Media Release Payments System Board Update: August 2016 Meeting
At its meeting today, the Payments System Board (the Board) discussed a number of issues including:
- Assessment of the four ASX clearing and settlement facilities: The Bank undertakes formal assessments of clearing and settlement facilities licensed to operate in Australia. The Bank’s 2015/16 assessment will be published after it has been provided formally to the Assistant Treasurer and the Australian Securities and Investments Commission.
- The Board’s forthcoming 2015/16 annual report, which will be published once it has been tabled in Parliament. The Board also noted the annual review of compliance with its policy on management of potential conflicts of interest arising from the Bank’s commercial activities.
- The Board discussed work underway both internationally and domestically on a framework for the resolution of financial market infrastructures (FMIs). It was noted that, although robust risk management significantly reduces the likelihood of an FMI failing, the possibility of such failure is not entirely eliminated. A resolution regime supports the actions public authorities would take in such circumstances to foster financial stability and ensure the continued provision of critical services.
Following today’s meeting, the Board is meeting with members of the Australian Payments Council to discuss the Council’s Australian Payments Plan.