Media Release Movement of Commonwealth Government Securities to the Austraclear System

Last week, members of the Reserve Bank Information and Transfer System (RITS) moved their portfolios totalling $65 billion of Commonwealth Government Securities (CGS) from RITS to the Austraclear System, which is owned and operated by the SFE Corporation Limited. This included the Reserve Bank's own portfolio of CGS.

This movement of securities put into effect the Reserve Bank's decision last year to cease providing electronic settlement services for CGS transactions. This decision was made in the interests of helping to consolidate, and hence to make more efficient, settlement facilities in Australia and followed a period of consultation with RITS members. All wholesale electronic transactions in debt securities in Australia are now settled on the Austraclear System.

The Reserve Bank continues to provide real-time gross settlement facilities for interbank payments through RITS. It will also continue to conduct tenders for CGS and provide registry services for these securities.