Australia: My Experience With The Stock Market - Part 2
- Trading hours - so this is Sydney time. Remember there is a DST (daylight saving time) which begins 2am on the first Sunday of October when clocks are put forward one hour and ends 2am on the first Sunday of April.
- CHESS - not the game chess but an acronym for Clearing House Electronic Subregister System, a system used by ASX to facilitate trade settlements (T+2) and to record share ownership. Being CHESS sponsored means that you own the shares directly unlike with some brokers (i.e. IG Markets) that operate under a custodian model like in the Philippines (i.e. COL, Philstocks, Unitrade etc. If you want it to be under your name, then you have to apply for an upliftment of stock certificate.) If your broker is CHESS sponsored, you'll be issued a unique ID called as HIN (Holder Identification Number) and usually starts with letter 'X'. You can have multiple HINs for different brokers.
- Then this is the confusing part, once you buy shares you'll receive a letter that looks like 👇