the trade. On settlement day, the controlling participant initiates ASX Settlement transaction, and ASX Settlement invokes the Society for Worldwide Interbank Financial Telecommunication's SWIFT FIN service, the service which sends financial information from one financial institution to another, to send an interbank request to the Reserve Bank Information and Transfer System (RITS). The message is regulated by Australian Payments Clearing Association (APCA) under the Regulations for High Value Clearing System Framework (CS4). Based on the information provided by SWIFT FIN, RITS makes a final and irrevocable settlement by the simultaneous crediting and debiting the participants’ Exchange Settlement Accounts (ESAs) held at the Reserve Bank. RITS notifies ASX Settlement of the transfer of the gross amount across ESAs, and ASX Settlement messages CHESS, which finalises the transaction at the participant level by recording the transfer of the shareholding on the CHESS subregister from one security holder to the other. It is then the responsibility of the issuing company to complete the administrative aspects of the transaction, such as notifying both parties of the change of shareholding, as well to ensure it has the details of the new security holder, such as bank details, address for communications, tax file number, etc. References External links ASX Settlement and CHESS, Australian Securities Exchange (ASX) Australian Securities Exchange Securities clearing and depository institutions Securities (finance)