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RBA rates ASX clearing and settlement facilities ‘partly observed’ in key risk areas
In its September 2026 assessment of ASX clearing and settlement facilities, the RBA found most standards were ‘observed’ or ‘broadly observed’, but one or more facilities were only ‘partly observed’ for governance, the comprehensive management of risks, credit risk and operational risk. The RBA also upgraded ASX Clear and ASX Settlement operational-risk ratings after improvements to CHESS resourcing and contingency arrangements following the December 2024 batch settlement incident.
The Reserve Bank of Australia has released its September 2026 Assessment of ASX Clearing and Settlement Facilities, judging ASX’s performance against the RBA’s Financial Stability Standards. The RBA reports that the ASX clearing and settlement (CS) facilities were rated as having ‘observed’ or ‘broadly observed’ many of the individual standards.
However, the RBA assessed that one or more facilities were only ‘partly observed’ requirements under key standards covering governance, a framework for comprehensive management of risks, credit risk and operational risk. The report links this to a broader theme: ASX is in the midst of substantial organisational change, with a Transformation Portfolio established to address longstanding shortfalls in governance, capability, culture and risk management.
The RBA says it has set clear expectations for the transformation program’s target outcomes. It also notes that, following the December 2024 batch settlement incident, ASX strengthened CHESS resourcing and contingency arrangements. As a result, the RBA upgraded ASX Clear and ASX Settlement from ‘not observed’ to ‘partly observed’ against the Operational Risk Standard, while stressing that this reflects specific improvements rather than a broader conclusion on operational-risk management.
For FX traders, the key watch-point is whether ASX can deliver the transformation without compromising the safe and reliable operation of Australia’s critical infrastructure, as judged against the RBA’s standards. Continued supervisory follow-through could affect perceptions of domestic financial stability and, indirectly, financial conditions supporting or weighing on AUD.
Why this matters for FX
This is a financial-stability supervisory update with potential FX relevance through the financial conditions channel. The RBA is explicitly judging whether Australia’s critical market infrastructure can operate safely and reliably while ASX is undergoing organisational transformation. If deficiencies in governance, risk management, credit risk, or operational risk were to persist, that can raise tail-risk perceptions for Australian financial markets and widen funding/liquidity risk premia—an influence that can affect AUD via risk sentiment and domestic financial conditions. Conversely, the RBA’s operational-risk upgrades after CHESS improvements provide some offsetting reassurance that mitigation is being implemented.