churn beneath the radar of most, page-9

Scorpion,

As you can see from the UBS terms of trade extract, UBS use the Warbont Nominees account for all their buyers whilst they wait to be paid.

They are NOT just for sophisticated holders. I you bought via UBS and didnt pay for 3 days, those shares would sit in Warbont Nominees until you paid for them.

Its fairly simple really Scorp. By ASX rules, shares that are bought for you but not yet paid for sit in the name of your Brokers settlement account, even if you are a tiny holder!