Settlement
Investors hold shares in one of two forms. Both operate as uncertificated holdings (rather than through the issue of physical share certificates):
- Issuer-sponsored. The company's share register administers the investor's holding and issues the investor with a security-holder reference number (SRN) which may be quoted when selling.
- Clearing House Electronic Sub-register System (CHESS). The investor's controlling participant (normally a broker) sponsors the client into CHESS. The investor is given a holder identification number (HIN) and monthly statements are sent to the investor from the CHESS system when there is a movement in their holding that month.
Holdings may be moved from issuer-sponsored to CHESS or between different brokers by electronic message initiated by the controlling participant.
Read more about this topic: Asx
Famous quotes containing the word settlement:
“A Tory..., since the revolution, may be defined in a few words, to be a lover of monarchy, though without abandoning liberty; and a partizan of the family of Stuart. As a Whig may be defined to be a lover of liberty though without renouncing monarchy; and a friend to the settlement in the protestant line.”
—David Hume (1711–1776)
“The settlement of America had its origins in the unsettlement of Europe. America came into existence when the European was already so distant from the ancient ideas and ways of his birthplace that the whole span of the Atlantic did not widen the gulf.”
—Lewis Mumford (1895–1990)
“... if the Settlement seeks its expression through social activity, it must learn the difference between mere social unrest and spiritual impulse.”
—Jane Addams (1860–1935)