The ASX Business Committee was convened by ASX Limited (ASX) under its Code of Practice in August 2013. In October 2016, ASX updated its Code of Practice (the ASX Cash Equities Clearing and Settlement Code of Practice) to set out its commitment to comply with the Regulatory Expectations for the Conduct of Cash Equity Clearing and Settlement Services in Australia (Regulatory Expectations), and its commitments to users in managing clearing and settlement infrastructure and services for the Australian cash equities market. Under the revised Code of Practice, the role of the Business Committee was updated as a mechanism for input in to ASX’s governance framework.
Role of the Business Committee
The role of the Business Committee is to provide:
- input for consideration by ASX Management and the Boards of ASX Clear and ASX Settlement on the ongoing operation of cash equities clearing and settlement infrastructure and services provided by ASX;
- input for consideration by ASX Management and the Boards of ASX Clear and ASX Settlement on setting the ASX investment strategy for cash equities clearing and settlement infrastructure and services development, and the system design, operational arrangements and implementation plan for new cash equities clearing and settlement infrastructure and services provided by ASX;
- advice to ASX Management to assist in progressing cash equities clearing and settlement initiatives of interest to the industry, with the aim of facilitating service innovation and improving overall market efficiency; and
- a mechanism for ASX Management and the Boards of ASX Clear and ASX Settlement to consult clearing participants, settlement participants and other market operators regarding their strategic plans and investment decisions in relation to the design, operation and development of the core clearing and settlement infrastructure and services for the Australian cash equities market.
The Business Committee comprises representatives of clearing participants, settlement participants, alternative market operators and relevant industry organisations. The objective for the Business Committee is for it to comprise executives with a deep understanding of clearing and settlement, for example, Chief Operating Officers.
Business Committee Membership
|ABN AMRO Clearing||Mr Barry Parker||Chief Executive Officer|
|AFMA||Mr David Lynch||Chief Executive Officer|
|ANZ||Mr Peter Mullin||Head of Distribution ANZ SI, Wealth Australia|
|Bank of America Merrill Lynch||Mr Rhys Cahill||Global Markets COO|
|Bell Potter Securities||Mr Dean Surkitt||Managing Director Retail|
|BNP Paribas||Mr Luc Renard||Head of Clearing & Custody|
|Chi‑X Australia||Mr Mike Aikins||Chief Operating Officer|
|Citi||Mr Miles O’Connor||Director, Direct Custody & Clearing Securities & Funds Services|
|Common Wealth Bank of Australia||Mr Sheridan Thompson||Head of Strategic Development, CommSec|
|Credit Suisse||Mr Winston Loke||Australia Equities COO|
|Deutsche Bank AG||Mr Geoffrey Plaisted||Chief Operating Officer, Equities|
|Goldman Sachs||Mr Jeremy Follett||Executive Director Operations|
|HSBC||Mr Peter Snodgrass||Head of Direct Custody and Clearing|
|J.P. Morgan||Mr Jonathan Evans||Head of Custody and Markets Operations|
|Macquarie Group||Mr James Indge||Cash Equities Business Manager|
|Morgans||Mr Peter Chisholm||Manager, Transactional Services & Settlement Systems|
|Morgan Stanley||Mr Craig McGuire||Head of Operations|
|National Australia Bank||Mr Greg Bowrey||General Manager, Self-Directed Wealth Products & Markets|
|NSX||Ms Ann Bowering||Managing Director|
|Perishing Securities||Mr Rob Forbes||Chief Executive Officer|
|Stockbrokers and Financial Advisers Association||Mr Andrew Green||Chief Executive Officer|
|Sydney Stock Exchange||Mr Tony Sacre||Chief Executive Officer|
|UBS||Mr Conor Foley||Chief Operating Officer|
In some circumstances, it may be appropriate for the Business Committee to appoint and convene technical committees to assist in the performance of its role. A Technical Committee comprising ASX (Chair) and industry representatives has been formed to focus on CHESS messaging and the adoption of ISO 20022 messaging. The adoption of ISO 20022 is a major work‑stream for the CHESS Replacement project and members of the Technical Committee will be involved in the detailed work associated with this work‑stream. The key objectives, activities and governance of the Committee as well as meeting agendas and papers can be found here.