Assessment of ASX Clearing and Settlement Facilities – September 2021 Ratings on Observance of the Financial Stability Standards
| Standard | ASX Clear | ASX Clear (Futures) | ASX Settlement | Austraclear |
|---|---|---|---|---|
| Legal Basis | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| Governance | Broadly observed (↓) | Broadly observed (↓) | Broadly observed (↓) | Broadly observed (↓) |
| Framework for the Comprehensive Management of Risks | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| Credit Risk | Broadly observed (→) | Broadly observed (→) | N/A | N/A |
| Collateral | Observed (→) | Observed (→) | N/A | N/A |
| Margin | Broadly observed (→) | Partly observed (→) | --- | --- |
| Liquidity Risk | Broadly observed (→) | Broadly observed (→) | Observed (→) | Observed (→) |
| Settlement Finality | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| Money Settlements | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| Central Securities Depositories | --- | --- | Observed (→) | Observed (→) |
| Physical Deliveries | N/A | Observed (→) | --- | --- |
| Exchange-of-value Settlement Systems | --- | --- | Observed (→) | Observed (→) |
| Exchange-of-value Settlements | Observed (→) | Observed (→) | --- | --- |
| Participant Default Rules and Procedures | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| Segregation and Portability | Observed (→) | Observed (→) | --- | --- |
| General Business Risk | Observed (↑) | Observed (↑) | Observed (↑) | Observed (↑) |
| Custody and Investment Risks | Observed (→) | Observed (→) | N/A | Observed (→) |
| Operational Risk | Partly observed (→) | Partly observed (↓) | Partly observed (→) | Partly observed (↓) |
| Access and Participation Requirements | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| Tiered Participation Arrangements | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| FMI Links | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| Disclosure of Rules, Key Policies and Procedures, and Market Data | Observed (→) | Observed (→) | Observed (→) | Observed (→) |
| Regulatory Reporting | Broadly observed (↓) | Broadly observed (↓) | Broadly observed (↓) | Broadly observed (↓) |
Ratings scale:
Observed (green) means any identified gaps and shortcomings are not issues of concern and are minor, manageable and of a nature that the facility could consider taking them up in the normal course of its business.
Broadly observed (yellow) means the assessment has identified one or more issues of concern that the facility should address and follow up on in a defined timeline.
Partly observed (orange) means the assessment has identified one or more issues of concern that could become serious if not addressed promptly. The facility should accord a high priority to addressing these issues.
Not observed means the assessment has identified one or more serious issues of concern that warrant immediate action. Therefore, the facility should accord the highest priority to addressing these issues.
N/A (grey) means the standard does not apply to the type of facility being assessed because of the particular legal, institutional, structural or other characteristics of the facility.
--- (white) means that an equivalent standard does not exist for the type of facility (e.g. for CCP Standard 6: Margin, there is no equivalent standard for SSFs).
Blue text is used for upgraded ratings, while red text is used for downgraded ratings. The arrows in brackets indicate the change in ratings from last year.