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Market licensees and clearing and settlement facility licensees assessment report – ASX Ltd

Released 2 April 2026

In June 2025, ASIC took the unprecedented step of commissioning an inquiry into ASX after years of persistent issues and operational failings.

Under ss794C and 823C of the Corporations Act 2001 (Cth), ASIC utilised its formal assessment powers to appoint a Panel (Panel) (see 25-108MR ASIC appoints expert panel for ASX Inquiry) to examine the governance, capability and risk management frameworks and practices of ASX licensees. The Panel conducted its inquiry in accordance with the detailed terms of reference (Terms of Reference).

The licensees that are the subject of this assessment are:

  • ASX Limited - holder of an Australian market licence issued under s 795B(1) of the Corporations Act.
  • Australian Securities Exchange Limited - holder of an Australian market licence issued under s 795B(1) of the Corporations Act.
  • ASX Clear Pty Limited - holder of an Australian CS facility licence issued under s 824B(1) of the Corporations Act.
  • ASX Settlement Pty Limited - holder of an Australian CS facility licence issued under s 824B(1) of the Corporations Act.
  • ASX Clear (Futures) Pty Limited - holder of an Australian CS facility licence issued under s 824B(1) of the Corporations Act.
  • Austraclear Limited - holder of an Australian CS facility licence issued under s 824B(1) of the Corporations Act.

ASIC’s assessment (the Assessment) was informed by:

The actions taken by ASIC and commitments made by ASX in the letter dated 15 December 2025 (ASX Commitments Letter) occurred during the course of, and as a result of, the Assessment.

ASIC’s written report on the assessment comprises this statement, the Terms of Reference, the Interim Report, the Final Report and the ASX Commitments Letter.

ASIC has published the written report in whole under ss794C(6) and 823C(6) of the Corporations Act.