21 June 2018
Visit www.gemalto.com

Australian regulation changes pave way for new trading platforms

24 August 2009  |  7351 views  |  0 Sydney Opera House 2

The Australian government has handed the country's regulator responsibility for supervising real-time trading on markets, in a move that is expected to end the monopoly currently enjoyed by the ASX.

Currently financial markets self-supervise trading with the ASIC enforcing law against misconduct. This has proved a stumbling block for potential new entrants because it was unclear how they would be regulated given the ASX supervises itself.

However, from the third quarter of 2010, the Australian Securities and Investments Commission (ASIC) will take on responsibly for both supervision and enforcement of laws.

The government says having one supervisor will consolidate the current individual responsibilities, streamlining supervision and enforcement.

"Moving to whole-of-market supervision is also the first step in the process towards considering competition between market operators," says Chris Bowen MP, minister, financial services, superannuation and corporate law.

Chi-x, Liquidnet and Axe ECN are all interested in moving into the Australian market. However, licences will not be granted until ASIC takes over supervision, providing the ASX with at least another year without competition.

Says the exchange in a statement: "ASX notes that the government has foreshadowed that this reform is a necessary step before any further consideration of outstanding market licence applications can take place beyond the third quarter of 2010."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ASX goes sub-millisecond with new co-location service

ASX goes sub-millisecond with new co-location service

04 July 2008  |  5957 views  |  0 comments
Credit Suisse buys into Axe ECN

Credit Suisse buys into Axe ECN

01 April 2008  |  7168 views  |  0 comments
Instinet to launch Chi-X ATS in Australia

Instinet to launch Chi-X ATS in Australia

08 February 2008  |  8346 views  |  0 comments
ASX faces A$1 million damages claims over cancelled trades

ASX faces A$1 million damages claims over cancelled trades

09 October 2007  |  3983 views  |  0 comments
Liquidnet eyes Australian market

Liquidnet eyes Australian market

24 July 2007  |  10004 views  |  0 comments
ASX licenses IT&e risk technology

ASX licenses IT&e risk technology

27 June 2006  |  5167 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://info.nice.com/Visit iliad-solutions.com/Visit www.worldwealthreport.com

Top topics

Most viewed Most shared
GPS raises £44 million to fund international growthGPS raises £44 million to fund intern...
23044 views comments | 7 tweets | 8 linkedin
DBS to use robot to screen applicants for human jobsDBS to use robot to screen applicants for...
8732 views comments | 3 tweets | 7 linkedin
Robots save Nordea from GDPR processing nightmareRobots save Nordea from GDPR processing ni...
8720 views comments | 10 tweets | 17 linkedin
BIS: Cryptocurrencies are an environmental disaster that could break the InternetBIS: Cryptocurrencies are an environmental...
7837 views comments | 18 tweets | 23 linkedin
BBVA aims to convert half of its customer base to mobile banking within the next yearBBVA aims to convert half of its customer...
7365 views comments | 13 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job