Hi Dmagnus,

My first 5 years of work was in Australia's largest share registry plus 3 Sydney stockbroking firms (two large Aussie Investment Banks and a smaller overseas operation). I moved into financial planning after finding that stockbroking was very transaction driven specifically on stocks and not particularly satisfying, whereas financial planning deals with a clients whole situation (insurances, shares, managed funds, estate planning, superannuation and eventually retirement planning) which is very satisfying by being able to help clients achieve their financial goals.

The forms can be very confusing, your margin lender customer service area should be able to help you set up your account.

You'll find that the actual account name will be in the nominee name of your margin lender, eg, St George Margin Lending is Value Nominees <account number a/c> with the margin lenders address details. With the address details your stockbroker will mail the contract notes to your margin lender for settlement.

Both the stockbroker and margin lender will put the contract details into their computer system and send a 101 CHESS message out to each other. As long as these messages are equal opposites (matching PIDs, stock code, stock quantity, price, contract date and settlement date) the settlement messages will schedule for settlement on the settlement date.

Cheers,

Dan