Same underlying company, different instrument

An Australian CHESS Depositary Interest, or CDI, is not the overseas share itself. It represents beneficial ownership of an underlying security, while a depositary nominee holds legal title. CDIs enable CHESS settlement where the underlying security cannot settle directly through that system. The economic exposure can correspond, but the ownership structure differs. ([ASX: CDIs](https://www.asx.com.au/issuers/issuer-services/cdn-and-cdi)) For an NSX CDI, establish which company issued the underlying shares, which share class it represents and how many shares each CDI covers. Do not assume that one CDI equals one share: ASX’s explanatory guide says a CDI can represent a fraction or multiple of an underlying security. ([ASX: Understanding CDIs](https://www2.asx.com.au/content/dam/asx/participants/cash-market/bonds/chess-depositary-interests.pdf))

Match the issuer and security before comparing prices

Start with the NSX security record and the issuer’s admission documents. Record the legal company name, jurisdiction of incorporation, security description, trading code and identifier such as an ISIN. NSX’s Official List separates issuer details from the securities listed beneath them. Its security headings include code, ISIN, FIGI, adviser, status and security listing date. These are starting points for matching records, not substitutes for the terms of the security. ([NSX Official List](https://www.nsx.com.au/marketdata/official-list/)) For a Canadian quotation, identify the actual venue rather than using documents from another exchange to establish its procedures. Locate that security’s listing documents and current notices. CSE investor resources provide separate routes to company news, listing bulletins and notices about its policies and rules. These resources describe CSE disclosures, not the procedures of every Canadian venue. ([CSE investor resources](https://thecse.com/investor-resources/))

A fictional ratio and currency example

Assume a fictional company has overseas common shares and NSX CDIs. Its fictional terms say five CDIs represent one common share. A holding of 1,500 CDIs therefore represents 1,500 ÷ 5 = 300 underlying shares. Assume, solely for this calculation, an overseas reference price of C$2.40 per share and an exchange rate of A$1.10 for C$1: • Underlying reference value: 300 × C$2.40 = C$720. • Australian-dollar equivalent: C$720 × 1.10 = A$792. • Equivalent per CDI: A$792 ÷ 1,500 = A$0.528. Every input is invented, not a current quote. The calculation excludes fees, taxes and currency-conversion charges and assumes no fractional shares. It translates a reference value into comparable units; it does not establish an executable NSX price, a conversion entitlement for a real security or an arbitrage opportunity.

Read the custody terms and conversion instructions

Read the issuer’s CDI explanation alongside the applicable nominee terms. ASX Settlement’s Section 13, dated 21 September 2026, links holders’ entitlements to those terms, supplemented by Section 13, in rule 13.4.1. Rule 13.5.2 requires the principal issuer to ensure the CDI and underlying registers reconcile, taking account of the conversion ratio, called the Transmutation Ratio in the rules, or as otherwise specified in the Procedures. Identify the depositary nominee, Australian CDI registry and overseas registry or transfer agent. ([ASX Settlement: Section 13](https://www.asx.com.au/content/dam/asx/rules-guidance-notes-waivers/asx-settlement-operating-rules/rules/asx-settlement-rules-section-13.pdf)) Check how voting instructions, dividends and corporate actions reach CDI holders. ASX’s guide explains differences in voting arrangements and potential differences in corporate-action entitlements under foreign law. It also distinguishes conversion through the Australian registry for issuer-sponsored holdings from conversion through the sponsoring broker for CHESS-sponsored holdings. ([ASX: Understanding CDIs](https://www2.asx.com.au/content/dam/asx/participants/cash-market/bonds/chess-depositary-interests.pdf)) Use the relevant issuer’s current instructions, not the historical NSX notice discussed below as a live form or deadline.

A short operational checklist

Before treating the instruments as interchangeable, assemble: • Identity: the legal issuer, underlying class and both security descriptions. • Ratio: explicit wording stating how many CDIs represent how many shares, plus any subsequent change. • Custody: nominee terms, registry details and the destination registration required after conversion. • Processing: the current form, required documents, applicable fees and stated completion estimate. • Trading status: current notices for both securities, including any suspension or delisting. The ownership and conversion checks draw on [ASX Settlement’s framework](https://www.asx.com.au/content/dam/asx/rules-guidance-notes-waivers/asx-settlement-operating-rules/rules/asx-settlement-rules-section-13.pdf). For security records and disclosure resources, refer to the [NSX Official List](https://www.nsx.com.au/marketdata/official-list/) and [CSE investor resources](https://thecse.com/investor-resources/). Keep conversion and trading access separate. An NSX-hosted notice concerning Angy (China) Medical Limited’s proposed 2021 delisting distinguishes issuer-sponsored holdings from CHESS-sponsored holdings. The notice says the proposed delisting was subject to a special resolution of shareholders. It states that conversion would place shares on the company’s Hong Kong register and end the ability to trade those holdings on NSX. This is a historical statement of the proposed process, not confirmation that it was completed. ([Historical NSX notice](https://www.nsx.com.au/ftp/news/021740068.PDF)) The notice does not establish access to another exchange. For a particular holding, check its current conversion instructions and obtain confirmation that the receiving account can accept and trade that exact security.

Go to the source

ASX: CHESS Depositary Nominees and CDIsASX Settlement Operating Rules, Section 13, 21 September 2026ASX: Understanding CHESS Depositary InterestsNSX Official ListNSX-hosted Angy (China) Medical notice: CDI conversion and proposed 2021 delistingCSE investor resources

AI-assisted reporting. Beyond ASX, its publisher and relevant contributors receive no payment, shares, options, sponsorship or other benefits for this coverage. They hold no securities in the companies covered and have no commercial relationships with them. This coverage involves no paid broker referrals or other referral income.

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