Forum Archive Index - January 2000

[Nigel McCarter <n.mccarter@clear.net.nz>]

At 09:12 PM 1/28/00 +1300, you wrote:
>   Nigel,   I am sitting on a loss too.   Anyway, what is a CHESS
>registered  broker?   RGDS,   Vincent Wang 

The system is slightly different in Oz. Instead of having multiple share
registries and shareholder numbers which are then accesed by a FIN number
as in New Zealand,

individual investors pick a sponsoring broker who then keeps track of your
shareholdings.  You also get CHESS statements that tell you how many shares
you have, but when you come to sell, there is no need for FINs etc, you
place the order with the sponsoring broker, and it gets executed.

Have a look at ASX.COM.AU for more details.

I use etrade in Auz, having decided last year that the NZ market was going
nowhere, though I continue to hold all my longer term NZ shares. I looked
at Quicken, commonwealth bank, and several others, but etrade is the only
firm that has a set up specific to cater for NZ investors. 

So far it is working well, though I am being cautious.

Nigel McCarter

Shorten the Odds 
The Short Portfolio
Box 23 019 Hamilton
Phone 64 7 858 2429 Fax 64 858 2689
Mobile 025 274 8560

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