What are CDIs?A CDI is a financial product which is a unit of beneficial ownership in an underlying financial product which is quoted on the ASX market. A CDI confers a beneficial interest in the underlying financial product to which it relates.CDIs can be settled electronically through CHESS and are used when the underlying financial products are not able to be settled through CHESS.For example, if a foreign company issues CDIs in respect of its shares (financial products), the holders of the CDIs obtain “beneficial ownership” of those foreign financial products. The main difference between holding CDIs and holding foreign financial products directly is that you have beneficial ownership of the equivalent number of foreign financial products instead of legal title. Legal title to the foreign financial products is held by a nominee company on behalf of CDI holders.There are three types of CDIs:• CHESS Units of Foreign Securities (“CUFS”), which are issued in respect of foreign equity securities;• Depositary Interests (“DIs”), which are issued in respect of bearer securities (such as debt) or where the securities are held in another settlement and depositary system; and• Government Bond Depositary Interests.The term “CHESS Depositary Interest” (or “CDI”) is a collective term that may be used to refer to any or all of these. Whether you hold CUFS, DIs or Government Bond Depositary Interests, you derive your beneficial interest in the relevant foreign equity, debt or other security through one or more nominee companies, known as depositary nominees.
What are CDIs?A CDI is a financial product which is a unit of...
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