Examples of CHESS in a sentence
CHESS is a system of registering financial products on computer, so instead of holding certificates to show that you own shares or other financial products, under CHESS you have financial products electronically registered in your name to show that you own them.
This document explains the effect of CHESS (Clearing House Electronic Subregister System) and the terms of the sponsorship agreement (Agreement) if you enter into the Agreement with FinClear Services Pty Ltd (FinClear Services or we/us).
By signing the Client Application Form and indicating that you would like us to establish a new HIN sponsored by us, you appoint us as your controlling participant to control your holding of financial products on CHESS.
As your Sponsoring Participant on CHESS, only we and our duly authorised agent can give instructions to CHESS in relation to administration or conversion of your holdings sponsored by us, or transfers to or from your sponsored holdings following settlement of your transactions or following your Withdrawal Instructions.
The Agreement appoints us as your “controlling participant” on CHESS.