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CHESS Sponsored or Custodian Model?


Guest Youi91

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Guest Youi91

Hey peeps,

I’ve recently opened an account with IG trading but I have not deposited any money yet top start trading, however I would like to know whether IG Trading issues a HIN (Holder Identification Number) when trading stocks. In other words do I directly own my stock or does IG hold the stocks on my behalf like a custodian model?


Any information you can give me on this would be greatly appreciated.

Kind Regards

Youssef

Edited by Youi91
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  • 3 weeks later...
  • 1 month later...

Is there an answer to this elsewhere? I would like to know.

I opened an account with a bank for share trading, and was sent a CHESS holder certificate, but I have not received anything from IG, and I have funds in the account and have made 4 purchases via IG with nothing other than the statement for confirmation.

Nothing from any regulatory body... I don't know if this is right or wrong.

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Guest Youi91
On 07/04/2020 at 20:45, Guest mlantry said:

I too would like to know

Found out not too long ago that IG Trading is a custodian model, they hold the shares on your behalf. If it was CHESS sponsored they would give you option and send you a HIN (Holder Identification Number) specific to you for direct ownership.

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Guest Youi91
On 11/05/2020 at 10:54, Jwal said:

Is there an answer to this elsewhere? I would like to know.

I opened an account with a bank for share trading, and was sent a CHESS holder certificate, but I have not received anything from IG, and I have funds in the account and have made 4 purchases via IG with nothing other than the statement for confirmation.

Nothing from any regulatory body... I don't know if this is right or wrong.

Hmm, I don't think in was given that option for CHESS Sponsored, they should have sent your HIN through mail from the ASX if you got CHESS sponsored.

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4 hours ago, Youi91 said:

Hmm, I don't think in was given that option for CHESS Sponsored, they should have sent your HIN through mail from the ASX if you got CHESS sponsored.

 

On 11/05/2020 at 01:54, Jwal said:

Is there an answer to this elsewhere? I would like to know.

I opened an account with a bank for share trading, and was sent a CHESS holder certificate, but I have not received anything from IG, and I have funds in the account and have made 4 purchases via IG with nothing other than the statement for confirmation.

Nothing from any regulatory body... I don't know if this is right or wrong.

Hi, IG operate under the Custodian Model, see below.

https://www.ig.com/au/glossary-trading-terms/custodian-definition#IG definition

image.thumb.png.a385294349513047dfa30547d41b4f99.png

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2 hours ago, bagmaker said:

so what happens with any dividends from shares?

Will they go to IG or the holder??

They get paid to IG and then they pass it through to your IG account. I have received mine. 

What I'm not clear on is a statement or record showing what franking etc makes up the dividend. 

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