Greg Yanco to head new Australian ECN

Source: New Zealand Exchange

The Board of Australia's new ECN (Electronic Communications Network) has appointed Greg Yanco to the position of CEO, effective immediately.

Mr Yanco brings over 20 years' experience in financial markets, more than 10 of these in regulatory roles with the ASX.

"Mr Yanco's extensive markets experience, his knowledge of the regulatory environment and his commitment to the development of Australian capital markets make him ideally placed to lead the ECN," said Mark Weldon, CEO of New Zealand Exchange Limited (NZX) and a director of the ECN.

"The new Australian ECN will boost innovation, technology and price competition in the Australian capital market. It's an exciting initiative and I'm energised by the opportunities it presents as both a business, and the positive impact it will have on the larger Australian capital market," said Mr Yanco.

ECNs are high-speed, low-cost platforms that separate listing from trading functions and are already available in most leading global markets.

Yanco will join the other Australian ECN partners - NZX, Citigroup, CommSec, Goldman Sachs JBWere, Macquarie Securities and Merrill Lynch - to work through the statutory requirements so the new entity can begin operating in the first half of 2007.

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