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ASIC consults on equity market structure regulatory framework

by Hilary Kincaid 5. November 2010 08:59

ASIC released a consultation package yesterday on enhancing the regulation of equity markets in Australia - including introducing competition between markets.

The package includes a consultation paper (CP 145 Australian equity market structure), draft market integrity rules and a supporting report.  It can be downloaded from the official ASIC site.

Worldwide, equity markets have undergone considerable change and are now overwhelmingly electronic and automated.

The proposals in CP 145 address:

  • new controls to curb extreme price movements and to require transparent cancellation arrangements, 
  • enhanced controls for direct electronic access and algorithmic trading,
  • formal obligations on market participants,
  • minimum disclosure about order and trade information,
  • consolidation of market data across all execution venues,
  • market operator cooperation on trading halts and related matters, and
  • better regulatory data on orders and trades.

     

    The deadline for comment in relation to CP 145 is 21 January 2011.  The Australian Financial Markets Association, the Stockbrokers Association Australia and the Financial Services Council will host information sessions during November for their members (details will be provided to members in due course). 

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