A new provider of clearing and settlement services has emerged following the passage of the Albanese Government's new legislation to improve competition in financial markets, with news ASIC has approved a licence for a new player, FinClear.
Labor's reforms are making our economy and our financial system more competitive.
Clearing and settlement services are critical to the functioning and stability of financial markets and our changes made it possible for more providers to emerge.
The legislation which passed late last year created a framework for fair, transparent and non‑discriminatory access to market infrastructure for competitors, allowing them to offer their own clearing and settlement services, and that's what's happening.
The licence provided by ASIC recently will underpin the operations of FinClear's subsidiary FCX.
By making our markets more modern, we will make our economy more productive, competitive and dynamic.
Our reforms are all about ensuring we have a competitive financial system that works for consumers, businesses and investors - and that delivers for the Australian economy and the Australian people.
Whether it's our reforms to boost competition, our efforts to renew and renovate our economic institutions or our policies to modernise our financial system, the Albanese Government has a big and broad reform agenda designed to make our economy more prosperous and productive.
The emergence of a new provider of clearing and settlement services is evidence that our economic plan is helping to make our economy more competitive and our financial system stronger.
