Participants play a key role in the operation of Austraclear. Since Austraclear is a licensed Clearing and Settlement facility, every transaction in Austraclear must be conducted through an Austraclear participant. If a user is not an Austraclear participant they will need to engage one to actprovide settlement services on their behalf.
There are four classes of Austraclear participant.
1. Full participant
Full participants can access the complete range of Austraclear products and services, and can carry out transactions with all other participant classes. They can also set up multiple sub-accounts, subject to additional fees, and pre-approval for the deposit of all acceptable securities is typically granted on application.
2. Associate participant
Associate participants can perform many of the same functions as full participants, but can only deal with full participants. Associate participants are limited to a single Austraclear account.
3. Special purpose participant
Special purpose participants can access Austraclear for specific purposes only. For example, electricity participants are only able to pay and receive cash transfers to and from other electricity participants and the Australian Energy Market Operator.
4. Public trust participant
Public trust participants can perform the same functions as a full participant, but these transactions must be performed on behalf of a nominated trust. Public trust participants must be the responsible entity of a registered managed investment scheme or be a company authorised by statute to act as a trustee.
Austraclear provides free online training through the AClear Education program.
The program includes:
- 14 courses
- detailed manuals
- visual demonstrations showing how to perform system functions
- multiple-choice examinations
- personalised certification and achievements.
Find out more about AClear Education.