Today's statement follows the introduction in March this year of the new Financial Services Reform (FSR) legislation, which came into effect after receiving bipartisan support in the Federal Parliament.
Earlier this week ASX announced its intention to create an Australian Clearing House, forming part of a single clearing and settlement service across all ASX's markets. The ACH would eventually perform the clearing role currently performed by the ASX-owned Options Clearing House (OCH) and ASX Settlement and Transfer Corporation (ASTC).
The RBA statement said the objective of the standards was to ensure that licencees of clearing and settlement facilities identify and properly control risks associated with their operations. ASX is confident that its proposed enhanced clearing and settlement structure, including ACH, will remain at the forefront of best global practice and fully satisfy the RBA's financial stability standards.
ASX looks forward to contributing to the public consultation process commenced with these draft standards and to ensuring that Australia's capital markets maintain their high reputation for integrity, efficiency and reliability.
The draft standards and guidance notes are available on the website www.rba.gov.au.
