Chalmers moves to break ASX monopoly on settlement

AFR

Chalmers moves to break ASX monopoly on settlement

James Eyers and John Kehoe

Mar 23, 2023 – 6.44pm

Treasurer Jim Chalmers will empower regulators to create competition in the $2.5 trillion equities market, a move that could end the ASX’s monopoly on clearing and settlement after the exchange’s $250 million failure to replace these systems.

The Albanese government released draft legislation after the market closed on Thursday to give the Reserve Bank and Australian Securities and Investments Commission – co-regulators of the clearing and settlement facilities – new “rule-making” powers over the ASX.

The Australian Competition and Consumer Commission will also get new arbitration powers to allow it to mediate disputes by potential competitors seeking to provide the services.

Read the full article