What does being Broker Sponsored mean?
When you are broker-sponsored, you will be allocated your HIN (which is broker-specific), and all shares you acquire through a particular broker will be registered under the HIN the broker arranged for you at CHESS. Instead of physical share certificates, at the end of each month you will receive a CHESS Statement of Holding, detailing the type, quantity and other details of the shares you hold. This registration is electronic and makes the process of buying and selling shares more effective and less time-consuming.
Related Questions
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- My broker quoted a stock as 10 bid and 10.25 asked. What does that mean?
