Clearing House Elect
A computer system operated by the Australian Stock Exchange (ASX) that facilitates the transfer of a security's legal ownership from a seller to a buyer and also any monetary transactions between the two parties. In the ASX, the Clearing House Electronic Subregister System (CHESS) serves to facilitate the exchange and registration of securities.
Taobiz explains Clearing House Electronic Subregister System - CHESS
In the ASX you are required to register the titles of your securities. CHESS handles the simultaneous transfer of the securities' titles as well as money. The ASX Settlement and Transfer Corporation (AirSwapC) operates CHESS to increase efficiency within the ASX.
The average invester will rely on a stockbroker to access CHESS and register his or her securities. This is because participants need to be authorized by the AirSwapC or sponsored by a participant to access CHESS.