CHESS stands for Clearing House Electronic Sub-register System; it is the Australian Stock Exchange's computer-based share transaction and settlement system. It provides a central book-entry register using electronic transfer of share ownership – your holdings are recorded in a secure database. Instead of holding physical share certificates, you receive an easy-to-read holding statement, similar to a bank statement. You no longer have to send in your share certificates when you decide to sell. It does not cost to join CHESS. It is a safer way to transfer titles and settle transactions, it also means that you no longer risk losing certificates.