CHESS

When share trading, legal ownership of your share allotment must also change hands. Along with the title to the shares, the seller gets paid and the buyer gets the product in an exchange called a settlement.

In the Australian Securities Exchange (ASX), settlement is facilitated by a computer system called CHESS or Clearing House Electronic Subregister System. CHESS is operated by the ASX Settlement and Transfer Corporation (ASTC). CHESS registers the share title or ownership electronically.