In the lead-up to Christmas our financial markets in Australia suffered a failure that almost went unnoticed.
The failure concerned ASX Clearing & Settlement, which is the central clearing participant (CCP) for all Australian stock markets. It has a duty every day to net settle back to brokers the results of their clients’ trades from two days previously, under a settlement process known as T+2.
Source: https://www.afr.com/markets/equity-markets/australia-s-largest-financial-failure-of-2024-that-no-one-heard-about-20250101-p5l1iw