While supervision and oversight of clearing and settlement (CS) facility licensees is ongoing throughout the year, the Bank also carries out and publishes formal assessments of CS facility licensees' compliance with the Financial Stability Standards. Under the Bank's policy on the Frequency of Regulatory Assessments of Licensed Clearing and Settlement Facilities, the frequency of assessments is determined with reference to the systemic importance of a CS facility to the Australian financial system and the strength of a CS facility's domestic connection. In accordance with this policy, the Bank has committed to conducting annual assessments of the ASX CS facilities and LCH Limited's SwapClear service, while, based on its current activity, assessments of Chicago Mercantile Exchange Inc. will be carried out less frequently. These assessments establish recommendations and regulatory priorities for each CS facility.