Newcastle Electronic Trading System (NETS)

Trading on the NSX takes place on the Newcastle Electronic Trading System (NETS), which is one of the most technologically sophisticated equities markets in the world.  NSX operates NETS under licence from the Australian Stock Exchange Limited (ASX).  NETS was developed by ASX for the NSX and is based on ASX's own highly successful SEATS^* trading platform.

NETS compares buying and selling orders entered into the system and automatically executes trades in strict time/price priority whenever two orders match.

Orders, are entered on NETS trader workstations in stockbrokers' offices which may be located anywhere in Australia, and are then routed to network processors in Newcastle and Sydney.

Initial trading hours will be between 10.30am and 12.30pm Newcastle (AEST), Monday to Friday.

Settlement of Transactions on the Exchange

The settlement of transactions on the Stock Exchange of Newcastle Limited will occur using CHESS

CHESS^** stands for Clearing House Electronic Sub-register System.

The main objective of CHESS^** is to reduce the amount of paperwork and thereby speed up transaction processing, while providing added benefits of reduced risk of incomplete or incorrect settlement and greater ease of trading and holding shares for investors.

CHESS^** reduces the amount of paperwork by providing for electronic settlement of share transactions.

With CHESS^**, investors, stockbrokers and listed companies enjoy a number of benefits: 

• the convenience and security of maintaining shareholdings in uncertificated form, 

• periodic holding statements detailing individual transactions an the holding balance for each security,

• reduced settlement risk because of faster, fixed period settlement three business days after the trade date (known as T+3), 

• predictable settlement obligations for both buyers and sellers, 

• fast, efficient settlement even when sharemarket volumes are high, and 

• an internationally competitive sharemarket. 

When shares are held in an uncertificated form, you do not have to worry about the security of share certificates, reconciling holdings or forwarding them to your stockbroker.  You can provide access for the transfer of any shares you sell by using your Holder Identification Number (HIN) if you are on CHESS^**, or Shareholder Reference Number (SRN) if you are issuer sponsored.  Both numbers control access to your holdings and so should not be generally disclosed.

Trademark acknowledgements: 
(*) SEATS is a registered trade mark of ASX Operations Pty Ltd.
(**) CHESS is a registered trade mark of ASX Settlement and Transfer Corporation Pty Ltd