English language is tricky…
especially when used by marketing types.
Take a look at who are the ASX clearing and settlement participants:
https://www.asx.com.au/content/dam/asx/participants/lists-of-participants/asx-settlement-participant.pdf
https://www.asx.com.au/content/dam/asx/participants/lists-of-participants/asx-clear-participant.pdf
When reading “participant” think “broker” or “customer of ASX”,
not alternative provider of ASX services.
Finclear is offering an alternative to services provided by brokers, not an alternative to the clearing and settlement services provided by ASX.
