National Stock Exchange of Australia trade acceptance services go live

Steffy Bogdanova
November 24, 2020 3:47 pm

National Stock Exchange of Australia (NSXA) has announced the completion of its Trade Acceptance Service (TAS) integration to the ASX Clear system.

TAS allows orders to be entered into NSXA’s trading system through IRESS. As a result, NSXA securities trading is now being fully automated from order routing through to clearing and settlement.

An initial group of 10 brokers will commence automated trade registration and clearing including Bell Potter Securities Limited, Burrell Stockbroking Pty Ltd, Canaccord Genuity Financial Limited, E. L. & C. Baillieu Limited, FinClear Execution Ltd, Morgans Financial Limited, Morrison Securities Pty Limited,  Openmarkets Australia Limited, State One Stockbroking and Taylor Collison Limited.

NSX also announced introducing Digital Exchange Subregister System (DESS). The exchange stated that mirrored transactional data is being written directly to both DESS and CHESS, managed by its subsidiary ClearPay and developed by Probanx Solutions Ltd.

The new system allows the NSXA to keep control of its transactional and trading data through its own platform.

Australia

The exchange plans to to promote DESS as a standalone alternative to CHESS and is now looking for regulatory and government cooperation to allow post-trade participants the choice between using DESS or CHESS as interoperable sub-register systems, via our proposal for a regulated “structural separation” of CHESS and ASX Clear functions.

The DESS system will run in along CHESS and will be used internally for NSXA initially, until it meets full regulatory requirements.

NSXL Managing Director John Karantzis, commented:

John Karantzis, NSX

John Karantzis
Source: LinkedIn

Australia needs a reliable provider of market infrastructure that understands and invests in its technology, hands back to end users efficiency dividends, and looks after the best interests of the Australian economy by delivering a stable and competitive alternative.

ClearPay and NSXA will deliver a new and highly scalable technology stack free of the encumbrances of legacy systems, but will require regulatory support and commitment from the Australian Government for a competitive framework in order to transform the current landscape.

LeapRate Analyst

Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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