Clearing and Settlement Facilities Financial Stability Standards
Clearing and settlement (CS) facilities are systems that clear and settle transactions in securities such as bonds and equities, and in derivative instruments such as options and futures. The Reserve Bank of Australia has formal responsibility for ensuring that licensed CS facilities conduct their affairs in a way that is consistent with financial system stability.
Current Standards
The Bank determined Financial Stability Standards for licensed CS facilities, in accordance with subsection 827D(1) of the Corporations Act 2001. There are two sets of standards that apply to different types of licensed CS facility:
- the Financial Stability Standards for Central Counterparties (CCP Standards) and
- the Financial Stability Standards for Securities Settlement Facilities (SSF Standards).
The current CCP Standards came into force on 29 March 2013, in accordance with subsection 827D(5) of the Corporations Act 2001. The current CCP Standards replace previous standards for CCPs determined in 2003, and varied in 2005 and 2009. The current SSF Standards came into force on 24 June 2024, in accordance with subsection 827D(5) of the Corporations Act 2001. The current SSF Standards replace the previous standards for SSFs determined in 2012.
Documents | Commencement Date | Date of Notice | Media Release |
---|---|---|---|
Central Counterparties | |||
Standards and Guidance(a)(b)(c)(d)(e)(f) | 29 Mar 2013(g) | 10 Dec 2012 Gazettal Notice 75KB |
2012-37 |
Revocation of Standards 7.3, 7.9, 13.1, 13.2 and 13.3 (transitional relief) | 22 Feb 2013 Gazettal Notice 80KB |
||
Determination of Standards 7.3, 7.9, 13.1, 13.2 and 13.3 (transitional relief) | 31 Mar 2014 | 22 Feb 2013 Gazettal Notice 80KB |
|
Securities Settlement Facilities | |||
Standards and Guidance(a)(b) | 24 June 2024 |
13 June 2024 Notice |
2024-13 |
Revocation of previous Standards | 13 June 2024 Notice |
||
Determination of Standards | 24 June 2024 | 13 June 2024 Notice |
|
(a) In interpreting CCP Standards 3.5, 4.8, 7.9, 14.3 and 14.5, and SSF Standards 3.5,
4.5, 6.9, 12.3 and 12.5, the Bank will apply the guidance in the revised report,
Recovery of Financial Market Infrastructures, issued by CPMI and IOSCO
in July 2017. This report is available at: <http://www.bis.org/cpmi/publ/d162.pdf>.
(b) In interpreting relevant requirements under CCP Standards 2, 3, 8, 16 and 19, and SSF Standards 2, 3, 7, 14 and 17 the Bank will apply the Guidance on cyber resilience for financial market infrastructures, issued by CPMI and IOSCO in June 2016. This report is available at: <https://www.bis.org/cpmi/publ/d146.pdf>. (c) See supplementary interpretation for domestically licensed CCPs that provide services to clearing members that are either established in the EU or subject to EU bank capital regulations. (d) In interpreting disclosure requirements under CCP Standard 20.5, the Bank expects central counterparties to apply the Public quantitative disclosure standards for central counterparties issued by CPMI and IOSCO in February 2015. These standards are available at: <http://www.bis.org/cpmi/publ/d125.htm>. (e) In interpreting CCP Standards 7 and 8, the Bank will take into consideration the statement, Clearing of deliverable FX instruments, issued by CPMI and IOSCO in February 2016. This statement is available at: <http://www.bis.org/cpmi/publ/d143.pdf>. (f) In interpreting CCP Standards 2, 3, 4, 5, 6, 7 and 14, the Bank will apply the guidance in the report, Resilience of central counterparties: Further guidance on the PFMI, issued by CPMI and IOSCO in July 2017. This report is available at: <http://www.bis.org/cpmi/publ/d163.pdf>. (g) For details of standards that came into force on 31 March 2014, see endnote. |
Related Publications
Principles for Financial Market Infrastructures
BIS Committee on Payment and Settlement Systems and International Organization of
Securities Commissions
April 2012
Endnote
The following standards came into force on 31 March 2014: CCP Standards 3.5, 4.8, 7.3, 7.9, 13.1, 13.2, 13.3, 14.3 and 16.11. [1]