Chanticleer
RBA puts ASX board on notice over clearing and settlement
As the de facto enforcer of corporate governance, the exchange ought to be a model of best practice, but a Reserve Bank of Australia report says the sharemarket must lift its game.
The best thing that can be said about the central bank’s suitably frank and highly critical assessment of the ASX’s management of the clearing and settlement system, is that it is happy for ASX to keep its monopoly.
It is clear the Reserve Bank of Australia sees merit in a vertically integrated ASX corporate structure that has equity and futures market trading under one roof, as well as responsibility for the clearing and settlement of trades on its own platform and those of competitors.
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