In this Issue

• ACSA Celebrates 30 years of service
• Market update – ASX CHESS Batch Settlement incident, The Network Forum meeting in March
• Regulatory Update – AUSTRAC AML/CTF reforms
• Members Update – ACSA Members Event, ACSA Member Development Program and ACSA Thought Leadership
• Global Perspective – Insight on Central Depositories and sustainability in Securities Services
• Upcoming Events
• Industry Insights
• Member profile – Novigi
  
  

ACSA Celebrates 30 Years of Service

In 2025, the Australian Custodial Services Association (ACSA) marks an impressive milestone, celebrating 30 years of dedicated service and commitment to the Australian custody and financial services industry.

Since its inception in 1995, ACSA has been at the forefront of advocating for best practices, fostering innovation, and promoting the interests of its members. Over the past three decades, the Association has played a crucial role in shaping the industry’s landscape, ensuring that it remains robust, efficient, and responsive to the evolving needs of the market. Through its unwavering commitment to excellence, ACSA has facilitated the advancement of custody and financial services, providing an invaluable platform for collaboration, education, and professional growth.

As it commemorates this significant anniversary, ACSA continues to uphold its mission of driving industry standards and supporting its members in navigating the complexities of the financial services sector. ACSA will provide more information on celebrating this commitment through monthly Industry Wraps, member events and through LinkedIn.

Introduction

Welcome to the first Industry Wrap for 2025. In this edition, we update you on ASX CHESS Batch Settlement Incident and share details of AUSTRAC’s AML/CTF reforms.

March is a busy month! We’re launching two exciting programs - the Elevating Women’s Voices Program and our new ACSA Members Development Program. Also, get involved by coming along to our Members Event on 13 March.

This issue also shares some interesting global content on Central Depositories and Sustainability in Securities Services, plus details of our next Members Event and what’s next for the ACSA Thought Leadership Series.
This month we share a profile on New Member – Novigi.

Market Update

ASX CHESS Batch Settlement Incident.

ASX has recently shared details on the CHESS Batch Settlement Incident from 20 December 2024.
On Friday 20 December, 2024 ASX CHESS Batch Settlement could not proceed because a critical step in the settlement process generated an error that prevented completion. ASX was not able to resolve the error before the relevant cut-off time and therefore rescheduled settlement obligations to the following Business Day, Monday 23 December 2024.

ASX’s incident report can be found here.

In addition, ASX has confirmed that ASIC has commenced an investigation into the Batch Settlement Issue. Further details can be found here.

ACSA and its members continue to engage with the ASX to understand the incident and ASX actions to prevent future incidents.

The Network Forum Australasia Meeting 2025

ACSA is pleased to support The 2025 Network Forum Australasia Meeting on 4-5 March 2025, which is being held at the ASX in Sydney.

The Network Forum have curated an impressive lineup of domestic and global speakers. They will address a diverse range of topics related to equity post-trade, including settlement compression, operations risk and resilience, post-trade technology, and market commentary.

As a prominent player in the post-trade events arena, The Network Forum is excited to follow up its successful 2024 Australasian meeting in a global series.

ACSA members are able to take advantage of an ACSA member discount of 10% by using the code TNFAUACS25.

GET YOUR TICKETS HERE

Join the discussion.

If you’re interested in joining in ACSA’s discussions and response to market initiatives and industry consultations, please connect to us at admin@acsa.com.au.

Regulatory Update

AUSTRAC new AML/CTF laws

On 29 November 2024, Parliament passed the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill, amending the AML/CTF Act 2006. The new laws reform Australia’s AML/CTF regime to ensure that we can more effectively deter, detect and disrupt crimes like money laundering, terrorism financing and proliferation financing.

To support the reforms, AUSTRAC is updating the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1), often referred to as ‘the Rules’. These are subsidiary legislative instruments that provide detailed information in relation to specific requirements under the AML/CTF Act. A Future Laws Compilation of the AML/CTF Act containing the amendments within the existing AML/CTF Act 2006 is available to assist you to understand and familiarise yourself with the reforms.

The consultation closes on 14 February 2025. Details of the consultation can be found here.

AUSTRAC 2024 Compliance Report.

Have you submitted your 2024 compliance report to AUSTRAC yet? Submit on time to avoid a penalty

Your AUSTRAC compliance report for the 2024 calendar year is due by 11:59 pm on 31 March 2025.

There may be penalties for failing to submit by the due date as AUSTRAC can issue you with a remedial direction and/or an infringement.

Separate penalties can also apply for failing to update your enrolment details. Find out more about the consequences of not complying.

How to submit your AUSTRAC compliance report

1. Log in to AUSTRAC Online
2. Go to ‘My Business’
3. Click the plus sign (+) next to ‘My Business’ to see more menu options
4. Select ‘Compliance Reports’
5. Select ‘Open Compliance Report’ for 2024.
   

If you have questions about the compliance report, visit AUSTRAC’s compliance report page, email contact@austrac.gov.au or call the AUSTRAC Contact Centre on 1300 021 037.

Join the discussion.                      

If you’re interested in joining in ACSA’s discussions and response to market initiatives and industry consultations, please connect to us at admin@acsa.com.au.

Members Update

2024 ACSA Awards

ACSA Member Event – 13 March

ACSA’s Members Event which will run concurrently between Sydney and Melbourne, is on Thursday 13 March.
ACSA’s Executive Board invites you to join them to celebrate our 30th year, hear about our 2024 ACSA Award winners and learn about Diversity, Equity and Inclusion from our guest speaker. Plus, you get the opportunity to connect and network with your peers and colleagues from the industry.

When: 13th March 2024, 4.30pm – 6.30pm

Agenda: Industry update and guest speaker followed by networking cocktail event.

Sydney: JP Morgan 85 Castlereagh St, Sydney

Melbourne: Northern Trust, Level 20, 120 Collins Street Melbourne

Please register here, choosing your preferred location to attend for Sydney or Melbourne.

ACSA Member Development Program

ACSA is thrilled to announce the launch of the ACSA Member Development Program, a comprehensive initiative designed to assist in enhancing the skills, confidence, and professional growth of our Working Group participants and Members. This program focuses on building trust, preparing effectively, communicating concisely, and ensuring successful meetings, all while addressing the unique challenges faced by our community.

Each month, we will explore a different theme to empower you with the tools and techniques needed to excel in your professional endeavours.

Here’s a sneak peek of what’s to come:

• March - a dive into the art of connecting and building rapport, helping you forge strong relationships based on trust.
• April will be dedicated to preparation, ensuring you can answer your colleagues' most pressing questions and problems with confidence.
• May's theme will centre around concise communication, equipping you with techniques to convey your message clearly and effectively.
• Finally, in June, we will focus on setting up successful meetings, providing strategies to engage stakeholders and keep discussions on track.

Watch for emails and updates on LinkedIn to join us on this journey to unlock your full potential and become an influential leader within the ACSA community. The program is free to all ACSA members and their teams.

2025 Elevating Women’s Voices Program – Do you want to be a participant or mentor?

INFORMATION WEBINAR 12pm 26 February - register here.

The highly successful Elevating Women’s Voices program is back once again in 2025 - Do you want to be a participant or mentor?

Over the last 3 years the “Elevating Women’s Voices” program has seen more than 150 participants and 60 mentors come together for formal group sessions, mentoring sessions and an opening and closing event over a 10-week period.

This year, we are once again improving and expanding the program further in Melbourne and are looking for both mentors (all genders) and participants.

We would like to invite all interested parties to an information gathering webinar to be held on 26 February from 12pm to 1pm (AEDT time).

Please note, the program is only available to staff members of AIMA, ACSA and members of 100 Women in Finance.

It is provided free of charge due to the generosity of our Sponsors and Partners.

2025 Elevating Women’s Voices Program Overview

Created as a result of the shortage of women available to speak to and on behalf of the finance industry, this program aims to:

• Provide support, guidance, confidence and opportunities to enable our highly competent and capable women to contribute more actively in a variety of settings
• Provide the Australian business community with a wealth of female voices, opinions and approaches to creating, managing, and transforming industry conventions.
• Encourage more active participation in the Financial Services Industry by deepening the pool of women speakers willing to drive conversations across the industry.
  

Please refer to this pack to learn more about the program.

ACSA Thought Leadership Webinar Series

The 2024 ACSA Thought Leadership Program has been a great success delivering ACSA members with insight and addressing the industry's most pressing topics and future trends. The program has included:

• Exploring the move to a shorter settlement cycle and its implications.
• Delving into the rise and regulation of cryptocurrency exchange-traded funds.
• Understanding the evolving landscape of climate-related financial disclosures.
• Staying informed about the latest changes in tax policies affecting the industry.
• Examining new requirements and the operational resilience framework.
• Analysing insights from the latest asset management survey.
• Assessing practical applications of blockchain technology beyond cryptocurrencies.
• Navigating the complexities of digital asset regulation.

As we look ahead, ACSA aims to build on last years insights and topics. Some of the key themes we plan to cover include:

• Operational Resilience (CPS230)
• Global Clearing
• Alternate Asset Valuation
• Digital Asset Tokenization
• Climate and ESG
  

If you have any suggestions for topics, please send your suggestions and feedback to contact@austrac.gov.au

Look out for emails and LinkedIn post promoting webinars.

Join the discussion. 

If you’re interested in joining in ACSA’s member engagement initiatives and industry consultation, please connect to us at admin@acsa.com.au.

Global Perspective

Central Depositories and Sustainability

ISSA recently released papers on Central Depository Best Practices and the impacts, challenges and opportunities for sustainability in Securities Services.

ISSA published a new paper from its CSD Working Group (WG): Best Practices for Frontier and Emerging Markets attracting foreign portfolio investment. This paper is targeted at helping CSDs and local authorities attract more foreign portfolio investment and makes a series of observations and recommendations to that effect.
Amidst the evolving landscape of global markets, the integration of Environmental, Social, and Governance (ESG) factors has emerged as a pivotal force reshaping business worldwide. Nowhere is this transformation more profound than within the Securities Services industry, where the principles of ESG are catalysing a paradigm shift in business practices, product strategies, and compliance and regulatory frameworks. ISSA’s Sustainability in Securities Services Working Group (WG) assessed impacts ESG in the context of Securities Services. Here is their recent report.

Asset Servicing Automation

ISSA and The Value Exchange, with sponsorship from Broadridge and DTCC, recently completed an “ASSET SERVICING AUTOMATION in 2024” study which highlights a decrease in industry automation rates as firms struggle to accommodate significant volume growth.

The research gathered insights from over 270 teams and departments across the capital markets globally and has been supplemented by interviews with industry professionals to incorporate their unique perspectives on the findings.
This research highlights the critical need to redefine what we mean by industry-wide cooperation as we look to resolve the asset servicing challenge.

The Asset Servicing Automation Study’s key findings can be accessed via this link.