ob体育 welcomes the Government鈥檚 action to progress implementation of rules for competition in clearing and settlement.
Earlier this week, the Assistant Treasurer made the Corporations and Competition (CS Services) Instrument 2024 (Instrument), which empowers ob体育 to make rules on clearing and settlement (CS) services relating to cash equities.
ob体育 is committed to using its new powers on a timely basis to facilitate outcomes that are consistent with those that are expected in a competitive market for CS services. This includes by implementing the 2017 Council of Financial Regulators Regulatory Expectations for Conduct in Operating Cash Equity Clearing and Settlement Services in Australia (Regulatory Expectations) as enforceable obligations.
The Regulatory Expectations apply to ASX鈥檚 engagement with, and provision of services to, users of its monopoly cash equity CS services. The Regulatory Expectations are intended to support the long-term interests of the Australian market by delivering outcomes that are consistent with those that might be expected in a competitive environment, by:
- ensuring that ASX remains responsive to users鈥� evolving needs, including in relation to its governance framework; and
- providing access to its cash equity CS services on a transparent and non-discriminatory basis with terms and conditions, including pricing, that are fair and reasonable.
ob体育 intends to consult on draft CS services rules to deliver these outcomes in July this year.
ob体育 is Australia鈥檚 corporate, markets and financial services regulator.