Chess
If you are a shareholder of JMB, or are thinking of becoming one, you should know about CHESS, the Clearing House Electronic Sub register System, developed by the Australian Stock Exchange. CHESS allows titles to be electronically transferred between buyers and sellers of securities which are traded on the Exchange (ASX).
For details on Jumbuck's company announcements please see the ASX website.
CHESS allows the electronic transfer of money between CHESS participants (such as stockbrokers and institutional investors) in exchange for securities.
CHESS works through a sponsorship process where an investor appoints an authorised agent - usually a stockbroker and commonly known as a sponsor to act on the investor's behalf.
Transactions against holdings on the CHESS sub register are done via electronic computer messages, but it is not practical for individual investors to have direct electronic access to CHESS. For this reason, individual investors are generally sponsored by their stockbroker who has the necessary electronic access to CHESS. Other CHESS participants, such as trustee companies, may also act as sponsors. There are alternatives to CHESS sponsorship and they are detailed below.
To be sponsored, the investor must enter into a formal agreement with a sponsor. This agreement sets down the terms and conditions under which the sponsor will operate the CHESS holdings. While ASX Settlement and Transfer Corporation (ASTC) specify certain issues which must be contained within the agreement, terms and conditions may vary between sponsors. Some aspects may also be varied by mutual agreement between the investor and the sponsor.
If you are a shareholder of JMB, or are thinking of becoming one, you should know about CHESS, the Clearing House Electronic Sub register System, developed by the Australian Stock Exchange. CHESS allows titles to be electronically transferred between buyers and sellers of securities which are traded on the Exchange (ASX).
For details on Jumbuck's company announcements please see the ASX website.
CHESS allows the electronic transfer of money between CHESS participants (such as stockbrokers and institutional investors) in exchange for securities.
CHESS works through a sponsorship process where an investor appoints an authorised agent - usually a stockbroker and commonly known as a sponsor to act on the investor's behalf.
Transactions against holdings on the CHESS sub register are done via electronic computer messages, but it is not practical for individual investors to have direct electronic access to CHESS. For this reason, individual investors are generally sponsored by their stockbroker who has the necessary electronic access to CHESS. Other CHESS participants, such as trustee companies, may also act as sponsors. There are alternatives to CHESS sponsorship and they are detailed below.
To be sponsored, the investor must enter into a formal agreement with a sponsor. This agreement sets down the terms and conditions under which the sponsor will operate the CHESS holdings. While ASX Settlement and Transfer Corporation (ASTC) specify certain issues which must be contained within the agreement, terms and conditions may vary between sponsors. Some aspects may also be varied by mutual agreement between the investor and the sponsor.
