As you may be aware, Six Park have decided to close their business. As Six Park's executing stockbroker and partner, Openmarkets CHESS sponsors your holdings and provides connectivity to your cash management account.
We encourage you to refer to any communications from Six Park. Further, below you can find answers relating to questions you may have around your HIN (being holdings CHESS sponsored by Openmarkets), as well as your cash management account.
Are my assets secure?
Yes—your holdings are registered in your name and secured under a HIN that is CHESS sponsored by Openmarkets.
What happens to my cash and cash management account (CMA)?
No change will be required to your CMA if you choose to continue working with a business that uses Openmarkets to execute and settle your trades.
Your new provider can then arrange with Openmarkets to transfer your HIN and maintain a connection with your CMA.
Does anyone offer similar services to Six Park?
Openmarkets recommend you take the time required to make an informed decision. If you are looking for a trading platform that is focused on passive investing and low fees on products such as ETFs, we believe Pearler may be suitable to that particular investment style. We note that Pearler also utilises Openmarkets to execute, clear and settle ASX-listed securities and therefore if you elect to open an account with Pearler, there are efficiencies and therefore less paperwork than a move to another broker not associated with Openmarkets.
Read more about whether Pearler might suit your needs here.
Please be aware that the above is general advice and does not take into account your objectives, financial situation or needs. You should consider whether Pearler is suitable for you and your personal circumstances.
What do I need to do?
If you agree to open a trading account with Pearler, click here for instructions for what's required to open a trading account.
If you elect to move your HIN and assets to another sponsoring participant, we would be happy to assist you in your move away from Openmarkets as your sponsoring participant but would be sad to see you go.
What happens if I do nothing?
Please refer to communication from Six Park as to what happens if you choose to do nothing, or contact them if still unsure.