Broker Nominee Accounts are not related to T + 3, they would be...

Broker Nominee Accounts are not related to T + 3, they would be sent to the registry if a client has failed to settle and other arrangements have been made and this account may be used. If gives the broker security over the stock.

Otherwise they are held in a broker Suspense or Temporary Account until they have settled, not sent to the registry.

Failing to settle pulls resources from the brokers guarantee/overdraft.

Some clients request that the broker nominee account be used particularly, in TO situations, and in situations where they have not completed the allocation of the stock.

Fund Mangers operate Nominee accounts also. These are used to divide stock allocations internally and to facilitate internal stock transfers between funds for weighting etc,

For example

AMP Small Caps No1
to
AMP Small Caps No2

So, what you are looking to see is a build up of Broker Nominees not Fund Manager Nominees.

The likely hood of T+3 (those not settling) being sent to the register in a nominee is rare. The notion that over 3 million shares at Commsec has failed to settle is rubbish.

Hope that Helps