Clearing House Electronic Subregister System - CHESS


DEFINITION of 'Clearing House Electronic Subregister System - CHESS'

A computer system operated by the Australian Stock Exchange (ASX) that facilitates the transfer of a security's legal ownership from a seller to a buyer and also any monetary transactions between the two parties. In the ASX, the Clearing House Electronic Subregister System (CHESS) serves to facilitate the exchange and registration of securities.

BREAKING DOWN 'Clearing House Electronic Subregister System - CHESS'

In the ASX you are required to register the titles of your securities. CHESS handles the simultaneous transfer of the securities' titles as well as money. The ASX Settlement and Transfer Corporation (ASTC) operates CHESS to increase efficiency within the ASX.

The average invester will rely on a stockbroker to access CHESS and register his or her securities. This is because participants need to be authorized by the ASTC or sponsored by a participant to access CHESS.

  1. Nasdaq

    A global electronic marketplace for buying and selling securities, ...
  2. Australian Stock Exchange - ASX

    The stock exchange headquartered in Sydney, Australia. The Australian ...
  3. Clearing House

    An agency or separate corporation of a futures exchange responsible ...
  4. New York Stock Exchange - NYSE

    A stock exchange based in New York City, which is considered ...
  5. American Stock Exchange - AMEX

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  6. Registered Security

    1. The name given to securities whereby ownership is registered ...
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