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Mr Camerons committee has met once since ASX was forced by ASIC in late October to introduce additional oversight following concerns ASX could be repeating its past mistakes, which forced it to pause the CHESS replacement last November. He said it would take around 10 days to digest the ASXs plans before it makes recommendations on whether the market is likely to back it.

I havent seen the grand plan or know what it looks like or what is in it, but I expect we get from ASX, prior to our meeting on October 31, a lot of specific information as to what the CHESS replacement, in overall terms, will look like now.

The group plans to meet again on November 9 to finalise its position.

The ASXs subsidiary clearing and settlement boards are due to meet on November 15 to approve the solution design and vendor. If the committee was to report widespread concerns, ASX may be forced to push back finalising the plans until the new year.

Committee chair Deborah ONeill probed Mr Cameron on whether the timelines provided sufficient time to carefully interrogate something that is so complex and has been cause of such concern over a long period of time already.

Mr Cameron said he felt the twin pressures and tension of having enough time to form a view, while also helping ASX make this decision as quickly as it sensibly can.

You and others would like to see a resolution of this without unnecessary delay, he said.

Its also clear in the regulatory expectations letter, that ASX is not to make this decision and it is their decision, not ours until the new advisory group has been given sufficient time to form a view about that and to be able to advise them. That is explicitly stated in the statement of regulatory expectations.

The Parliamentary Joint Committee also heard details of the composition of the group and how it will function.

Mr Cameron said its 10 members had been chosen to serve in their individual capacity, except ASX CEO Helen Lofthouse. But he said she had agreed to recuse herself from some deliberations, so the group could make decisions free of any undue influence from ASX.

The other advisory group members are: David Braga, Richard Burns, David Ferrall, Belinda Gibson, Marnie Reid, David Travers, Scott Webster, Chris Williams.

All are bound by strict confidentiality agreements to ensure they dont communicate sensitive ASX information back to their organisations.

Mr Cameron said he had wanted Emma Quinn, CEO of alternative equity market operator CBOE, to be part of the committee, but she was unable to sign up to the groups confidentiality requirements.

Do you have confidence in the ethical fibre of the people who are sitting around that board, to undertake this work in the national interest? Ms ONeill asked Mr Cameron.

He replied that he did, pointing to their skills and expertise across different parts of the market that would reflect a wider view. All the groups meetings will be observed by ASIC, the Reserve Bank, and the ACCC.

The group does not include people who are shrinking violets, Mr Cameron said.

Theyre perfectly capable of speaking their mind. And frankly, I think they would speak their mind, even if Ms Lofthouse was in the room the whole time. But we have already agreed, and she has demonstrated a willingness to, absent herself from time to time, so there is no doubt members of [the] group have the opportunity to reflect among themselves, and not be influenced by her mere presence in the room.

Mr Cameron said his aim was to get broad consensus, and he will report divergent views to ASX and regulators.

Ms Lofthouse and ASX chairman Damian Roche will appear in front of the Parliamentary Joint Committee from 1:15pm AEDT. ASIC chairman Joe Longo will follow in the afternoon. ASXs board of directors narrowly avoided a second strike at its annual meeting on Thursday, where 21 per cent of shareholders voted against the remuneration report.

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New CHESS advisory group 'won't be railroaded' by ASX - The Australian Financial Review