MMADX set to launch money market trading system



Australian company MMADX (Money Market and Debt eXchange Pty Ltd) has announced it plans to open what it claims is the first electronic trading system in the Asia Pacific for money market securities and repurchase agreements.
Announcing the move in Sydney this week, the company said it would begin trading money market securities and repurchase agreements once it had received the appropriate licences.
It said it expected to launch a full service electronic debt market in the second half of this year.
MMADX chief executive Sean Nunan said MMADX would mark a turning point in the evolution of Australian debt markets and offer significant savings to local institutions.
"Automating the market will result in significant savings for market participants, improve risk management as well as increasing the transparency of debt trading in Australia," he said.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.