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Sydney: new ASX boss wants to fast-track move to one-day (T+1) settlement
Six weeks into the job, ASX CEO Anthony Attia told Reuters he wants to accelerate Australia's shift from T+2 to T+1 cash-equity settlement, aligning with the US, Europe and Hong Kong — potentially before the CHESS upgrade finishes in 2029.
Why it matters
Settlement cycles shape market capital efficiency and systemic risk. The US moved to T+1 two years ago; London and Hong Kong follow next year or the year after. If Australia lags, Sydney's competitiveness as an Asia-Pacific financial hub weakens — the first hard problem the new CEO has publicly pledged to fix.
Full report
New ASX chief executive Anthony Attia said in a Reuters interview on Wednesday that he wants to expedite Australia's transition to one-day (T+1) cash-equity settlement. Attia, about six weeks into the role after roughly 30 years at Euronext, replaced Helen Lofthouse.
ASX considered T+1 in 2024 but shelved it so market participants could focus on the A$445 million (about US$311.54 million) technology overhaul, after outages and settlement delays drew a regulatory reprimand and fine.
The CHESS clearing-and-settlement upgrade is not due until 2029, but Attia says T+1 could be introduced before it finishes; he plans to consult regulators and market participants.
Australia has settled cash equities on T+2 since 2016; the US adopted T+1 two years ago, London and Euronext plan the switch next October, and HKEX is targeting Q4 2027.
Competitiveness framing
Attia frames the move as competitiveness: ASX shares closed the financial year ended June 30 down 23.6%; a nine-month regulatory probe found the exchange had prioritised shareholder returns over infrastructure investment, which 'compromised the success of Australia's financial markets'.
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