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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 holding is recorded against its HIN and a statement is sent out to its registered address.

What is a HIN?

HIN stands for Holder Identification Number. It is the number CHESS uses to identify an account and register its holdings. It also identifies the broker it holds the securities with. You’ll be provided with a HIN when you request to be CHESS sponsored with CMC Markets Invest.

I have a HIN with another broker. Can I trade these shares through my share trading account?

You’ll need to transfer any stock held under your HIN with another broker to your HIN with CMC Markets Invest. We can arrange this on your behalf – simply complete the Transfer CHESS Holdings form. Please note, depending on your other broker you may be required to send through a copy of ID for all account holders.

I have some issuer-sponsored shares. How can I transfer them to my share trading account?

If your shares are sponsored by the issuing company, you may wish to transfer them to be CHESS sponsored by CMC Markets Invest (in order to sell shares online they must be CHESS sponsored by us).

You can request a request once logged into the standard platform by selecting ‘Transfer Securities’ from the ‘Account’ menu. You will need to have your holding details to submit a request including your Security Reference Number (SRN) and quantity of holding.

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 tax implications. For example, if the holdings are in the name ‘Mr J Smith’, you can’t transfer them directly into the account ‘Mr and Mrs J Smith’.