ACSA Industry Wrap - December 2025
Monday, 15 December 2025
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Posted by: ACSA Admin
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In this Issue
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- Season’s greetings from the Chair
- 2025 - A year in review
- Market update – ASX CHESS Project updates
- Regulatory Update – Council of Financial Regulators (COFR), AUSTRAC’s industry update
- Members Update – ACSA Thought Leadership whitepaper, ACSA Gala Dinner
- Global Perspective – T+1 in UK and Europe
- Upcoming Events
- Industry Insights
- In Focus – Lisa Simmons (Ashurst)
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Introduction
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Welcome to the December 2025 edition of the ACSA Industry Wrap. This edition includes reflections for 2025 from the ACSA Chair and ACSA CEO, including how ACSA is celebrating its 30 years supporting the Australian Custody and Investment Administration Services industry. We update you on the ASX CHESS Project announcements and some key regulatory updates.
This issue also provides details of our latest Thought Leadership whitepaper – The New Custodian: Platform, Partner, Pioneer and shares some interesting global content on T+1 in Europe.
This month our In Focus is with Lisa Simmons from Ashurst
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Season’s greetings from the Chair
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2025 has been another dynamic year – custody never stands still! This year was particularly special as ACSA celebrates 30 years of supporting the Australian Custody and Investment Administration Services industry. It’s a milestone we’re proud of, and you can read more about our journey on the ACSA Website. We’ll be marking the occasion in March 2026 with a Gala Dinner, and I really look forward to seeing everyone there to celebrate this important milestone for our industry.
Over the last year, we’ve made significant progress together. APRA’s CPS230 prudential standard on operational risk has been front and centre for ACSA members and their clients. We also engaged actively with the ASX as they progressed the CHESS Replacement project whilst other regulators maintained a positive agenda for regulatory change. Collaboration remains at the heart of what we do, and it’s been inspiring to see how we’ve come together to deliver value to our people and clients.
As I wrap up my fourth year as ACSA chair, I’m very proud of what we’ve achieved together. We have maintained focus on our strategic priorities, welcomed new members and strengthened industry connections. Looking ahead, we’re turning our attention to emerging challenges around ETF’s, private assets and proxy voting – areas that will shape the future of our industry.
I want to extend my heartfelt thanks to the Executive Directors, CEO, David Travers,the Working Group Chairs and every member who has contributed their time , attended member Events and webinars and shared their expertise. Your commitment and drive all make a difference to ensure the industry continues to manage through ongoing change and take regulatory initiatives head on for the benefit of our member houses, our clients, and our people. The efforts of so many on a volunteer basis is appreciated and makes a huge difference in our ability to execute on our key priorities.
A special acknowledgement goes to NAB Asset Servicing (NAB) for their contribution to ACSA over the last 30 years. NAB has been a cornerstone of a strong, competitive landscape, and their impact and legacy will remembered for years to come.
As we head into the holiday season, I hope that you can take some time out to enjoy the break with family and friends. Thank you again for your support and collaboration. I am excited for what 2026 holds for us as we continue to deliver on ACSA’s mission.
Thank you again and best wishes.
Sally
“Our mission is to promote efficiency and international best practice for members, our clients and the market through a united voice for the custody and investment administration industry in Australia.”
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2025 - a year in review
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This year marks a significant milestone - 30 years since the founding of the ACSA. Since 1995, ACSA’s mission has been clear: to advance the custody services sector in Australia. Three decades on, that mission remains as vital as ever, guiding our efforts to set operational standards, nurture professional growth, and advocate for the evolving needs of custody and investment services providers.
To celebrate this milestone, we recently released a whitepaper, The New Custodian: Platform, Partner, Pioneer. This forward-looking whitepaper from industry leaders explores the opportunities and direction of custody and investment services industry in the next 30 years.
In March 2026, we’ll come together for a Gala Dinner to mark 30 years of service. I hope you’ll join us for what promises to be a memorable celebration.
Throughout 2025, ACSA remained focuses on delivering efficiency and best practices across the custody and investment administration. Our working Groups have been instrumental in driving engagement with regulators and shaping industry priorities. The level of regulatory engagement has been significant and I want to extend my sincere thanks to all working group members, and especially the chairs for their leadership and commitment.
This year also brought change, one of our founding ACSA members, NAB Asset Servicing (NAB) stepped away following changes to their business. NAB has been a strong supporter of ACSA throughout our history, and their contributions will be missed.
At the same time, we welcomed new members - Novigi, Evolution Trustees, Thompson Reuters, S&P Global, WTax. This reflects the growing interest in ACSA’s role and the value we bring to the industry. We’re delighted to have these organisations join our community.
We also delivered a successful series of 13 webinars, offering thought leadership, new industry insights, and personal development opportunities. Thank you to our partners - Resonate Communications, DTCC, BNP Paribas, J.P. Morgan, PwC, SS&C and ValueExchange - for making these sessions possible.
Finally through our InFocus series we celebrated the people who make this industry exceptional. Karen Gilbert (State Street), Bruce Walker (BNP Paribas), Sarah Reynolds (Northern Trust), Jane Wang (State Street), Bryan Gray (Ex ACSA Chair), Marian Azer (BNY, ex ACSA Deputy Chair), David Knights (Ex ACSA Chair), Andrew Sexton (Northern Trust), and Mark England (Citi). Their individual journeys remind us that our industry is built on talent, collaboration and passion.
Thank you to the ACSA Board, Kate Dent and all Working Group members for your dedication and support throughout 2025. Together we’ve achieved a great deal, and I look forward to continuing this journey with you in 2026.
David
CEO, ACSA
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Market Update
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ACSA shares details of ASIC’s ASX Inquiry Panel Interim Report, ASX CHESS Project updates on testing and Project Partnership Program.
ASIC ASX Inquiry Panel Interim Report
Australian Securities and Investments ...
ASIC has announced a transformational package to safeguard Australia’s financial markets in response to ASX Inquiry interim report. ASIC has obtained commitments from ASX Group (ASX) on a package of reforms including:
Strengthening the independence and governance of ASX’s Clearing and Settlement Facilities Boards
A strategic reset of ASX’s transformation program ‘Accelerate’, with clear milestones and accountability for delivery
The imposition of an additional $150 million capital charge on ASX Limited to ensure ASX maintains robust financial resources until remediation is complete
A commitment to stronger leadership
View the full media release. CHESS Release 1 Implementation Dress Rehearsal 1 successfully completed
ASX announced that they held the first of two scheduled Implementation Dress Rehearsal (IDR) events for CHESS Release 1 over the 15-16 November 2025 weekend and successfully completed all planned test cutover activities.
The objective of the IDR is to simulate the Go-Live cutover process in the To-Be Production environment to mitigate the risks associated with the transition to the Release 1 Clearing Service. Successful completion of the IDR is also a lead-in activity for the AMO Parallel Test phase which is the final mandatory test phase for AMOs. This phase enables the validation of trade registration and pricing messages running in parallel between current CHESS and the Release 1 Clearing Service deployed in the To-Be Production environment.
ASX advised this is a significant milestone in preparation for the Go-Live of CHESS Release.
CHESS Project Partnership Program – confirmation of Milestone 1 requirements.
CHESS Project Partnership Program – confirmation of Milestone 1 requirements.
ASX has published an industry update detailing the requirements for additional financial support payments to be made for Milestone 1 under the Development Incentive Pool.
The industry update provides:
- the subset of test scenarios requiring completion under Milestone 1
- the requirements of Milestone 1
- the intended allocation of funds under Milestone 1 as well as the expected timing for payment.
The proposed milestone structure, requirements and allocation of funds are intended to recognise the effort required of eligible Development Incentive Pool Program participants, and to incentivise progress towards the successful implementation of Release 2 of the CHESS Project.
The ASX industry update can be found 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.
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Regulatory Update
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COFR Quarterly meeting
The Council of Financial Regulators (the Council) has released minutes from their December 2025 meeting which you can find here.
The Council is the main coordinating body for Australia's financial regulators, with the ultimate aim 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).
Topics discussed at the meeting included:
- Regulatory reform initiatives: Review of small and medium sized banks; roadmap for better regulation of the financial system; improving efficiency without compromising financial stability.
- Systemic risks and vulnerabilities: Domestic and international risk environments; geopolitical, operational and cyber risks; strengthening of resilience in financial system.
- Private credit markets: Governance, disclosure and valuation practices
AUSTRAC Industry update – Current reporting entities – Banking and Finance sector
AUSTRAC has provided an Industry Engagement update. AUSTRAC has highlighted key developments and upcoming events relevant to the banking and finance sector.
The new AUSTRAC Online (AO) platform – keep yourself informed. Information is available on the AUSTRAC Online section of their website
Core guidance. If you have any questions on how AUSTRAC has interpreted the AML/CTF laws, they encourage you to check their core guidance. You can learn more about how to use the guidance here.
Key dates and timeline
You can also visit AUSTRAC’s Reforms hub to stay up to date on newly released information.
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.
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Members Update
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ACSA Thought Leadership Paper – The New Custodian: Platform, Partner, Pioneer
ACSA has launched a forward-looking white paper setting out the changing role and future expectations of custodians within the financial services ecosystem. The release of the paper - The New Custodian: Platform, Pioneer, Partner - coincides with the 30th anniversary of ACSA’s founding in 1995.
Informed by senior leaders of ACSA member organisations including BNP Paribas, Citi, Clearstream, HSBC, J.P. Morgan, Northern Trust and State Street. The paper charts the transformation of Australia’s custody and investment servicing industry in recent decades and a bold future vision for the industry.
Among highlights from the paper:
- Australian custodians oversaw A$5.6 trillion in assets under custody and A$6.6 trillion under administration as at June 2025, operating across more than 100 markets and processing over 12.5 million trades annually.
- Custodians have evolved from back-office operators to indispensable strategic partners, and have become deeply embedded in clients operating models and front-office decision making.
- Clients are demanding far broader services – from middle-office outsourcing and liquidity management to advanced data analytics, AI-driven insights and private markets administration.
- The industry is leading innovation driven by digital assets, tokenisation, distributed ledger technology (DLT), Artificial Intelligence (AI) and the explosive growth of alternate and private assets.
- By 2030, up to 10% of global market turnover is expected to involve digital assets and tokenised securities, with custodians playing a pivotal role in building safe and scalable infrastructure.
You can download the white paper here.
Gala Dinner - Celebrating 30 Years of ACSA 🎉
Join us as we celebrate 30 years of service, innovation, and leadership within Australia's custody and investment services industry.
Since its founding in 1996, the Australian Custodial Services Association (ACSA) has been the
trusted voice of the custody sector - championing excellence, driving collaboration, and supporting the evolution of financial markets.
This milestone Gala Dinner will bring together industry leaders, members, and key stakeholders
from across the financial services landscape to reflect on ACSA's achievements, acknowledge contributions, and look ahead to the future of custody in Australia.
Date: 12th March 2026
Time: 6:00 PM - 10:30 PM
Venue:
Doltone House Hyde Park, 3/181 Elizabeth St, Sydney NSW 2000
Dress Code: Black Tie / Formal
Get your tickets to the Gala Dinner here.
Join the discussion.
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Global Perspective
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ISSA Accelerated Settlements: T+1 in the Europe & UK
Progress, pressure, and the road to 2027 – new data reveals how far firms have come and where work is needed.
The Key Results of ISSA’s latest “Accelerated Settlements: T+1 in the EU & UK” pulse survey, provides a clear picture of how the EU and UK are progressing toward accelerated settlement. The research was conducted in collaboration with the Value Exchange, and in partnership with T+1 Accelerated Settlement Taskforce, DTCC, Euroclear and Clearstream, and backed by other leading industry associations EFAMA, ISITC, ASIFMA, IA, ECSDA and EBF.
Based on feedback from over 350 market participants, the data highlights both momentum and mounting complexity across the region.
Key findings for the UK:
- 66% of the industry is now in project mode for T+1 in the UK, a positive position compared with the North American transition this far ahead of the deadline
- The UK industry plan is on-track for 2027, although the Asia-Pacific region has work to do to catch up
- Less than a third of firms are confident that service providers will be ready to support T+1 in the UK
Key findings for the EU:
- 65% of firms are engaged on T+1 in the EU
- 65% of EU T+1 project work is expected to be completed by the end of 2026, with counterparty testing slated for 2027
- Settlement efficiency, after years of investment, is the single biggest area of impact for T+1 in the EU
For additional findings, download the Key Findings Report.
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In Focus – Lisa Simmons (Ashurst) - Long term ACSA supporter
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Lisa Simmons became involved with the custody industry shortly after returning to Australia from London in 2001, where she worked with fund managers, banks and others as part of the financial services team at Hogan Lovells.
Lisa has been actively involved with ACSA over many years. The firms of which she has been a partner, Corrs Chambers Westgarth and Ashurst, were associate members of ACSA and Lisa herself was involved as a member and chair of the Regulatory Working Group.
Separately Lisa has acted as legal adviser to many ACSA members and keenly followed the evolution of the industry, from the introduction by ACSA members of new services including middle office, collateral management and portfolio and transaction monitoring to ACSA member mergers, closures and corporate restructures.
She received the award from the Australian Custodial Services Association, for services to the custody industry, in February 2010.
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Quick fire
In 3 words describe:
The custody industry -Evolving
ACSA -Impactful
The Future of Custody – Emerging services
ACSA has is celebrating 30 Years supporting the Australian Custody and Investment Services Industry:
What was your involvement with ASCA?
I have been involved with ACSA for many years, primarily as a member and for a time as chair of the Regulatory Working Group. Over that time, I also provided legal services to ACSA members, so needed to be across the latest regulatory developments affecting the industry. ACSA has been fortunate to have so many terrific lawyers and compliance people involved in the Regulatory Working Group over the years. I have been honoured to work with so many great people through my involvement with ACSA.
Why did you get involved and what were the key achievements for ACSA and the industry through this period?
I started work as a partner at Corrs Chambers Westgarth on 1 July 2001 and my first task was to assist RBC Australia to complete its acquisition of the Perpetual back office, including its custody and administration operations. I had a strong background in funds, financial services and trust law (among other corporate and commercial legal experience) and so really found my niche working for custodians.
Obviously my lens is focussed on regulatory matters, but major achievements for the industry (and ACSA) since 2001 include:
- participating in the Parliamentary inquiry into the Trio collapse with its calls for heightened regulation and responsibility for 'gatekeepers' like custodians
- responding to RG 133 and its associated Class Orders, to drive sensible changes to the initial ASIC regulatory proposals
- responding to RG 166 and its associated Class Orders for responsible entities, IDPS operators and licensed custodians, including to advocate for sensible additions to the definition of 'excluded assets'
- facilitating amendments to AML/CTF Rules to avoid unexpected outcomes for the custody industry from the AML/CTF regime's applications to trusts and IDPS, and KYC of underlying investors
- implementation of SPS 231 (Outsourcing) and now of SPS 230 (Operational Risk Management).
ACSA has always been instrumental in providing education and resources on custody and other funds operational services. While ACSA has focussed its attention on members and their employees, it has also provided valuable guidance to the broader financial services industry on how and why custody services are provided as well as on the significance of certain industry developments.
How important is it for ACSA members to have a forum to share ideas and challenges in a non-competitive manner?
When I look back on some of the issues that were considered by the Regulatory Working Group in the last 25 years, it has been so important to the industry that ACSA members were able to work together to analyse the implications of various reforms and develop submissions to Treasury and regulators that reflected balanced positions that worked practically for the industry. The Regulatory Working Group was only able to achieve what it did because each of the members of the Working Group was able to share experiences (taking into account commercial confidentiality and the importance of not behaving in anti-competitive behaviours) and because those members were willing to participate collectively in the process of writing submissions and driving change.
Treasury and the regulators value having a single point of contact into industry as it makes their own consultation processes that much more efficient. ACSA has provided that point of contact for the custody industry.
What are your thoughts on the future of the custody and investment services industry?
Well, I doubt that the industry will become less-regulated…
There was a time when the increasing debate about the benefits of distributed ledger technology and market and clearing access, I wondered whether there would be less opportunities for custodians to expand. But this has not been the case. Innovation around emerging operational and enhanced reporting and monitoring services in particular seems to be driving growth in the custody industry's offerings.
There are significant costs and risks of developing and implementing the technologies required to hold and deal in massive portfolios of financial assets, to track investments and monitor compliance with prescriptive mandates, to accurately determine portfolio values, track performance and calculate unit prices and provide add-on services which are essential to modern day investment. If anything, I would say there are more opportunities now than ever for existing, well-resourced custody and administration providers to expand their offerings and continue to be core to Australian institutions who provide essential financial solutions to Australian retail investors.
What advice would you give someone thinking about getting involved in ACSA or one of ACSA’s working groups?
It's very easy to get involved – the Working Groups are always looking for more support and it is just a matter of getting your name on the member list and turning up to the meetings. Once there, volunteer your views – its really important for the health of the Working Groups and the industry as a whole that members are actively represented. The best outcomes have arisen when there are a number of people on the Regulatory Working Group that have been willing to actively participate and share their thoughts.
Any other thoughts on ACSA?
ACSA is essential to the development and future of the custody industry in Australia and the ability of members to conduct their businesses in an environment which allows for the importance of custody and administration functions to the financial services industry as a whole. I can only say that my own career has been significantly helped by my involvement in ACSA. So, as I approach my retirement, I just want to wish ACSA and its members all the very best for the future.
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