ASIC counts down to market competition
Operators in the Australian exchange market have been urged to start preparing now for a multi-market environment, as the Australian Securities and Exchange Commission (ASIC) releases the details of its market integrity rules and the timetable for their implementation.
Final market integrity rules will be out as soon as 30 April, with the introduction of the current market licence applicant Chi-X Australia scheduled for late October, as long as it meets all requirements.
ASIC said feedback from its consultation paper indicated the industry wanted a timetable and an early indication of regulatory framework in order to prepare and allocate resources — which it had delivered.
The timetable also sets out the steps required for Chi-X Australia to be granted a market licence, which include cooperating with the Australian Securities Exchange to make changes to operating systems, and getting access to clearing and settlement services.
“Competition is good for the equities market, good for Australian and overseas-based listed companies, and good for our financial services sector and employment growth in that sector,” he said.
He said that although it was a significant change in Australia’s market structure, competing exchange markets have been successfully operating in the United States, Canada and Europe for a number of years.
“By allowing competition we are promoting Australia as a financial services hub and helping ensure our financial markets are efficient and innovative,” he said.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
