Competition in the provision of clearing and settlement services submission

Executive Summary

Reforms to modernise CS services are urgent and Australia cannot afford to wait for ASX to reveal its post-CHESS plans

Moving to greater competition is consistent with approaches taken in comparable international jurisdictions

Introducing more competition in CS services will deliver significant benefits to Australians and place us back at the global frontier

To realise the benefits of competition it will be important that any legislative and policy changes enable and catalyse new entrants into specific segments of the Australian financial markets value chain such as CS services

Further refinements are required to the exposure draft legislation to unlock the potential of truly competitive CS services in Australia

FinClear has demonstrated and deployed the distributed ledger technology that can modernise CS services which shows how Australia can head back to the global frontier

Regulatory reforms and decision-making can help to capture the potential of these disruptive technologies

Reform as the catalyst of Australia’s return to global leadership in financial markets infrastructure