You can find out how your shares are held from the reference number on the top right corner of your latest holding or dividend statement. If the reference number on your statement begins with an ‘I’ this is a Shareholder Reference Number (SRN) which means your shares are Issuer Sponsored.
What does it mean to be CHESS sponsored?
If your shares are ‘CHESS Sponsored’ it means when you buy or sell shares ASX has a record of you owning those shares directly. … When you join a broker that offers CHESS Sponsored shares, you get given an ID (we’ll give you one), and the shares are attached to you, via that number.
What is the difference between CHESS and issuer?
CHESS sponsored shares – shares that are registered with a stock broker (like CommSec or another broker). CHESS sponsored shares are allocated a Holding Identification Number (HIN) by the broker. Issuer sponsored shares – shares that are managed by the issuer’s share registry.
Is SelfWealth better than CommSec?
As Australia’s most popular share trading platform, CommSec is rich in features and trading tools. … On the downside its brokerage fees aren’t the cheapest, with global stock fees particularly high. ★★★★★ 3.7/5. SelfWealth is the cheaper option of the two with a low, flat brokerage fee of $9.50, regardless of trade size.
Is CommSec a broker?
CommSec is Australia’s No. 1 online broker and has been helping investors reach their goals for more than 20 years. Sign up for access to the tools and support you need to trade with confidence.
If you hold your shares on the issuer sponsored subregister and wish to sell them, you must advise your stockbroker of the share registration details, including the SRN, so your stockbroker can convert the shares from the issuer sponsored subregister to the CHESS subregister in order to settle the trade.
You can trace other lost shares by contacting the three main share registrars: Link Asset Services (Linkgroup.eu or 0371664 0300); Computershare (Computershare.com/uk); and Equiniti (Equiniti.com or 0371 384 2030).
To transfer your shares to another trading platform, you need to complete a Clearing House Electronic Subregister System (CHESS) sponsorship form that will allow you to transfer your existing holdings from a certain issuer or broker to another sponsoring participant.
Is CHESS sponsored important?
Advantages to having CHESS sponsored shares
Third-party verification – Because your shares are tied to your HIN (and therefore to your name and Tax File Number), CHESS acts as a third-party verification that you own the shares directly, as opposed to someone else holding them on your behalf (more on that below).
Does superhero use CHESS?
Essentially, Superhero uses a custodian model, rather than a CHESS-sponsored model. This is actually fairly common among brokers including Vanguard Personal Investor and IG, as well as by micro-investment apps such Raiz and Spaceship.
Also worth mentioning is that while Australian shares purchased on SelfWealth are CHESS-sponsored, US shares are managed by a third-party custodian, global brokerage Phillip Capital. … While both are common, some Australian investors prefer the CHESS model because ownership is clear even if the broker were to collapse.