in their offering.
Do I need to do anything?
No action required on your part if you are happy to transition to Finclear; everything remains the same aside from the change in sponsoring broker.
Will my existing dividend payments be affected?
No change, the registries will continue to distribute in the same manner as now.
What happens to my open orders when you migrate from Commsec to FinClear?
All open orders will be cancelled from the market when we transition to Finclear, and be reinstated, unfortunately you will lose any existing priority in the queue. Orders may not be reinstated and remain cancelled if your specified price is deemed too far away from the market price by Finclear. You will be able to view the status of your order on our online platform on the “View My Trades” page.
Will my HIN change?
No, your HIN will remain the same.
I want to stay with Commsec, what do I need to do?
You can sign up directly with Commsec via their website, but you will not be able to trade on the NZX via Commsec.
Can I trade directly with Finclear, why go through yourselves as the middle-man?
No, you cannot trade directly, FinClear are not a retail broker.
I don’t wish to trade on the Australian market anymore, how do I close my Australian trading account?
Please email email@example.com with your client number and request and we will telephone you to verify your instruction and proceed to close the Australian account.
I have existing Australian holdings and don’t want to move to FinClear, what are my options?
You can either establish a relationship with another broker who offers access to the Australian market and they would then assist moving your shares via a broker to broker transfer, or you can request to have your holdings to be released and become Issuer Sponsored with the share registry.
I no longer require an ASB Securities share trading account and would like to close the entire facility.
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