Media Release Exchange Settlement Account

The Reserve Bank today announced that the Sydney Futures Exchange Clearing House has been granted an Exchange Settlement (ES) Account. This is the first approval under the more liberal access arrangements announced by the Payments System Board on 1 March this year.

ES Accounts at the Reserve Bank are the means by which providers of payments services settle obligations which they have accrued in the clearing process. Until now, only banks and two Special Service Providers for building societies and credit unions, respectively, have held ES Accounts. Under the new arrangements, non-bank institutions which provide third-party payment services are eligible for ES Accounts.

The Sydney Futures Exchange Clearing House acts as a central counterparty to its members' trades and will operate its ES Account exclusively on a real-time gross settlement (RTGS) basis.

In granting an ES Account, the Reserve Bank does not guarantee that the holder will be able to meet its settlement obligations.

Enquiries

Dr John Veale
Head of Payments Policy
Reserve Bank of Australia
SYDNEY

Phone: (02) 9551 8700

Manager, Information Office
Reserve Bank of Australia
SYDNEY

Phone: (02) 9551 8111