ASIC moving on Wall Street fallout
|
|
The chairman of the Australian Securities and Investments Commission (ASIC), Tony D’Aloisio, has confirmed the regulator has already taken steps to mitigate the risk of a repeat of the events on Wall Street a fortnight ago that saw the Dow Jones drop 998 points in just minutes.
In an article published this week, D’Aloisio said the steps taken by the regulator included the banning of naked short-selling, the implementation of a review of algorithmic trading and direct access in Australia and the testing of brokers’ risk controls.
He said ASIC was also putting in place a market surveillance system that would be able to take order and trade data from multiple markets and allow the regulator to monitor the whole of the market in real time.
D’Aloisio said ASIC and other regulators were continuing to examine what happened on Wall Street a fortnight ago and would be listening to stakeholders to ensure the Australian system had integrity and was efficient.
AUTHOR
Mike Taylor
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.
