The Reserve Bank of Australia’s 2026 assessment of ASX’s four clearing and settlement facilities found that they observed or broadly observed many Financial Stability Standards, but one or more facilities only partly observed requirements for governance, comprehensive risk management, credit risk and operational risk. The findings confirm continuing weaknesses in governance, capability, culture and risk management despite progress during the year. ASX established a Transformation Portfolio to address these longstanding shortfalls, with the RBA setting expectations for its target outcomes. Following stronger CHESS resourcing and contingency arrangements after the December 2024 batch settlement incident, ASX Clear and ASX Settlement were upgraded from not observed to partly observed against the Operational Risk Standard. The RBA cautioned that these upgrades reflect specific CHESS improvements rather than broader progress in ASX’s operational risk management, and said ASX must deliver its transformation without compromising critical infrastructure safety and reliability.
2026-09-23Reserve Bank of Australia
Reserve Bank of Australia finds continuing ASX shortfalls in four risk areas, upgrades two operational risk ratings
The Reserve Bank of Australia found that ASX’s clearing and settlement facilities still partly observed standards covering governance, comprehensive risk management, credit risk and operational risk. It upgraded ASX Clear and ASX Settlement from not observed to partly observed for operational risk after specific CHESS improvements, but said this did not indicate broader progress in ASX’s operational risk management.