ASX Limited Faces RBA Scrutiny Over Clearing and Settlement Facilities
The Reserve Bank of Australia (RBA) has expressed concerns over ASX Limited's clearing and settlement facilities, stating that they only partly meet standards in key areas such as governance, risk management, credit risk, and operational risk.
ASX Limited, which operates the largest exchange group by market value, has been under regulatory scrutiny for several years. The RBA's assessment is the latest chapter in this ongoing process, with the central bank pushing for sustained improvement rather than one-off fixes.
The company has been working to strengthen its technology, risk controls, and board oversight through an extensive program. However, regulators have made it clear that they expect regular progress reports and updates on milestones.
The RBA's focus is on the new settlement platform, which is currently being developed in stages with a global vendor. Regulators are concerned about delivery risks, as large market infrastructure projects can be notoriously complex.