List of tables
Chapters
Table 1: Systemically Important CCPs and SSFs Operating in Australia
Table 2: Responsibilities Ratings and Actions
Box
Table A1: Allocation of Responsibilities for Principles
| Description of Activity | Values Cleared/Settled, Daily)(b) | Number of participants(c) | |
|---|---|---|---|
|
(a) A third small licensed SSF is operated by IMB Limited for trades in its own securities. Since the value of financial obligations settled by IMB Limited in any financial year falls well below $200 million, IMB Limited is not subject to the Bank's FSS for SSFs (SSF Standards). (b) Average for the year ended 30 June 2014; ASX OTC derivatives data for June 2014. (c) As at 30 June 2014. (d) Average single-sided notional value of trades registered per day. Data for AUD-denominated trades are for 1 September 2013 to 30 June 2014. (e) Includes settlement of off-market trades. Sources: ASX; Bloomberg; LCH.Clearnet Limited; RBA |
|||
| Central Counterparties | |||
| ASX Clear | Clearing of cash equities and equity-related derivatives | Cash equities: $4 billion traded value Equity options: $115 million traded value/$2.8 billion underlying | 36 active direct participants (including Australian/foreign banks, brokers) |
| ASX Clear (Futures) | Clearing of ASX 24 exchange-traded derivatives and AUD OTC interest rate derivatives | $167 billion for five major listed financial contracts $4.1 billion notional value for OTC derivatives | 19 direct participants (including Australian/foreign banks). Large number of indirect participants for listed derivatives |
| LCH.Clearnet Ltd's SwapClear Service | Clearing of OTC interest rate derivatives | $1.3 trillion notional value for all currencies $11.7 billion notional value for AUD-denominated trades(d) | 90 direct participants internationally (including two Australian banks) |
| Securities Settlement Facilities | |||
| ASX Settlement | Settlement of cash equities | $8.3 billion(e) | 78 direct participants (including Australian/foreign banks, brokers) |
| Austraclear | Settlement of OTC trades in debt securities, AUD payments | $41 billion for securities trades $11 billion for payment-only transactions | 847 participants (including financial institutions and corporates); some access indirectly |
| Standard | Rating | Action |
|---|---|---|
| A. Regulation, supervision and oversight of clearing and settlement facilities | Observed | |
| B. Regulatory, supervisory and oversight powers and resources | Observed | |
| C. Disclosure of policies with respect to clearing and settlement facilities | Observed | |
| D. Application of the Principles for Financial Market Infrastructures | Observed | To ensure consistent regulatory outcomes across FMIs and the markets that they serve, ASIC will continue to use existing forums for coordination across its stakeholder teams. Such coordination will facilitate consideration of the broader impact of application of the Principles and other aspects of CS facility regulation on the fairness and efficiency of financial markets. The Bank recently established a senior level internal FMI Oversight Committee. The Bank will monitor the effectiveness of this Committee on an ongoing basis. Appropriate steps will be taken to ensure that the Committee meets its key objective of providing a forum for review and challenge to the staff's routine oversight decisions within the policy framework established by the PSB. |
| E. Cooperation with other authorities | Observed | ASIC and the Bank will continue to work with other central banks and regulators of CS facilities to promote effective cooperation and mutual assistance in the regulation and oversight of cross-border CS facilities. Formal cooperation arrangements with other authorities will be established as appropriate. |
| Principle | Responsible authority |
|---|---|
| 1. Legal basis | Joint responsibility of ASIC and the Reserve Bank |
| 2. Governance | |
| 11. Central securities depositories | |
| 13. Participant default rules and procedures | |
| 14. Segregation and portability | |
| 15. General business risk | |
| 16. Custody and investment risks | |
| 17. Operational risk | |
| 18. Access and participation requirements | |
| 19. Tiered participation arrangements | |
| 20. Financial market infrastructure links | |
| 23. Disclosure of rules, key procedures and market data | Reserve Bank |
| 3. Framework for the comprehensive management of risks | |
| 4. Credit risk | |
| 5. Collateral | |
| 6. Margin | |
| 7. Liquidity risk | |
| 8. Settlement finality | |
| 9. Money settlements | |
| 10. Physical deliveries | |
| 12. Exchange-of-value settlement systems | |
| 21. Efficiency and effectiveness | ASIC |
| 22. Communication procedures and standards | |
| 24. Disclosure of market data by trade repositories | Not applicable to CCPs or SSFs |