Clearing and Settlement of Cash Equities in Australia

Clearing Pricing

ASX Clear is the central counterparty for products traded on ASX and other Approved Market Operators.

ASX Clear charges participants where a trade is submitted for registration and/or clearing.

Cash market clearing fees

Headline cash market clearing fee

Service  Explanation  Charge 
Equities    Fee for registration and clearing of cash equity trades Ad valorem of 0.25bp    

Cash market clearing fee schedule

A detailed fee schedule for cash market clearing services is available here

The fee schedule sets out the fees for cash market clearing services for ASX Clear participants and a brief service description for each of those services.  It also provides the details of the ASX cash market clearing revenue sharing scheme.

Participants with queries on the fee schedule should contact their ASX Account Manager.

Worked example - headline clearing fee

A transaction of 1,000 shares at $15.35 involving 2 participants is novated by ASX Clear.

The transaction value = 1,000 × 15.35 = $15,350

ASX Clear will charge each participant a transaction clearing fee of 0.25bp of the transaction value.

The clearing fee = 15,350 × 0.0025% = $0.38 per participant.

 

 

 

Transparency in relation to fee changes

Participants are notified of any fee changes by way of market circular.

If ASX changes cash market clearing and/or settlement fees, participants will be provided with information to assist in their analysis of the impact of clearing and settlement price changes on their total service costs. In the event that fees are changed, participants will be notified individually of the pricing changes and the implications for their businesses.

Market circulars are available in the Participant Library of ASX Online.  For access to the Participant Library, please contact the ASX Online Help Desk on 1800 682 484 or participants.online@asx.com.au.

Non-discrimination - fee waivers and discounts

ASX Clear and ASX Settlement do not discriminate between different participant types with respect to fees and charges.

Under new Financial Stability Standard guidelines, ASX is required to publish its policies with respect to any available fee waivers and discounts.  Under the Code of Practice for Clearing and Settlement of Cash Equities in Australia, ASX is also required to provide the details of the applicable terms, conditions and eligibility criteria of any rebates, revenue sharing arrangements and discounts applicable to each cash market clearing and settlement service.

Fee and billing process

ASX Clear and ASX Settlement are wholly-owned subsidiaries of ASX Limited (ASX) and are responsible for the provision of clearing and settlement services to ASX participants.

Fees are invoiced by ASX Operations (which is also a wholly-owned subsidiary of ASX) on behalf of ASX Clear and ASX Settlement.  Invoices are issued monthly in arrears.

For Q4 CY13, ASX Clear will be providing clearing participants with individual analytical quarterly reports setting out their cash market clearing activity and their transaction fees for that quarter. A sample of the quarterly report that Clearing Participants will receive is available here.