FIA has submitted a response to ASX’s consultation paper on proposed changes to the position reporting framework and the review and update of operating rules for ASX 24 and ASX Clear (Futures).
The proposed changes primarily address operational aspects, including the reporting of confidential accounts, identification of controllers and beneficial owners and notification obligations for changes in open interest exceeding specific thresholds.
In its response, FIA details the processes involved, proposes transition timelines for implementing these changes and highlights some challenges with the proposals.
The proposed rules also grant ASX explicit authority to sell a defaulter’s portfolio. FIA highlights the importance of transparency when ASX exercises this power and clarity on the criteria, methodology and elements used by the CCP to unilaterally determine the close-out price. FIA also suggests that ASX establishes robust governance mechanisms for the power to sell a defaulter’s portfolio.
FIA requests further clarification on several aspects of the rules to ensure a comprehensive understanding and effective implementation.
