Media Release Assessment of ASX Clearing and Settlement Facilities – September 2026

The Reserve Bank of Australia today released the 2026 Assessment of the ASX Clearing and Settlement (CS) Facilities. This assesses the performance of the ASX CS facilities against the RBA’s Financial Stability Standards (Standards).

The ASX CS facilities were rated as having ‘observed’ or ‘broadly observed’ many of the individual Standards.

The RBA assessed that one or more of the CS facilities ‘partly observed’ the requirements under the Standards on Governance, Framework for Comprehensive Management of Risks, Credit Risk, and Operational Risk.

During the year, ASX established a Transformation Portfolio intended to address longstanding shortfalls in governance, capability, culture and risk management. The RBA has set clear expectations over the target outcomes in these areas. If delivered effectively, the portfolio provides ASX with a pathway to meet the standard expected of an operator of critical market infrastructure.

ASX strengthened CHESS resourcing and contingency arrangements following the December 2024 batch settlement incident. As a result, the RBA upgraded ASX Clear and ASX Settlement from ‘not observed’ to ‘partly observed’ against the Operational Risk Standard. These upgrades recognise specific improvements to CHESS and do not indicate an assessment of broader improvement in ASX’s management of operational risk.

RBA Assistant Governor (Financial System) Brad Jones said: ‘ASX is undergoing a period of substantial organisational change in response to several long-running issues. Ensuring that the organisational reset allows ASX to discharge its unique responsibilities in Australia’s financial system will take sustained commitment and focus.

‘This assessment highlights that, despite progress during the year, ASX is still not meeting the RBA’s expectations in several important areas. The challenge now for ASX is to demonstrate that it can successfully deliver the transformation program without compromising the safe and reliable operation of its critical infrastructure.’

Background

The Reserve Bank is responsible for the supervision of Australian-licensed CS facilities with a focus on financial stability and the reduction of systemic risk. Systemically important CS facilities are assessed on a regular basis against the Financial Stability Standards determined by the RBA.

The RBA conducts annual assessments of ASX’s four CS facilities: two central counterparties – ASX Clear Pty Limited and ASX Clear (Futures) Pty Limited – and two securities settlement facilities – ASX Settlement Pty Limited and Austraclear Limited. These assessments include a rating of the CS facilities’ observance against each financial stability standard.

For more information on the RBA’s approach to assessing CS facilities, see: The Reserve Bank’s Approach to Supervising and Assessing Clearing and Settlement Facility Licensees.

ASIC has separate, but complementary, responsibilities for the supervision of CS facilities. In carrying out supervision of CS facilities, the RBA works closely with ASIC.