The Australian Securities & Investments Commission has made new clearing and settlement (CS) services rules for the ASX Group’s cash equity clearing and settlement facilities, exercising its Competition in Clearing and Settlement services reform powers for the first time. The package requires ASX to provide covered CS services on a transparent and fair basis, including publishing a comparison of its fees against international providers, with the stated aim of promoting competitive outcomes and reducing barriers for new entrants. Under the rules, ASX must take all reasonable steps to ensure pricing is transparent, fair and reasonable, provide access to covered services (including data) on commercial, transparent and non-discriminatory terms, and design and develop core technology systems to facilitate third-party access. The framework implements the Council of Financial Regulators’ 2017 regulatory expectations as enforceable obligations and adds requirements on technical interoperability, management of intragroup conflicts of interest, and external assurances on pricing and barriers to competition; it applies to ASX Clear Pty Ltd, ASX Clear (Futures) Pty Ltd, ASX Settlement Pty Ltd and Austraclear Limited, as well as other ASX Group entities. The rules follow public consultation on Consultation Paper 379 and stakeholder engagement, with input from the Reserve Bank of Australia and the Australian Competition and Consumer Commission; ASIC also published Report 808 responding to submissions. The new rules come into effect in three months.
Australian Securities & Investments Commission 2025-02-25
Australian Securities & Investments Commission issues clearing and settlement rules requiring ASX transparent non-discriminatory access and international fee benchmarking
The Australian Securities & Investments Commission has introduced new rules for ASX Group's cash equity facilities, marking the first use of its Competition in Clearing and Settlement services reform powers. The rules require ASX to ensure transparent pricing, non-discriminatory access, and technology for third-party access. They enforce the Council of Financial Regulators' 2017 expectations and apply to ASX Clear Pty Ltd, ASX Clear (Futures) Pty Ltd, ASX Settlement Pty Ltd, and Austraclear Limited.