At the ASX level trades WILL settle. ASX is only the mechanism for introducing buyers & sellers and utilises CHESS to manage the settlement process.
The actual buyers/sellers are the brokers acting on behalf of their clients.
Therefore the contractural obligation to settle trades is between the broker and their client. CHESS will charge the brokers settlement account on settlement date, if the broker has not received their funds from the client that bought the shares then that is the brokers problem.
AUM
australian mining investments limited
