Australia’s Stock Exchange Chief Wants Next-Day Share Settlement Sooner

ASX Chief Executive Anthony Attia wants to speed up Australia's move to next-day settlement of share trades, he told Reuters in an interview today (Wednesday). He plans to consult regulators and market participants.

Australian cash equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Read this Term have settled two business days after the trade, or T+2, since 2016. Attia said waiting for the full replacement of ASX's CHESS clearing and settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term system, due in 2029, would be "too late." That would break the sequence ASX itself set out.

London's trading industry is coming home!

A March 2025 communique from the ASX Advisory Group said any T+1 go-live was to come at least 12 months after the second CHESS release and at least 18 months after a decision to switch, a timetable that pointed to 2030 at the earliest. Attia gave no new date.

A Clearing Overhaul Under Regulatory Watch

Attia took over on September 1 after nearly three decades at Euronext, replacing Helen Lofthouse. He joined an exchange that the Australian Securities and Investments Commission (ASIC) hit with an A$150 million capital charge in December 2025 after an inquiry into outages and under-investment.

"We don't have any reason to keep T+3 or T+2 today," Attia said in the interview.

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The inquiry panel found that ASX paid out 88% of underlying profit as dividends over five years while deferring technology upgrades. Two weeks before the panel's interim report, a December 2025 glitch halted trading in companies with price-sensitive announcements for several hours.

In June, ASX also agreed to a A$20.5 million penalty after admitting that a 2022 statement calling its earlier, blockchain-based CHESS replacement "progressing well" was misleading, according to ASIC.

The first CHESS release, covering clearing, went live in April. The second, which replaces settlement and the share register, is the stage that ASX tied to any T+1 decision. The exchange estimated in 2024 that it would cost between A$270 million and A$320 million.

Europe and Hong Kong Target 2027

Other markets will get there first. The US moved its stock market to one-day settlement in May 2024, and the UK, the European Union and Switzerland plan to follow on October 11, 2027.

Hong Kong Exchanges and Clearing (HKEX) proposed in an April consultation paper to move its cash market to T+1 in the fourth quarter of 2027, subject to market readiness and regulatory approval. Euronext, Attia's former employer, is preparing for the European date.

Industry feedback on the T+1 whitepaper ASX published in April 2024 showed a preference for not running the T+1 switch and the second CHESS release at the same time, the exchange said in its August 2024 summary.