No. 03 · The observatory
Capital markets trading, clearing and brokerage back-office
Australia’s clearing core was 29 years old at the October 2023 regulator review.
- Status
- Open
- Rank
- 27 of 35 in the atlas
- Scored
- 2026-10-05
- Report
- Back to the study
- Rank
- 27 of 35, published score 50.5
- Scoring date
- 2026-10-05, reported 2026-10-09
- Buyable
- $0.5B buyable midpoint, $1.5B to $4.9B recorded legacy spend
- Factors
- size 3, pain 1.8, AI fit 4, lock-in 3, crowding 2.7
- Coverage
- none recorded
Capital markets trading, clearing and brokerage back-office
Ranked 27 of 35 at 50.5 out of 100.
Trading, clearing, settlement and post-trade cores for capital markets.
What the evidence says
The checked evidence corroborates bounded pain from one regulator. The Reserve Bank documents key-personnel exposure in ASX’s CHESS. Suppliers had announced no upgrade plans past 2025. The replacement programme paused in November 2022.
Providers
The card checked three incumbents: Broadridge, 63 moons and FSS. Broadridge reports over $15 trillion settled daily across its platforms. 63 moons reports over 830 brokerage houses on ODIN. FSS reports nearly 40 securities companies in Vietnam. The units and geographies are incomparable. No ranking is supported.
Clear Street is the recorded challenger. Its May 2026 release reports over 900 institutional clients. Its AI-native status is recorded as unknown.
Sources:
- Clear Street
- Broadridge - About us
- Our Company History and Corporate Timeline | Broadridge
- Brokerage Technology Solutions | 63 Moons
- Capital Market - FSS - Công ty cổ phần Giải pháp Phần mềm Tài chính
The pain
The October 2023 assessment treats the then 29-year-old CHESS as a risk area. Its specialist personnel and programming-language skills are a named exposure.
CHESS had operated reliably to that point, with full headroom over tested capacity. It held over 100% headroom against a tested 10 million daily trades.
Numerous suppliers had announced no upgrade plans past 2025. That is a 2023 regulator finding, not proof of current plans.
Sources:
Events
ASX paused the CHESS Replacement Program in November 2022. The Bank required continued maintenance and a credible timeline.
Staffing risk was being addressed through recruitment, training and a managed-service agreement. That mitigation did not remove the staffing concentration.
Sources:
Limits
Corroboration is one regulator assessment from 2023. It does not measure the 2026 vendor landscape. No later completed migration, outage or replacement status is asserted. Vendor figures are undated and use incomparable scopes.
Sources:
- Broadridge - About us
- Our Company History and Corporate Timeline | Broadridge
- Brokerage Technology Solutions | 63 Moons
- Capital Market - FSS - Công ty cổ phần Giải pháp Phần mềm Tài chính
- Clear Street
- Reserve Bank of Australia
In their words
significant key person risk
Source: Reserve Bank of Australia regulator narrator, 2023-10
have not yet announced upgrade plans beyond 2025
Source: Reserve Bank of Australia regulator narrator reporting ASX confirmation, 2023-10
Relevant workflows
6 recorded openings. A missing mapped round is a coverage gap, not an empty field.
| Workflow | Index | Labour | AI use | Core | Mapped |
|---|---|---|---|---|---|
| Regulatory transaction reporting, trade surveillance and compliance capital-markets-trading-clearing:regulatory-reporting-surveillance | 204 | $21.1B | 48% | non-core | 1 |
| Margin, collateral and risk-limit monitoring capital-markets-trading-clearing:margin-collateral-risk | 140 | $3.3B | 19% | non-core | 0 |
| Position and cash reconciliation and break resolution capital-markets-trading-clearing:position-cash-reconciliation | 135 | $26.0B | 0% | non-core | 0 |
| Clearing, settlement and asset servicing capital-markets-trading-clearing:clearing-settlement-asset-servicing | -305 | $25.9B | 49% | touches core | 0 |
| Order entry, routing and execution capital-markets-trading-clearing:order-entry-execution | -562 | $18.7B | 20% | touches core | 3 |
| Trade booking, allocation, confirmation and books and records capital-markets-trading-clearing:trade-capture-confirmation | -565 | $2.2B | 60% | touches core | 3 |
Recorded providers
Provider claims carry their recorded kind and citations. Undisclosed figures stay undisclosed.
| Provider | Products | Parent | Claims |
|---|---|---|---|
| Broadridge Financial Solutions | Broadridge securities processing (ADP Brokerage Services Group lineage), Multi-instrument, multi-currency trading and settlement system | unknown | cl-cmtc-m-broadridge-15t (observation) source |
| 63 moons technologies limited | ODIN brokerage suite, Brokerage Technology Solutions front office, middle office, back office clearing, settlement, accounting and messaging | unknown | cl-cmtc-63moons-rel (inference) source cl-cmtc-63moons-inc (inference) source cl-cmtc-m-63moons-830 (observation) source |
| Financial Software Solutions JSC | FLEX Securities Trading System, FDS Derivatives Trading System | unknown | cl-cmtc-fss-rel (inference) source cl-cmtc-fss-inc (inference) source cl-cmtc-m-fss-40 (observation) source |
Recorded inputs
Raw scored inputs exactly as frozen. Values and units keep their recorded definitions.
| Factor | Input | Value | Count | Score |
|---|---|---|---|---|
| pain | keep_alive_share | unavailable | 2 | unavailable |
| pain | backend_failure_share | 0.08 | 50 | 1 |
| pain | app_rating_inverted | 4.574142857142857 | 7 | 1 |
| pain | failed_rate | 0.4166666666666667 | 12 | 2 |
| pain | s3_grade | weak | 1 | 3 |
| pain | mean | 1.75 | unavailable | 1.8 |
| lockin | award_duration_months | unavailable | 1 | unavailable |
| lockin | noncompetitive_share | unavailable | 1 | unavailable |
| lockin | replacement_duration_months | 30.5 | 10 | 1 |
| lockin | regulator_approval | true | 1 | 5 |
| lockin | mean | 3 | unavailable | 3 |
| crowding | ai_native_traction | 0 | 0 | 1 |
| crowding | funding_per_billion | 43635612.36727023 | 7 | 3 |
| crowding | yc_2024_plus | 18 | 18 | 4 |
| crowding | mean | 2.6666666666666665 | unavailable | 2.7 |
| size | users_midpoint | 670 | unavailable | unavailable |
| size | buyers_mid | 13391 | unavailable | unavailable |
| size | midpoint | 2711088342.345192 | unavailable | unavailable |
| ai_fit | mean | 3.907200000000001 | 12 | 4 |
| ai_fit | unanswered | unavailable | 0 | unavailable |
Recorded sources
30 recorded citations. Each link lands on the sources catalogue.
Back to the 35-category table or the explorer.