Assessment of ASX Clearing and Settlement Facilities – September 2022 Ratings on Observance of the Financial Stability Standards
| Standard | ASX Clear | ASX Clear (Futures) | ASX Settlement | Austraclear |
|---|---|---|---|---|
| CCP and SSF Standard 1: Legal Basis | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| CCP and SSF Standard 2: Governance | Broadly observed (→) | Broadly observed (→) | Broadly observed (→) | Broadly observed (→) |
| CCP and SSF Standard 3: Framework for the Comprehensive Management of Risks | Broadly observed (↓) | Broadly observed (↓) | Broadly observed (↓) | Broadly observed (↓) |
| CCP and SSF Standard 4: Credit Risk | Broadly observed (→) | Broadly observed (→) | N/A | N/A |
| CCP and SSF Standard 5: Collateral | Observed (→) | Observed (→) | N/A | N/A |
| CCP Standard 6: Margin | Broadly observed (→) | Broadly observed (↑) | – | – |
| CCP Standard 7 and SSF Standard 6: Liquidity Risk | Broadly observed (→) | Broadly observed (→) | Observed (→) | Observed (→) |
| CCP Standard 8 and SSF Standard 7: Settlement Finality | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| CCP Standard 9 and SSF Standard 8: Money Settlements | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| SSF Standard 9: Central Securities Depositories | – | – | Observed (→) | Observed (→) |
| CCP Standard 10: Physical Deliveries | N/A | Observed (→) | – | – |
| SSF Standard 10: Exchange-of-value Settlement Systems | – | – | Observed (→) | Observed (→) |
| CCP Standard 11: Exchange-of-value Settlements | Observed (→) | Observed (→) | – | – |
| CCP Standard 12 and SSF Standard 11: Participant Default Rules and Procedures | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| CCP Standard 13: Segregation and Portability | Observed (→) | Observed (→) | – | – |
| CCP Standard 14 and SSF Standard 12: General Business Risk | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| CCP Standard 15 and SSF Standard 13: Custody and Investment Risks | Observed (→) | Observed (→) | N/A | Observed (→) |
| CCP Standard 16 and SSF Standard 14: Operational Risk | Partly observed (→) | Partly observed (→) | Partly observed (→) | Partly observed (→) |
| CCP Standard 17 and SSF Standard 15: Access and Participation Requirements | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| CCP Standard 18 and SSF Standard 16: Tiered Participation Arrangements | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| CCP Standard 19 and SSF Standard 17: FMI Links | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| CCP Standard 20 and SSF Standard 18: Disclosure of Rules, Key Policies and Procedures, and Market Data | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| CCP Standard 21 and SSF Standard 19: Regulatory Reporting | Broadly observed (→) | Broadly observed (→) | Broadly observed (→) | Broadly 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 the standard does not apply to the type of facility being assessed because of the particular legal, institutional, structural or other characteristics of the facility.
--- (white) means that an equivalent standard does not exist for the type of facility.
Blue text is used for upgraded ratings, while red text is used for downgraded ratings. The arrows in brackets indicate the change in ratings from last year: a horizontal arrow indicates no change; a single vertical up arrow indicates a single upgrade; a single vertical down arrow indicates a single downgrade.