Key Highlights

  • The RBA published its annual ASX clearing and settlement assessment on 23 September 2026.
  • ASX Clear and ASX Settlement received higher operational-risk ratings following specific CHESS improvements.
  • Governance, risk-management and operational-resilience shortcomings remained in the assessment.

The Reserve Bank of Australia says the ASX has made progress but still falls short because several of its clearing and settlement facilities only "partly" meet the Bank's safety standards. In its annual assessment, published on 23 September 2026 (Media Release 2026-26), the RBA rated the facilities against its Financial Stability Standards. Assistant Governor (Financial System) Brad Jones said that "despite progress during the year, ASX is still not meeting the RBA's expectations in several important areas."

Four Facilities Under Review

The RBA assessed four ASX facilities. ASX Clear and ASX Clear (Futures) act as central counterparties, standing between buyers and sellers to manage default risk. ASX Settlement and Austraclear are securities settlement facilities, which handle the transfer of securities and payment. Together they underpin trading in Australian shares, bonds and derivatives, which matters to investors, brokers and super funds.

Where Standards Remain Partly Observed

The RBA uses graded ratings, so a "partly observed" result signals that gaps remain against a standard, even where some requirements are met. The release does not set out remedial steps for each gap. Many individual standards were rated "observed" or "broadly observed". However, one or more facilities only "partly observed" four standards: governance, the framework for comprehensive management of risks, credit risk, and operational risk.

The headline improvement concerned operational risk. ASX Clear and ASX Settlement were upgraded from "not observed" to "partly observed". The RBA was careful to say this reflects specific CHESS improvements, not broader progress in how ASX manages operational risk. CHESS is the system used for equity settlement. After the December 2024 batch settlement incident, ASX improved CHESS resourcing and contingency arrangements.

Transformation and Governance

ASX established a Transformation Portfolio during the year to address what the RBA calls long-running weaknesses in governance, capability, culture and risk management. The RBA has set clear expectations for the outcomes it wants. If the programme is delivered effectively, it offers ASX a path to meeting the standard expected of an operator of critical market infrastructure.

Jones said ASX is undergoing "a period of substantial organisational change in response to several long-running issues". The test, he said, is for ASX to show it can deliver the transformation "without compromising the safe and reliable operation of its critical infrastructure". The Australian Securities and Investments Commission has complementary supervisory responsibilities.

Scope of the Regulatory Assessment

The assessment concerns the resilience and regulatory compliance of clearing and settlement infrastructure. Central counterparties manage exposures between market participants, while settlement facilities support completion of transactions. The RBA’s findings address these functions rather than ASX’s share price, earnings or dividends.

What to Watch Next

The full assessment identifies four areas of supervisory focus for the next period: governance and independence of the clearing and settlement facilities; continuity of critical services during disruptions; financial risk models, data and controls; and ASX’s transformation.

Looking Ahead

The assessment records a specific operational-risk upgrade while maintaining expectations for wider improvements. The RBA’s supervisory focus remains on governance, service continuity, financial-risk controls and the delivery of ASX’s transformation.