The Reserve Bank of Australia says ASX’s clearing and settlement facilities still fall short of expectations in several critical areas, keeping regulatory pressure on the operator of Australia’s core market infrastructure.
In its 2026 assessment released on 23 September, the RBA found that one or more ASX clearing and settlement facilities only “partly observed” requirements covering governance, comprehensive risk management, credit risk and operational risk.
The assessment covers ASX Clear, ASX Clear (Futures), ASX Settlement and Austraclear — infrastructure that sits behind the processing, clearing and settlement of Australian securities and derivatives transactions.
Some progress, but not a clean bill of health
The RBA did acknowledge improvement. ASX Clear and ASX Settlement were upgraded from “not observed” to “partly observed” against the operational-risk standard following stronger CHESS resourcing and contingency arrangements.
Those changes followed the December 2024 batch-settlement incident and broader regulatory concern about operational resilience.
However, the RBA was explicit that the upgrades should not be interpreted as a broader endorsement of ASX’s management of operational risk.
The exchange operator has established a Transformation Portfolio intended to address longstanding shortcomings in governance, capability, culture and risk management. The central bank said that program could provide a pathway back to the required standard if it is delivered effectively.
Critical infrastructure under sustained scrutiny
ASX’s market infrastructure occupies a unique position in the Australian financial system. Failures in clearing or settlement can affect brokers, investors, custodians and financial institutions across the market.
That is why the RBA’s assessment focuses on systemic resilience rather than ordinary corporate performance. The central question is whether the infrastructure can continue operating safely through operational failures, technology disruptions, credit events and periods of market stress.
The latest assessment shows that regulatory confidence has not yet been fully restored despite organisational changes and additional investment.
RBA Assistant Governor Brad Jones said ASX is undergoing substantial organisational change but still needs to demonstrate that it can deliver its transformation without compromising the safe and reliable operation of critical infrastructure.
Implications for ASX’s transformation program
The assessment increases the importance of execution across ASX’s technology and risk agenda. Governance reform, operational resilience and the future of post-trade systems remain closely linked after the abandoned blockchain-based CHESS replacement project and subsequent operational incidents.
For market participants, the practical concern is continuity. Brokers and institutional investors depend on settlement infrastructure that is both reliable and capable of adapting to future market requirements.
For ASX, the next phase is less about announcing remediation programs and more about proving that those programs produce durable improvements in controls, accountability and operational performance.
The central bank’s message is therefore mixed but clear: progress has been made, yet important gaps remain. Until those gaps close, ASX’s critical market infrastructure will remain under heightened supervisory attention.
Sources: Reserve Bank of Australia media release, 23 September 2026; RBA 2025/26 Assessment of ASX Clearing and Settlement Facilities.
Featured image: Marcus Reubenstein / Unsplash.
