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What CHESS sponsorship means
CHESS is the ASX settlement system. A CHESS-sponsored holding is recorded on the CHESS subregister in the investor’s name and linked to a HIN. The ASX says one HIN can consolidate holdings sponsored by a broker. An issuer-sponsored holding is recorded separately on the issuer’s subregister and identified by a Securityholder Reference Number (SRN) for that holding.
The ASX explains the registration distinction in its CHESS-sponsored and issuer-sponsored holdings guide and its Understanding CHESS fact sheet.
What happens when you place an order
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Choose a broker that can execute trades on the ASX. The ASX says investors need a CHESS-sponsoring broker to buy or sell shares on the exchange; see its buying shares information.
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Ask how the account registers holdings. For CHESS sponsorship under your name, the broker needs a sponsorship agreement and the relevant HIN.
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Complete the broker’s required agreement and provide the HIN details it requests. Confirm which holdings the HIN will cover.
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Check the confirmation or holding statement after the trade to see whether the shares were registered on CHESS or on the issuer-sponsored subregister.
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If the purchasing broker has no sponsorship agreement or HIN for you, the ASX says the shares are registered on the issuer-sponsored subregister by default. Do not assume that opening a trading account alone means your holdings are CHESS-sponsored.
CHESS-sponsored versus issuer-sponsored holdings
| Feature | CHESS-sponsored | Issuer-sponsored |
|---|---|---|
| Where the holding is recorded | On the CHESS subregister, associated with a HIN. | On the issuer’s subregister, identified by an SRN for each holding. |
| Broker connection | Linked to the sponsoring broker while held under that sponsorship. | Not tied to one sponsoring broker; the holding can be traded through any broker. |
| Consolidation | A HIN can consolidate broker-sponsored holdings. | Each issuer-sponsored holding has its own SRN. |
| Selling or moving the holding | The sponsoring broker controls transfers to and from CHESS holdings under the sponsorship agreement and the investor’s instructions. | A broker may arrange conversion to CHESS to settle a sale. Ask the broker about its process and any fees. |
These distinctions are described by the ASX guide to sponsored holdings and the ASX fact sheet.
Who owns CHESS-sponsored shares?
The ASX’s 2022 fact sheet says securities held in CHESS are the investor’s property, not the sponsoring broker’s. The broker has control over transfers to and from those CHESS holdings, but the fact sheet says that control operates on the investor’s instructions and under the sponsorship agreement. An agreement may also give the broker contractual or other rights, including rights relating to amounts owed, so read its terms rather than assuming every arrangement is identical.
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Check whether the account uses an individual or omnibus HIN
An individual HIN is associated with an investor’s CHESS holdings. ASIC Moneysmart warns that some entities use an omnibus HIN instead. Under an omnibus arrangement, investors are not the legal owners of the shares and have fewer protections, including National Guarantee Fund claim rights. Ask the provider directly whether the account uses an individual HIN in your name or an omnibus arrangement, and check how the terms address corporate actions and voting rights. See ASIC Moneysmart’s HIN glossary, last updated 26 June 2025.
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The ASX distinguishes online or non-advisory brokers, which execute orders chosen by the investor without recommending whether an investment is appropriate, from full-service or advisory brokers, which may offer recommendations, research and tailored investment plans and typically charge more. The ASX does not recommend a broker; it advises investors to contact providers to check that their fees and services suit their needs.
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Does the account use an individual HIN in your name or an omnibus arrangement?
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Will purchases be registered on CHESS under your name, and what sponsorship agreement applies?
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What are the brokerage and account fees? Are there transfer or exit charges?
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How can you transfer holdings to another sponsoring broker or to issuer sponsorship, and what does it cost?
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Does the provider only execute orders, or does it also offer advice and research?
Fees, eligibility, transfer terms and HIN arrangements vary by provider and can change. Verify the current details with the broker before opening an account.
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