According to @business, the Reserve Bank of Australia said the operator of Australia’s largest stock exchange has considerable work to do to meet regulator expectations. Source: Bloomberg Business. The exchange operator is ASX Limited, whose ASX Clear and ASX Settlement facilities came under heightened scrutiny after the CHESS replacement project was paused in 2022. Source: Reserve Bank of Australia and ASIC joint statement, November 2022. The RBA’s 2023 assessment outlined governance and project-risk remediation requirements and set milestones for the ASX clearing and settlement facilities. Source: Reserve Bank of Australia 2023 Assessment of the ASX Clearing and Settlement Facilities. For trading, sustained regulatory oversight of ASX market infrastructure is a key operational risk factor to monitor for execution quality and liquidity in Australian equities and ETFs. Source: Reserve Bank of Australia 2023 Assessment of the ASX Clearing and Settlement Facilities. For crypto exposure, spot Bitcoin ETFs listed on ASX, including the VanEck Bitcoin ETF VBTC, rely on the same trading and settlement rails, making the RBA’s findings relevant for monitoring market functioning. Source: VanEck Australia press release on VBTC launch, June 20, 2024; Reserve Bank of Australia 2023 Assessment of the ASX Clearing and Settlement Facilities.