Services for Approved Listing Market Operators
Settlement Facilitation Service
ASX Settlement provides settlement arrangements for approved listing venues (Approved Listing Market Operators or ALMOs) in respect of CHESS-eligible financial products listed on the markets of those ALMOs. There are two options for the settlement arrangements:
- A Transfer Facilitation Service where CHESS-eligible ALMO-listed financial products can be transferred in real-time by ASX Settlement participants through CHESS. Payment is handled bilaterally by participants outside of CHESS or
- A DvP Facilitation Service where CHESS-eligible ALMO-listed financial products can be settled on a delivery versus payment (DvP) basis by ASX Settlement participants through the CHESS settlement batch.
ASX Settlement has also put in place arrangements for ALMO-listed issuers to access the following services:
- ASX Primary Market Facility, which enables them to use DvP settlement for certain capital raisings, and
- A Corporate Actions Service where ASX Settlement may process a corporate action, through the settlement facility for CHESS-eligible ALMO listed financial products.
The following listing market operators have been approved under the ASX Settlement Operating Rules to use the Transfer Facilitation Service, the DvP Facilitation Service, the ASX Primary Market Facility and the Corporate Actions Service:
- Sydney Stock Exchange Limited (SSX) (previously known as Asia Pacific Exchange Limited)
- National Stock Exchange of Australia Limited (NSX)
- SIM Venture Securities Exchange Limited (SIM).
If you are interested in being provided with settlement arrangements as a listing market operator, please contact Katie McDermott, ASX’s General Manager Post Trade Issuer Services Operations, on +61 2 9227 0161 or firstname.lastname@example.org.
Contractual framework and service fees
ASX Settlement makes the Transfer Facilitation Service and the DvP Facilitation Service available to ALMOs on a fair and non-discriminatory basis under a Settlement Facilitation Service Agreement. The terms and conditions of these services are included in the standard form Settlement Facilitation Service Agreement.
An ALMO that seeks approval under the ASX Settlement Operating Rules to acquire either service must meet minimum technical and operational standards. Those standards are set out in section 4.1A of the ASX Settlement Operating Rules.
An initial application fee, annual fees and other fees apply to each service. An ALMO which takes up the DvP Facilitation Service will inherit the functionality of the Transfer Facilitation Service (ie the submission of demand-transfer settlement instructions by ASX Settlement participants in CHESS). Fees are also payable by the issuers of CHESS-eligible financial products for the set-up and maintenance of securities and sub-registers in CHESS, together with other fees that are equivalent to current CHESS issuer fees.
Schedule 4 of the standard form Settlement Facilitation Service Agreement sets out the fees applicable to each service, the initial application fee and the annual fees.
The Operational Procedures for Approved Market Operators Using ASX Settlement and Issuer Administration Services are available here.
Access procedures for ALMOs and application forms
Procedures for Access Requests by ALMOs can be viewed here.
The access procedures set out the processes and timeframes for ASX to respond to new customer enquiries for standard access to the Settlement Facilitation Service, new service enquiries by existing customers and enquiries by existing or prospective customers for the enhancement of the Settlement Facilitation Service. The access procedures also provide an overview of the operational support provided under the Settlement Facilitation Service and the Information Handling Standards that will be implemented to protect ALMO competitively sensitive information that may be acquired by ASX Settlement in connection with the provision of the Settlement Facilitation Service.
A new customer Application Form for an ALMO requesting provision of a Settlement Facilitation Service is available here.
A new service Application Form for existing customers requesting a new standard service within the Settlement Facilitation Service is available here.
A Change Request Application Form for existing or prospective customers requesting an enhancement to the standard Settlement Facilitation Service is available here.