In this Issue

• Market update – ASX Pricing policy, Chess Release 1 regression testing guide and cutover approach
• Regulatory Update – ASIC appoints ASX Inquiry Panel and CFR Quarterly Statement
• Members Update –ACSA Member Development Program, ACSA Thought Leadership Program Elevating Women’s Voices Program and Next Gen Catch up
• Global Perspective – ISSA DLT in the Real World, SS&C Transfer Agency evolution
• Upcoming Events
• Industry Insights
• In Focus – Jane Wang (State Street)
  

Introduction

Welcome to the June 2025 edition of the ACSA Industry Wrap. As we approach financial year-end, we hope this update provides timely and relevant insights to support your planning and priorities.

In this edition, we bring you on the latest on the ASX Clearing and Settlement Pricing Policy and progress on CHESS Release 1 progress. We also explore global perspectives on rethinking unit registry and DLT innovation, alongside local regulatory developments including ASIC’s inquiry into ASX and AUSTRAC’s consultation on AML/CTF rules.

You’ll also find updates on ACSA’s member development initiatives and thought leadership programs , plus an In Focuswith Jane Wang from State Street. And, don’t miss the photo highlights from recent industry events.

Market Update

ASX Cash Equities Clearing, Settlement and Issuer Services Pricing Policy

ASX has published its Cash Equities Clearing, Settlement and Issuer Services Pricing Policy, which will be effective from 1 July 2025. The content of ASX’s new Pricing Policy has not changed from the version published in the 30 May in Response to Feedback report.

You can access the Cash Equities Clearing, Settlement and Issuer Services ASX Pricing Policy here.

ASX CHESS Project Release 1 Regression Test Guide

ASX has released its CHESS Project Release 1 Clearing Regression Test Guide. The Clearing Regression Test Guide (the ‘Guide’) provides an overview of the purpose, approach, scope and mandatory scenarios required to be completed by Clearing Participants in the Clearing Regression phase of CHESS Release 1.

The Guide is intended for technical and operational staff of Clearing Participants, software vendors and Settlement-Only Participants supporting Clearing Participant testing, as well as AMOs.

You can view the Guide here.

ASX CHESS Project Release 1 Cutover Approach

ASX has released its CHESS Project Release 1 Cutover Approach.  The CHESS Release 1 Cutover Approach outlines the approach, governance, and timeline for transitioning to the CHESS Release 1 Clearing Service, including the cutover weekend schedule, dress rehearsal and Go-Live dates.

It is primarily intended for Approved Market Operators (AMOs) and their software providers, who are responsible for executing cutover activities in coordination with ASX. The document ensures all stakeholders understand their roles, readiness criteria and high-level communication protocols, to support a smooth and risk-mitigated Go-Live.

You can view the document 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

ASIC Appoints expert panel for ASX Inquiry

ASIC has announced the appointment of three panel members to conduct its Inquiry into Australian Securities Exchange (ASX) group. This follows ASIC’s recent announcement of an Inquiry into ASX, focusing on the frameworks and practices in relation to governance, capability and risk management within the ASX group (25-103MR).

ASIC has appointed Rob Whitfield as Chair of the panel and Christine Holman and Guy Debelle as panel members. The Inquiry panel will be asked to make recommendations to address any identified shortcomings or deficiencies in relation to governance, capability and risk management within ASX group.
The Inquiry panel will provide a report to ASIC by 31 March 2026 which will inform the next steps ASIC may take. ASIC will make this report public.

You can read more about the Inquiry panel here.

Quarterly Statement by the Council of Financial Regulators – June 2025

The Council of Financial Regulators (the Council) held its regular quarterly meeting on Wednesday, 11 June.
The Council is the main coordinating body for Australia's financial regulators, with the ultimate objective of promoting the stability of the financial system and supporting effective and efficient regulation. It brings together the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Australian Treasury and the Reserve Bank of Australia (RBA).

It commented on the following matters:

• Systemic risks and vulnerabilities;
• CFR review into small and medium sized banks;
• Geopolitical risks;
• Housing related risks; and
• Other initiatives.
  

You can access the CFR Quarterly meeting statement 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.

Members Update

ACSA Member Development Program

ACSA’s Member Development Program continues July 11 with a focus on building leadership through communications – choosing the right question. This is the final session in the current program.

Most of the time, we’re making proposals that are unlikely to be accepted. Why? Because we don’t understand how the other person/party is making decisions. When you first question what’s important to them by finding out their values, what order those values are in in terms of priority and what those values means, then you’re able to make an offer that satisfies their needs.

Find out:

● The most effective question structures to elicit the answers you need
● How to use the questioning process to find out their motivations
● The most effective technique for summarising their thoughts to get confirmation
● The top technique for dealing with difficult questions

If you have missed any of the ACSA Member Development Series Program and wish to catch up you can view the videos in the “members only” section of the ASCA website in the Event/Webinar tab

You can register for the upcoming July session here.

ACSA Thought Leadership Program

The ACSA Thought Leadership Program has the following exciting events.

18 July 2025

“CPS230 -Where to now”

A panel discussion on APRA CPS230 Operational Risk Management Prudential Standard covering the current regulatory requirements, including risk management frameworks, contingency planning, international experiences, and the necessity for continuous audits and assessments.

You can register for this webinar here.

15th August 2025

Digital Assets and Tokenisation

SWIFT will be sharing insights into current industry innovation on digital assets and tokenisation as the RBA runs various proof cases with industry through their Project Acadia.

Keep an eye out for registration links in email and through LinkedIn.

If you have any suggestions for topics please email admins@acsa.com.au .

2025 Elevating Women’s Voices Program – Graduate Celebration

It was fantastic to see strong support from ACSA members in sponsoring the Elevating Women’s Voices Program, with a growing and vibrant cohort of participants and mentors contributing to its success.

Delivered in collaboration with AIMA, 100WF, CFA and ACSA, the program culminated in an inspiring closing event where participants showcased their learnings and shared how they plan to apply them in their professional journeys.

If you’re interested in finding out more, please connect with ACSA here. The next program will run in early 2026.

Next Generation Leaders catch up

The Next Generation Leaders Working Group hosted a small gathering of Working Group members in June to celebrate their successful Coffee Buddies program and to engage on their forward-looking agenda for engagement on new members into ACSA. The event was hosted by Maduranga Priyankara one of the Working Group Co Chairs.

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

Rethinking Unit Registry

For many years, transfer agency (unit registry) has been treated as a back-office function, critical but largely operational. That perception is shifting.

As regulation intensifies, investor expectations evolve and digital transformation accelerates, transfer agency is emerging as a key enabler of competitive advantage. It’s no longer just about efficient processing. It’s about delivering insights, enabling scale and creating experiences that build long-term investor trust.

Yet while the industry moves forward, not all providers or models are keeping up. Today’s strategic leaders are asking sharper questions. They’re challenging legacy assumptions. And they’re aligning their servicing model to meet tomorrow’s needs, not yesterday’s standards.

Read more about SS&C’s perspective here.
 

An Aussie takes the helm at ISSA.

ISSA has released the results of its 2025 "DLT in the Real World" industry wide survey. This was supported by Accenture, Broadridge, and Taurus, and managed by the ValueExchange.

The survey has reached across the entire industry to provide uniquely comprehensive industry benchmarks around how we are planning, progressing and realising DLT ambitions in the real world. This survey was designed to provide you with unique, actionable insights on how DLT is being used across the world, giving you the chance to learn from your customers and your peers where DLT is solving real world problems, where it is not and how people are making the most of this technology.

Find out more about the insights by contacting ValueExchange and following this link.

Key Events

• 11 July 202 - ACSA Member Development Program – Topic 4 Dissect: Questions
• 18 July 2025 - ACSA Thought Leadership Program – CPS230: Where to now?
• 15 August 2025 - ACSA Thought Leadership Program – Digital Assets and Tokenisation
  

Head to our events page to find out more and register.

Insights and Updates

• February 2025 - ACSA response to ASIC on Consultation Paper 381 - Updates to INFO 225: Digital assets, financial products and services
• June 2025 - ACSA response to AUSTRAC AML/CLT Phase 2 Consultation
  

In Focus - Jane Wang

Jane Wang is currently a Senior Client Service Manager at State Street Australia, overseeing custody and administration services for one of Australia’s largest superannuation funds and leading key initiatives such as merger and restructure transitions on the account.

Jane began her career in State Street’s operations hub in China, supporting a large sovereign wealth fund within the fund accounting team. A six-month assignment to Sydney in 2013 introduced her to the world of superannuation funds and became a turning point in her career. She returned to China and went on to lead a fund accounting team of 20, supporting superannuation clients. In 2019, she relocated permanently to Australia and transitioned into client service — a move that broadened both her professional and personal horizons.

With experience spanning both operations and client-facing roles across China and Australia, Jane brings a unique blend of technical insight and client service excellence. She is known for her technical depth, collaborative mindset, and ability to deliver outcomes while fostering strong client relationships.

Quick fire five
Coffee or Tea? Tea — I’m all about that calm energy boost, with a side of cozy vibes.
Tik Tock, Instagram or Facebook? Facebook — where I keep up with friends and the good old classic updates.
Pop , Rock or Rap? Pop — catchy tunes that get stuck in your head (in a good way). Perfect for background vibes or an instant mood lift!
Cocktail or Wine? Cocktail — I enjoy the creativity and mix of flavours, especially with good company.
Summer or Winter? Summer — ice cream, beautiful sunshine, a dip in the water … can winter really compete?


You participated in the AIMA ACSA Elevating Women’s Voices Program, why did you nominate for the program?
For much of my career, I focused on doing my job well and letting the results speak for themselves. But over time, I’ve realised that how you present is just as important as what you deliver. I joined the program to challenge myself, learn from others, and improve the way I present and connect with different audiences.

Tell us about your career in asset servicing / financial services?

 I started my career in asset servicing at State Street’s operations hub in China, working in fund accounting for a large sovereign wealth fund. After about a year, I was lucky to be selected for a six-month assignment to the Sydney office, where I was introduced to the world of superannuation funds — a pivotal moment in my career. Since then, I’ve focused on servicing Australian superannuation funds and permanently relocated to Australia at the end of 2019 to join the client service team. In my current role as Client Service Manager for one of the largest superannuation funds, I work closely with my client across key custody& accounting services and lead merger and restructure transitions on the account.

The custody industry hasn’t just shaped my career — it’s taken me across continents and has been an incredible journey, both professionally and personally.

What led you to get involved in the custody industry?

To be honest, before I joined State Street, I didn’t really know what a custodian bank did. When State Street came to my university to present about the company, I was drawn to its global presence and the opportunities that come with working for an international firm. I thought, hey, this could be a great place to learn and explore different paths, so I took the leap and applied.

What are the benefits the Elevating Women’s Voices Program brought to you?

For me, the biggest benefits were finding my voice and building genuine connections with other amazing women in the industry.

Finding my voice – As a non-native speaker, I used to think I needed to sound as fluent as a native speaker to communicate effectively. But through observing the diverse and compelling presentations in the program, I’ve come to appreciate that there’s no single “right” way to present. Each of us brings something unique, and what we often perceive as differences can actually be strengths. We can tell our own stories and shine in our own way.
Building connections – One of the most valuable parts of the program was the people. I met incredible women from across the industry, listened to their stories, and learned from their journeys. The relationships we formed have become a lasting source of encouragement, inspiration, and community—well beyond the program itself.

Why should people consider joining the Elevating Women’s Voices Program?

Off the top of my head, three reasons:

1. The coach – I’ve joined a few similar training programs before, but I’d say Arabella Macpherson is second to none. She not only offers practical and effective communication skills but also brings humour and energy that make every session engaging. She has a lovely character; I genuinely like her both professionally and personally.
   
2. The format and the mentors – The small group sessions every other week, following the broader group training, give you the space to dive deep into each topic. Your group mentor guides you thoughtfully, helping you grow session by session.
   
3. The network – You’ll meet incredible women across the industry and build meaningful connections that stay with you long after the program ends.

You recently participated in the ACSA 30 Year Video. How was that experience?

 It was a really memorable experience. We each took turns filming, and after my part, David Travers asked me how it went. I told him it felt a bit unnatural speaking in front of the camera. He said, “Maybe it helps when you truly believe what you say.” That moment stayed with me — simple but meaningful. It reminded me that sincerity is what connects most.