Services for Approved Listing Market Operators
Settlement Facilitation Service
ASX’s Settlement Facilitation Service provides settlement arrangements for unaffiliated Approved Listing Market Operators (ALMOs) in respect of the CHESS-eligible financial products listed on their markets. 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 unaffiliated ALMO-listed issuers to access the following services:
The ASX Primary Market Facility, which provides ALMO‑listed issuers with DvP settlement services for certain capital raisings, and
A Corporate Actions Service, whereby corporate actions for CHESS-eligible ALMO listed financial products can be processed through the settlement facility.
ASX provides the Transfer Facilitation Service, the DvP Facilitation Service, the ASX Primary Market Facility and the Corporate Actions Service to the Sydney Stock Exchange (SSX) and National Stock Exchange of Australia Limited (NSX).
If you are interested in being provided with settlement arrangements under the Settlement Facilitation Service, please contact Katie McDermott, General Manager Post Trade and Issuer Services Operations, on +61 2 9227 0161 or email@example.com.
Contractual framework and service fees
The Transfer Facilitation Service and the DvP Facilitation Service is made available to unaffiliated ALMOs on a non-discriminatory basis under a Settlement Facilitation Service Agreement. The terms and conditions of these services are in the standard form Settlement Facilitation Service Agreement.
An ALMO must meet minimum technical and operational standards to obtain the Transfer Facilitation Service or the DvP Facilitation Service. The relevant 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 also obtain the functionality of the Transfer Facilitation Service (that is, the submission of demand-transfer settlement instructions by ASX Settlement participants in CHESS). Fees are also payable by the issuers of the CHESS-eligible financial products listed on the ALMO for the set-up and maintenance of securities and sub-registers in CHESS.ALMO issuers will also be subject to other fees that are equivalent to current CHESS issuer fees.
Schedule 4 of the standard form Settlement Facilitation Service Agreement sets out the initial application fee, the annual fee and the fees applicable to each service.
The Operational Procedures for Approved Market Operators are available here.
Access procedures for ALMOs and application forms
The Access Protocols and Procedures set out the processes and timeframes for ASX to respond to new customer enquiries for standard access to the Settlement Facilitation Service. They also set out the processes and timeframes for new service enquiries by existing customers and enquiries 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 Standard that ASX has put in place to protect ALMO confidential information.
Procedures for Access Requests by ALMOs can be viewed here.
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.
The Access Protocols also set out the process for dispute resolution for pre‑access disputes. The Access Protocols can be viewed here.