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Market Passport

Australia

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Market information

Supporting you

Key market information

  • Local currency

    Australian
    Dollar (AUD)

  • 2017 GDP

    USD
    1,380bn

  • Time zone

    GMT
    +10 hours (NSW)

  • Numbering
    system

    ISIN and
    local codes

  • Main stock
    exchange index

    S&P/ASX200

Key market figures

Market capitalisation USD 1,508bn
Number of listed companies 2,147
2017 value of share trading USD 941bn
Number of ETFs listed 145
2017 value of bonds trading USD 1.61bn
Number of bonds listed n/a
Number of futures contracts traded in 2017 2.92m
Number of options contracts traded in 2017 86.90m

Local market infrastructures

  Equities Corporate bonds Government bonds Derivatives
Trading ASX ASX ASX ASX 24
Clearing ASX Clear n/a n/a ASX Clear (future)/ASX Clear
Settlement and custody ASX Settlement ASX Austraclear ASX Austraclear ASX Settlement
Cash leg ASX ASX ASX n/a

Local market authorities and regulators

  • The Australian Prudential Regulation Authority (APRA)
  • The Reserve Bank of Australia (RBA)
  • The Australian Securities and Investments Commission (ASIC)

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+2 if DVP
Cut-off times
Equities DVP 11.30am
FoP 7.00pm
Bonds DVP 4.28pm
FoP 6.28pm
Cash 4.28pm
 
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No
Short selling No
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes
Derivatives
Settlement Cash and physical
Trading cut-off Depends on individual products
Clearing cut-off 7.30pm
Tradable currencies AUD/NZD
Account structure members Direct account at CCP (ASX 24)
Account structure non-members n/a
Give-up Yes
Give-up cut-off T+5
Adjustable ITM (In The Money minimum) Yes
Intra-day margin call Yes
Risk algorithm SPAN
Tolerance limits

ASX Settlement:

  • Up to AUD 500,000 = 1 AUD
  • AUD 500,000 to 1 million = 10 AUD
  • Over AUD 1 million = 20 AUD

ASX Austraclear: fixed interest = 0.

Examples of market penalties

Equities: 0.1% of the settlement shortfall (min AUD 100, max AUD 5,000).

Buy-in practice

Buy-ins do not exist in Australia. However the ASX enforces a ‘close out’ process on settlement participants for any settlement shortfalls that remain after the close of business on T+4. Settlement participants are required to ‘close-out’ a client’s delivery shortfall by purchasing or borrowing the shares to complete settlement.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Australia

We are one of the largest custodians in the local market and the fastest-growing third-party clearer in Australia.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on‑exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • Efficient fail coverage thanks to extended securities lending solutions
  • Third-party clearing offering as a foreign Authorised Deposit-taking Institution (ADI)
  • Global custody access point
  • Fund administration and middle-office services for asset managers

What makes us Different

  • Proactive involvement with local market infrastructures: ASX CHESS Distributed Ledger Technology (DLT) replacement programme and third-party clearing models
  • First custodian to go-live with the ASX ISO20022 STP announcements of corporate actions
  • One of the few foreign ADIs that clear in the market
  • Ability to connect buy-side and sell-side clients
  • One of newest custody platforms on the market, allowing more flexible account structures to satisfy client needs

SELECTED MARKET RECOGNITION

  • Custody Risk Global Awards (2016 and 2017): Custodian of the Year – Australia
  • Global Investor Investment Excellence Awards (2018): Sub-custody Survey winner, Multi-market APAC for Australia – unweighted

A SOUND PARTNER

BNP Paribas Securities Services has been in Australia since 2001, becoming a branch in 2013. The varied services delivered across a full suite of services is provided by 400+ Australia-based staff, leveraging the support of our regional centre of excellence in Chennai.

Contact

For more information, please contact your relationship manager or
Ross Puncher, Head of Sales Financial Intermediaries, Australia
ross.puncher@au.bnpparibas.com

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