RBA says ASX clearing facilities still fall short on governance and risk controls
Australia's market infrastructure remains under close regulatory pressure as the Reserve Bank of Australia says ASX's clearing and settlement facilities still do not meet expectations in several important areas. The central bank says the shortcomings persist despite progress during the year and a broader organisational overhaul at the exchange operator.
Highlights
- RBA's 2026 assessment found one or more ASX clearing and settlement facilities only partly compliant on governance, risk management, credit, and operational risk requirements.
- ASX created a Transformation Portfolio to address governance, capability, culture, and risk management deficiencies, but RBA says the company still falls short of set expectations.
- ASX remains under intense regulatory scrutiny following the 2022 CHESS project failure, with persistent concerns over governance, technology resilience, and operational risk controls.
2026 assessment flags unresolved control weaknesses
As reported by Reuters, the Reserve Bank of Australia said in its 2026 assessment that one or more ASX clearing and settlement facilities only partly observed requirements covering governance, comprehensive risk management, credit risk and operational risk.The central bank said ASX established a Transformation Portfolio during the year to address deficiencies in governance, capability, culture and risk management. It added that it has set clear expectations for the target outcomes it wants to see in those areas.
RBA Assistant Governor for the Financial System Brad Jones said ASX is undergoing a period of substantial organisational change in response to several long-running issues. He said the assessment shows that, despite progress during the year, ASX is still not meeting the RBA's expectations in several important areas.
Regulatory pressure stays high for exchange operator
ASX has faced heightened regulatory scrutiny since abandoning its blockchain-based CHESS replacement project in 2022. Regulators then demanded improvements in governance, technology resilience and risk controls after a series of operational disruptions.The latest assessment indicates those concerns continue to shape oversight of Australia's core market infrastructure, even as ASX works through its remediation program. The company said it acknowledged the release of the RBA's assessment.
In our earlier article, we covered MIAX Exchange Group’s reminder to members about a Regulation SCI and SIFMA business continuity pre-testing event ahead of the 2026 industry-wide BCP test. We outlined the required disaster recovery connectivity, the minimum trading actions firms must complete during the exercise, and the aim of validating order-handling readiness across MIAX’s options and equities markets.
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