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ASX hires Business Committee chair

  •  
By Jessica Penny
  •  
3 minute read

The market operator has welcomed the first independent chair of one of its stakeholder groups.

ASX has appointed Paul Rayson as its first independent chair to its Business Committee, a mechanism for input into ASX’s governance framework.

Mr Rayson brings more than two decades of experience in the financial services industry to the role, having worked across investment markets, technology, retail banking, risk management and governance.

He was formerly the managing director of Australia’s largest retail broker, CommSec, and before this, spent eight years at Commonwealth Bank (CBA) where he was most recently chief financial officer for the group’s wealth management function.

Moreover, Mr Rayson is currently chief executive of listed investment company Hearts & Minds Investments Ltd.

According to the market operator, the ASX Business Committee was established for the purpose of providing user input to management and the boards of ASX Clear and ASX Settlement on the ongoing operations and development of cash equities clearing and settlement infrastructure and services.

The Business Committee comprises representatives of clearing participants, settlement participants, approved market operators, other relevant stakeholders and their associated industry organisations.

Meanwhile, the CHESS Replacement Technical Committee also serves as a sub-committee to the Business Committee.

Commenting on the appointment, ASX group executive for securities and payments Clive Triance said: “With the wide range of stakeholder interests represented on the Business Committee, I am confident Paul’s deep industry experience will demonstrate our commitment to constructive and inclusive member engagement on key agenda items and actions.

“This appointment underscores ASX’s ongoing work to deepen stakeholder engagement and enhance governance arrangements on key industry forums,” Mr Triance continued.

Mr Rayson added: “I was drawn to this unique opportunity, and I look forward to listening and working with the industry on the development of clearing and settlement in Australia.”

The market operator clarified that Mr Rayson’s appointment follows other key actions that ASX has taken to increase stakeholder engagement.

Last month, it was announced that former ASIC chair Alan Cameron would lead a new Cash Equities Clearing and Settlement Advisory Group established by ASX to advise its subsidiaries ASX Clear and ASX Settlement on strategic clearing and settlement issues, including the governance of its CHESS replacement project.

On 31 August, ASX hosted the first meeting of the newly formed stakeholder group.