What is CHESS?
CHESS stands for Clearing House Electronic Sub-register System. Instead of issuing a physical share certificate, CHESS records an account's share ownership via the ASX's computer-based share and settlement transaction system. An account's security holdings are recorded against their HIN and a statement is sent out to their registered address.
What is a HIN?
HIN stands for Holder Identification Number. It is the number by which CHESS identifies your account and registers your holdings. It also identifies the broker you hold the securities with. You will be provided with a HIN when you request to be CHESS sponsored with CMC Markets Stockbroking.
I have a HIN with another broker. Can I trade these shares through my account?
You will need to transfer holdings from your other broker before they can be sold through CMC Markets Stockbroking. You can transfer individual holdings or your whole HIN, which will transfer all holdings. When you open an account with us you will be asked if you have holdings you wish to transfer, otherwise you can complete the Transfer Chess Holdings form
How long does it take to transfer my securities from another firm?
Your broker is required by the Australian Securities Exchange to transfer in 2 business days. Delays may be experienced if the spelling of your name or other details do not match exactly, so be sure to provide the information exactly as it appears on your CHESS statement.
I have some issuer sponsored shares. How can I transfer them to my CMC Markets Stockbroking account?
If your shares are sponsored by the issuing company, you may wish to transfer them to be CHESS sponsored by CMC Markets Stockbroking (note that in order to sell shares online they must be CHESS sponsored by us). Complete the Issuer Holdings to CHESS Conversion form
Note that you can only transfer into an account of the same name as the issuer sponsored statement. Transferring into a different name is treated as an off-market transfer and may be subject to fees and/or government charges. For example, if the holdings are in the name Mr J Smith, you cannot transfer them directly into the account Mr and Mrs J Smith. Please call us on 1300-136-323 if you have any questions about CHESS transfers.
Want to learn more about CHESS?
To learn more about CHESS, you should read the ASX's CHESS Brochure
