CommSec Nominees is the settlement account for CommSec. Every single trade that any client of CommSec does will travel through this account. CommSec is by far and away the largest “execution only” online broker, they always have the largest market share. So you would expect to see a lot of shares go through that account in a healthy market.
The way a trade settles on the share register is roughly as follows:
Selling Shareholder account gets debited —> Selling Broker Settlement Account gets credited —> shares debited from Settlement Account and disappear inside ASX settlement central netting process
Share reappear from inside ASX settlement central netting process (might be different number of shares - one “seller” could sell 10,000 shares as 4,000 to one buyer, 5,000 to another and part fill a third buy order with 1,000) —> Buying broker Settlement Account gets credited -> Buying broker settlement account gets debited -> buying shareholder (or their nominee / custodian account) gets credited
It gets super duper complicated if someone was trading more than once in a day.
“Netting” refers to the concept that if a broker has clients that sell 1.1M shares in a day, and buy 1M shares in a day, they only have to “settle” 100,000 shares. (Each individual client will obviously have accounts debited / credited as required) Or if they bought more than they sold, settle with cash the difference, not the gross. It lowers collateral requirements for participating in the ASX (brokers are 100% on the hook for every trade their client does. If their client cant settle, they have to settle for them).
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