Payment Systems and Netting Act 1998 - Approval of the Austraclear System as an approved RTGS system (19/02/1999) (Cth)

19 February 1999

Mr John Hall Managing Director Austraclear Limited GPO Box 4606 SYDNEY NSW 2001

Dear Mr Hall,

PAYMENT SYSTEMS AND NETTING ACT 1998 - APPLICATION FOR APPROVAL OF RTGS SYSTEM

I refer to your application of 27 July 1998 for approval of the Austraclear System as an "approved RTGS system" in terms of the Payment Systems and Netting Act 1998. I also note the subsequent exchange of letters between the Bank and Austraclear in which Austraclear agreed that it will notify the Bank should one of its participants enter external administration.

I am pleased to inform you that, under section 9 of the Act, the Payments System Board of the Reserve Bank has declared the Austraclear System operated by Austraclear Limited to be an approved RTGS system for the purposes of the Act.

This approval is a disallowable instrument under section 46A of the Acts Interpretation Act 1901 and, accordingly, is being tabled before each House of the Commonwealth Parliament for a period of 15 sitting days. Subject to disallowance, the approval will take effect from the date of this letter.

This approval may be reviewed from time to time.

Yours sincerely,

IJ Macfarlane Governor Reserve Bank of Australia