Clearing and Settlement of Cash Equities in Australia

Equity Market Participants

ASX participants

ASX offers a range of participant membership categories that span its trading, clearing and settlement facilities.  The following participant options are available:

 

How to become an ASX participant

The ASX Customer Management function is the central point of contact for any enquiries relating to participation, including new or existing participants. The Customer Management team can be contacted on +61 2 9227 0787 or participants@asx.com.au.

The Customer Management team facilitates the admission process by liaising with relevant internal and external stakeholders to ensure all obligations under the ASX Operating Rules are satisfied.

Summary of the admission process

The admission process is non-discriminatory and will only proceed once all rules and conditions have been satisfied under ASX’s licence as a Market Operator. The following is a high-level overview of this admissions process.

  1. Potential applicants should review ASX’s Guide to Becoming a Participant and discuss the participant options with the ASX Customer Management team
  2. Potential applicants will need to decide which participant type is appropriate for their business and decide their preferred access model
  3. Applicants should then prepare and submit an ASX Group Participant Application Form (the Support Guide provides guidance to applicants) 
  4. Applicants will need to liaise with ASX (and ASIC) throughout the application assessment process to ensure their ability to meet the obligations under the rules upon admission. Trading Participants are supervised under ASIC’s Market Integrity Rules (MIRs) upon admission. As such, participants should ensure awareness of their obligations under the MIRs
  5. Applicants will be admitted and be in a position to commence operations as an ASX participant.

The time line for admission as a participant is dependent on many factors including participant type, access model, risk management and regulatory clearance (ASIC, APRA, RBA). The applicant’s own readiness is a key factor in determining the admission timeframe.

The ASX Customer Management team will manage your needs and assist you in lodging a participant application.

Factors for participants to consider when applying

  • Regulatory obligations – AFSL requirements, corporate governance, ASX/ASIC Operating Rules
  • Technical provisioning – network connectivity, infrastructure procurement, system configuration, testing and training requirements 
  • Compliance and risk management obligations – development and implementation of policies and procedures to be reviewed and approved by ASX 
  • Third-party arrangements – whether front, middle or back-office will be supported by a third-party and, if so, whether arrangements and agreements are in place

Application fees and annual fees vary according to the participant type. However, a high level summary of these fees is provided below for ASX Clear cash markets participants.

  ASX  ASX Clear  ASX Settlement 
Application Fee  $25,000  $25,000  $10,000 
Annual Fee  $2,500  $7,500  $5,000 

The operational costs - transactions, market information and infrastructure - can be found in the relevant Fee Schedules.

Once admitted as an ASX participant, the ASX Customer Management team will undertake a formal handover to your dedicated ASX Account Manager and Compliance Adviser to assist you with any queries.

To amend your participation at any time in the future, please contact the ASX Customer Management team.

Should you have any concerns, please contact Trish Nicklin, Senior Relationship Manager Clearing Services, on +61 2 9227 0566 or trish.nicklin@asx.com.au.

Or for settlement-specific matters, please contact Andrew White, General Manager Settlement Services, on +61 2 9227 0596 or andrew.white@asx.com.au.