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CommSec should directly send info to Computershare/Link Market Services etc.

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derangedlawyer

derangedlawyer

Joined
29 April 2020
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I live in a first world country FFS.
Tired of receiving PAPER mail (LOL!) asking me to register my shares on their website after I buy simple stuff on the ASX via my CommSec account and specify whether I am a tax resident or not. Multiple times a year. This is ridiculous, big waste of time, CommSec should be giving out this information to these providers.
Lived in the US and Europe, done my stocks trading there as well, never had to deal with similar BS.
 
I winged forever about that : when system trading on multiple systems I got something like 20 per day for years, thanksfully chess does amalgamate in a couple of massive envelopes.
You have to wonder why?
Easy: each time a peon purchases a parcel of shares, the registry bills the company for postage ,letter and mailing..it is a money printing machine, mandated by archaic laws and regulations..so do not expect this to disappear and the green activists are more worried of your plastic straw.
I once used these to paper print trade mvt for taxation records but most registries now ensure that any blank side is printed with some legal rubbish....
Edited for typos and self correct
 

Sure you've got your account set up right? I lived in Peru for three years, full time traded and didn't get anything in the mail other than a monthly statement to my Melbourne address. Is it just that you don't have an address back in Oz with someone to file the paper?
 
The whole system is a dinosaur system. Eventually share registries, brokers, etc just need to die and all these assets need to be tokenized via crypto onto the blockchain with smart contracts. Huge efficiency gains to be made in this area (instant settlement, no paperwork, immutable proof of ownership, removal of custodial risk, etc). Unfortunately this whole process will likely take 20 years to be completed from now.

Even bigger cost savings and efficiency gains can be applied to the property industry.

In general the whole traditional financial infrastructure is riddled with rent seeking parasites and is massively inefficient. Why should it cost 5% just to convert from one currency to another? Why should it cost 10% to send money overseas (remittance payments)? Why should Credit Card companies charge up to 2%+ plus transaction fees (e.g. American Express). All of this pure rent seeking. There would be massive productivity gains in the economy if all these frictional rent seeking costs could be removed (or at least reduced). Crypto currencies and smart contracts will eventually do all of this but it will probably take another 20 - 30 years.
 
Or the central banks will push this argument to switch to their own crypto currency
 
The present system is actually a great illustration of Jevon's paradox.

The ease with which modern technology can spit out paperwork leads to ridiculous amounts of it being produced, much of it completely pointless.

In truth for my active trading I keep the CHESS holding statements "just in case" the ATO audits, I keep the dividend statements for convenience, and shred the rest. Bearing in mind the holding statements and dividend statements will ultimately be shredded, they're just taking longer to get there.

Email much the same. Getting companies to stop sending out junk, and only send actually important things, seems virtually impossible.
 
Sometimes you have to marvel at the paradoxes of technology.

We live in a strange world where at the same time as technology being hyper advanced in some areas like autonomous self driving vehicles and high tech combat drones, etc on the other hand you have many other mundane areas of daily life which are still stuck in the stone ages such as CHESS T + 2 settlement with boatloads of paperwork, ALDIs 50 year old register system which doesn't calculate change and large retail companies whose register softwares are so outdated when they have a 3 day sale they have to manually override the price of each individual item because it cannot be pre-loaded into the system. I am a Bankwest customer and they shut down all their branches but even though they have been owned by Commonwealth bank since 2008 the back end systems are not linked so they force all their customers to do physical banking through Australia post rather than a Commonwealth bank branch (sorry sir Australia Post will take 7 days for the cheque you deposited to clear into your account). And in this day and age it still takes banks up to 4 weeks to process a mortgage.

I could rant for hours on this topic.

And don't even get me started on the third worldification of western/advanced countries. Standards for a lot of stuff seems to be dropping gradually but noticeably over time.
 
They can, I believe you have to set your account up and give them permission and they will do it.
 
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