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Australia central bank to get power to take over distressed clearing and settlement providers

Australia will give its central bank new powers to take over and if necessary, wind up, clearing and settlement providers at risk of failure, according to draft legislation released on Friday. In the event of a major financial crisis or insolvency, the Reserve Bank of Australia (RBA) will be empowered to direct the operations of a distressed clearing and settlement provider to keep markets functioning and even orchestrate a breakup or sale. Clearing and settlement firms ensure a stock, bond or...
New South Wales Lewis Jackson Council Of Financial Reserve Bank Financial Regulators Jamie Freed
Source: yahoo.com

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