Assessment of ASX Clearing and Settlement Facilities – October 2023 Ratings on Observance of the Financial Stability Standards
| Standard | ASX Clear | ASX Clear (Futures) | ASX Settlement | Austraclear |
|---|---|---|---|---|
| Legal Basis (CCP/SSF Standard 1) | Observed | Observed | Observed | Observed |
| Governance (CCP/SSF 2) | Partly observed (↓) | Partly observed (↓) | Partly observed (↓) | Partly observed (↓) |
| Framework for the Comprehensive Management of Risks (CCP/SSF 3) | Partly observed (↓) | Partly observed (↓) | Partly observed (↓) | Partly observed (↓) |
| Credit Risk (CCP/SSF 4) | Broadly observed | Broadly observed | N/A | N/A |
| Collateral (CCP/SSF 5) | Observed | Observed | N/A | N/A |
| Margin (CCP 6) | Broadly observed | Broadly observed | N/A | N/A |
| Liquidity Risk (CCP 7, SSF 6) | Broadly observed | Broadly observed | Observed | Observed |
| Settlement Finality (CCP 8, SSF 7) | Observed | Observed | Observed | Observed |
| Money Settlements (CCP 9, SSF 8) | Observed | Observed | Observed | Observed |
| Central Securities Depositories (SSF 9) | N/A | N/A | Observed | Broadly observed (↓) |
| Physical Deliveries (CCP 10) | N/A | Observed | N/A | N/A |
| Exchange-of-value Settlements/Settlement Systems (CCP 11, SSF 10) | Observed | Observed | Observed | Observed |
| Participant Default Rules and Procedures (CCP 12, SSF 11) | Observed | Observed | Observed | Observed |
| Segregation and Portability (CCP 13) | Observed | Observed | N/A | N/A |
| General Business Risk (CCP 14, SSF 12) | Observed | Observed | Observed | Observed |
| Custody and Investment Risks (CCP 15, SSF 13) | Observed | Observed | Observed | Observed |
| Operational Risk (CCP 16, SSF 14) | Partly observed | Partly observed | Partly observed | Partly observed |
| Access and Participation Requirements (CCP 17, SSF 15) | Observed | Observed | Observed | Observed |
| Tiered Participation Arrangements (CCP 18, SSF 16) | Observed | Observed | Observed | Observed |
| FMI Links (CCP 19, SSF 17) | Observed | Observed | Observed | Observed |
| Disclosure of Rules, Key Policies and Procedures, and Market Data (CCP 20, SSF 18) | Observed | Observed | Observed | Observed |
| Regulatory Reporting (CCP 21, SSF 19) | Broadly observed | Observed (↑) | Broadly observed | Observed (↑) |
Ratings scale:
Observed (green) means any identified gaps and shortcomings are not issues of concern and are minor, manageable and of a nature that the facility could consider taking them up in the normal course of its business.
Broadly observed (yellow) means the assessment has identified one or more issues of concern that the facility should address and follow up on in a defined timeline.
Partly observed (orange) means the assessment has identified one or more issues of concern that could become serious if not addressed promptly. The facility should accord a high priority to addressing these issues.
Not observed means the assessment has identified one or more serious issues of concern that warrant immediate action. Therefore, the facility should accord the highest priority to addressing these issues.
N/A (grey) means that the Bank has determined that the standard is not applicable, or an equivalent standard does not exist for the type of facility (e.g., for CCP Standard 6: Margin, there is no equivalent SSF Standard).
Arrows in brackets indicate the ratings change from last year: an up arrow indicates an upgrade and a down arrow indicates a downgrade.