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CHESS Sponsored or Custodian Model?


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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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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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3 hours ago, bagmaker said:

so what happens with any dividends from shares?

Will they go to IG or the holder??

In the first instance they go to IG. IG then redistributes the dividends to individual investors.

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  • 1 month later...

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