CHESS question

[nulla nulla]

Does anyone know if Westpac has a Chess system like Commsec and a trading link like CommsecIress?

 

[Sir Osisofliver]

Does anyone know if Westpac has a Chess system like Commsec and a trading link like CommsecIress?

CHESS (Clearing House Electronic Subregister System)

Is independent of any one provider of broking services - All brokers use CHESS designated HIN's (Holder Identification Numbers) to uniquely specify individual accounts and the equity holdings in those accounts.

I'm unfamilar with the specific's of CommsecIress (but imagine it to be merely the platform under which you view market data) - most other providers will supply a platform of some description to view data.

Cheers

Sir O

 

[cutz]

Does anyone know if Westpac has a Chess system like Commsec and a trading link like CommsecIress?

Hi nulla nulla, comseciress is just a customized version of webiress, wespac has trader pro but I’m not sure what it is, BTW why do you ask, when I was checking it out Westpac seemed a lot more expensive than Comsec.(they’re both expensive)

 

[jono1887]

I heard that if you use IB they dont use CHESS how do your trade settlements work in that case?

 

[cutz]

I heard that if you use IB they dont use CHESS how do your trade settlements work in that case?

Trades are cleared by Fortis.

 

[jono1887]

So do you have to do anything differently from trading with comsec??

 

[cutz]

Not different, it's just a lot more efficient, you'll see what i mean.

 

[jono1887]

Do they still have the T+3 thing? I find that annoying...

 

[cutz]

Do they still have the T+3 thing? I find that annoying...

Nah, don't have to worry about that, obviously T1 and T3 considerations are there somewhere in the background but cash balance adjusts itself instantaneously.

 

[jono1887]

ahh ok...that sounds more efficient than the chess thing we use