Australia leads way in Asian financial markets: Axiss
Australia’s equity, debt, foreign exchanges and derivatives markets have doubled in size over the past five years and reached $100 trillion in turnover in 2005-06, according to the latest Axiss Australia report released by the Federal Government this week.
The report said that Australia’s equity market is now the largest in Asia by free-float capitalisation outside of Japan, and its interest rate listed derivatives market is the most liquid.
As well, the report said the Australian dollar and US dollar represented the world’s fourth most actively traded currency pair, while turnover in Australian non-government bonds, including securitised assets, had tripled over the past four years.
“These developments, combined with 16 years of uninterrupted growth, sound regulation, advanced business infrastructure and a highly skilled workforce have led to many of the world’s leading financial institutions establishing operations in Australia as a regional base,” it said.
The Axiss report was particularly bullish about Australia’s financial services regulatory system, describing it as among the world’s best.
“Australia’s regulatory environment is viewed as a model by many jurisdictions around the world,” it said. “Reforms in recent years have led to a system that is both best practice in approach and pro-business in outlook.”
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
