30 August 2023 - ASIC – RBA issue joint letter of expectations to ASX

ASIC and the RBA (the Regulators) have issued a joint letter outlining regulatory expectations of ASX Clear Pty Limited (ASX Clear) and ASX Settlement Pty Limited (ASX Settlement) when engaging with the newly established ASX Cash Equities Clearing and Settlement Advisory Group (Advisory Group).

The Advisory Group, with Independent Chair Alan Cameron AO, was established to advise ASX Clear and ASX Settlement on strategic clearing and settlement issues following longstanding industry concerns over the CHESS replacement program. Concerns raised included the adequacy of ASX’s stakeholder engagement and governance process and ASX’s management of intragroup conflicts of interest.

The letter requires ASX Clear and ASX Settlement to resource, consult and engage with the Advisory Group in good faith and in the public interest.