List of tables


Table 1: Systemically Important CCPs and SSFs Operating in Australia

Table 2: Responsibilities Ratings and Actions


Table A1: Allocation of Responsibilities for Principles

Table 1: Systemically Important CCPs and SSFs Operating in Australia(a)
  Description of Activity Values Cleared/Settled, Daily)(b) Number of participants(c)
(a) A third small licensed SSF is operated by IMB Limited for trades in its own securities. Since the value of financial obligations settled by IMB Limited in any financial year falls well below $200 million, IMB Limited is not subject to the Bank's FSS for SSFs (SSF Standards).
(b) Average for the year ended 30 June 2014; ASX OTC derivatives data for June 2014.
(c) As at 30 June 2014.
(d) Average single-sided notional value of trades registered per day. Data for AUD-denominated trades are for 1 September 2013 to 30 June 2014.
(e) Includes settlement of off-market trades.
Sources: ASX; Bloomberg; LCH.Clearnet Limited; RBA
Central Counterparties
ASX Clear Clearing of cash equities and equity-related derivatives Cash equities: $4 billion traded value Equity options: $115 million traded value/$2.8 billion underlying 36 active direct participants (including Australian/foreign banks, brokers)
ASX Clear (Futures) Clearing of ASX 24 exchange-traded derivatives and AUD OTC interest rate derivatives $167 billion for five major listed financial contracts $4.1 billion notional value for OTC derivatives 19 direct participants (including Australian/foreign banks). Large number of indirect participants for listed derivatives
LCH.Clearnet Ltd's SwapClear Service Clearing of OTC interest rate derivatives $1.3 trillion notional value for all currencies $11.7 billion notional value for AUD-denominated trades(d) 90 direct participants internationally (including two Australian banks)
Securities Settlement Facilities
ASX Settlement Settlement of cash equities $8.3 billion(e) 78 direct participants (including Australian/foreign banks, brokers)
Austraclear Settlement of OTC trades in debt securities, AUD payments $41 billion for securities trades $11 billion for payment-only transactions 847 participants (including financial institutions and corporates); some access indirectly
Table 2: Responsibilities Ratings and Actions
Standard Rating Action
A. Regulation, supervision and oversight of clearing and settlement facilities Observed  
B. Regulatory, supervisory and oversight powers and resources Observed  
C. Disclosure of policies with respect to clearing and settlement facilities Observed  
D. Application of the Principles for Financial Market Infrastructures Observed To ensure consistent regulatory outcomes across FMIs and the markets that they serve, ASIC will continue to use existing forums for coordination across its stakeholder teams. Such coordination will facilitate consideration of the broader impact of application of the Principles and other aspects of CS facility regulation on the fairness and efficiency of financial markets.

The Bank recently established a senior level internal FMI Oversight Committee. The Bank will monitor the effectiveness of this Committee on an ongoing basis. Appropriate steps will be taken to ensure that the Committee meets its key objective of providing a forum for review and challenge to the staff's routine oversight decisions within the policy framework established by the PSB.
E. Cooperation with other authorities Observed ASIC and the Bank will continue to work with other central banks and regulators of CS facilities to promote effective cooperation and mutual assistance in the regulation and oversight of cross-border CS facilities. Formal cooperation arrangements with other authorities will be established as appropriate.
Table A1: Allocation of Responsibilities for Principles
Principle Responsible authority
1. Legal basis Joint responsibility of ASIC and the Reserve Bank
2. Governance
11. Central securities depositories
13. Participant default rules and procedures
14. Segregation and portability
15. General business risk
16. Custody and investment risks
17. Operational risk
18. Access and participation requirements
19. Tiered participation arrangements
20. Financial market infrastructure links
23. Disclosure of rules, key procedures and market data Reserve Bank
3. Framework for the comprehensive management of risks
4. Credit risk
5. Collateral
6. Margin
7. Liquidity risk
8. Settlement finality
9. Money settlements
10. Physical deliveries
12. Exchange-of-value settlement systems
21. Efficiency and effectiveness ASIC
22. Communication procedures and standards
24. Disclosure of market data by trade repositories Not applicable to CCPs or SSFs