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Chalmers moves to break ASX monopoly on settlement


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.

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