ASIC proposes rules for CGS trading
The Australian Securities and Investments Commission (ASIC) has released draft rules for trading depository interest in Commonwealth Government Securities (CGS) on public exchanges.
The consultation paper is designed to facilitate retail trading of CGS and to "develop a deep and liquid corporate bond market".
ASIC Commissioner John Price said it would give retail investors a benchmark for investing in Australian corporate bonds as well as encourage them to diversify savings through fixed-income products.
"Fostering the retail trading of CGS on financial markets can give retail investors, including self-managed super funds trustees, a more visible pricing benchmark for investments they may wish to make in corporate bonds issued by Australian businesses," he said.
Consultation paper CP181 proposes to adopt the proposals in consultation paper CP179 and tailor them to CGS' depository interests.
ASIC is seeking feedback on extreme price movements, pre and post-trade transparency, best execution, regulatory data for market surveillance, market operator obligations in a multi-market environment and market participant obligations.
Submissions close on 31 August 2012 and feedback is also requested on whether proposals should be applied to other debt market products.
Recommended for you
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
