Clearing and Settlement of Cash Equities in Australia

The Forum

Under the Code of Practice for Clearing and Settlement of Cash Equities in Australia (the Code), ASX committed to establish an advisory forum (the Forum) comprising senior representatives from ASX’s clearing and settlement participants, and a wide range of other industry stakeholders that are users of ASX’s clearing and settlement services.

The Forum will provide a new mechanism for ASX to engage with users of clearing and settlement services to help ensure that the ongoing development of cash market clearing and settlement infrastructure and services meet the needs of users and are aligned with global standards.

The Forum will meet at least three times a year and will provide user input to the Boards of ASX Clear and ASX Settlement in relation to the ongoing development of cash market clearing and settlement infrastructure and services. The Forum will be supported by a Business Committee comprising representatives of clearing participants, settlement participants and alternative market operators. The Business Committee will report to the Forum.

Objectives of the Forum

The objectives of the Forum are:

  1. to provide user input to the Boards of ASX Clear and ASX Settlement from a wide range of users in relation to ongoing investment in the design, operation and development of the core clearing and settlement infrastructure for the Australian cash equity market, including CHESS;
  2. to consider any matters of common interest arising under the Code or in the principles set out in the report prepared by the Council of Financial Regulators; and
  3. to provide a formal mechanism for the Boards of ASX Clear and ASX Settlement to report to users on their strategic plans and investment decisions in relation to the design, operating and development of the core clearing and settlement infrastructure for the Australian cash equity market, including CHESS.

Agenda setting, minutes and reports from the Forum

The Forum will function in a very transparent way with the publication of meeting agendas, minutes and reports to the Boards of ASX Clear and ASX Settlement on this website.

Agendas will be set by the Forum Chair in consultation with Forum members.  Agendas will be publicly available 1 week prior to the relevant Forum meeting.

Forum meeting minutes will be kept and approved by the Forum Chair. 

The Forum Chair will circulate draft meeting minutes following Forum meetings to provide Forum members with an opportunity to comment on the meeting minutes.  The minutes will be publicly available as soon as practicable after they have been provided to the Boards of ASX Clear and ASX Settlement.

The Forum Chair will prepare a written report on the key issues discussed and any recommendations made by the Forum for inclusion in the Board papers for the next meetings of the Boards of ASX Clear and ASX Settlement. 

A draft report will be circulated to Forum members for comment.  Reports will be publicly available as soon as practicable after they have been provided to the Boards of ASX Clear and ASX Settlement.

Further details relevant to the establishment and operation of the Forum are set out in the Code.