CHESS is available to other market operators to help them fulfil their requirements to put in place adequate settlement arrangements.
CHESS allows transactions carried out on other markets to be settled on the same basis as trades executed on ASX.
ASX support for other authorised market operators falls into two broad areas:
- support for securities quoted on ASX which are traded on other markets
- support for securities not quoted on ASX which are listed and traded on other markets
Securities quoted on ASX
A trade execution venue for ASX-quoted securities can use ASX’s Trade Acceptance Service (TAS) to put in place the clearing and settlement arrangements it needs to obtain an Australian market licence. ASIC is responsible for the granting of Australian market licences.
The TAS provides non-discriminatory access to clearing and settlement arrangements for other market operators which trade ASX-quoted securities such as Chi-X.
The TAS enables trades in CHESS-eligible ASX-listed or quoted securities executed on any Australian licensed trading platform to be cleared and settled by ASX Clear and ASX Settlement in an identical fashion to trades executed on ASX’s own cash equity market.
Standard access is currently provided to Chi-X Australia under the TAS.
View more information on Trade Acceptance Service.
Securities not quoted on ASX
ASX Settlement provides settlement arrangements for approved listing markets in respect of CHESS-eligible financial products listed on those markets.
View more information on settlement facilitation service.