Australian Stock Exchange and ASX Settlement and Transfer Corporation Pty Ltd

The Australian Stock Exchange (ASX) and the ASX Settlement and Transfer Corporation Pty Ltd (ASTC) lodged several applications for revocation and substitution of authorisations A90596, A30180, A30181 and A30182. These authorisations relate to the rules governing the operation of the Clearing House Electronic Subregister System (CHESS)

The Commission considered the anti-competitive detriment associated with the CHESS rules is likely to be small given changes to the rules since authorisation was granted in 1998 and the implementation of the Finanical Services Reform program. The public benefits brought about by the continued minimisation of delays in transfer and settlement and security resulting from DvP settlement outwiegh any detriment. The Applicants have advised that the rules are currently being revised and authorisation of the new rules is not likely to be required. Consequently the Commission granted authorisation of the current rules until 31/3/04.