The Reserve Bank of Australia - Financial Stability Standards

The RBA is a member of CPMI and therefore jointly responsible for implementing the CPMI-IOSCO Principles for Financial Market Infrastructures in Australia.

The RBA published new FSS which apply to central counterparties ("CCPs") and securities settlement facilities ("SSFs") in Australia, effective from 29 March 2013. The FSS are aligned with the requirements in the CPMI-IOSCO Principles that address matters relevant to financial stability.

The RBA has responsibility for assessing whether licensed CS facilities, including those operated by ASX Group, have complied with the FSS and done all things necessary to reduce systemic risk.

The RBA advised ASX of supplementary interpretive guidance for the application of the FSS to ASX Clear (Futures) and ASX Clear because they are domestically licensed facilities which provide services to clearing participants established in the European Union. ASX responded to the RBA with details of the actions that the CCPs are taking to address the supplementary interpretive guidance for the standards. Refer to ASX response.