Bendigo pitches for stock exchange
Australia could get its second regional stock exchange with the announcement that the Bendigo Stock Exchange (BSX) may be granted a stock exchange licence.
Australia could get its second regional stock exchange with the announcement that the Bendigo Stock Exchange (BSX) may be granted a stock exchange licence.
If successful, Bendigo would follow in Newcastle’s footsteps in providing a stock exchange for small companies, particularly those in the local area. Newcastle Stock Exchange opened its doors just last week.
The Australian Securities and Investments Commission (ASIC) has called for pub-lic comments on an application by BSX to become a stock exchange.
ASIC says it is seeking comment before making a recommendation to financial services minister Joe Hockey to approve the move.
"ASIC will consider BSX's draft rules and application further in light of comments received from the consultation process, with particular regard to the criteria set out under ASIC Policy Statement 100," ASIC says.
"Before approving a securities exchange, the Minister must be satisfied that the interests of the public will be served by the granting of its approval."
ASIC added that it would require the BSX to meet certain criteria including: that the people involved in running the exchange had the right expertise, direct partici-pation was limited to suitably qualified trading participants, and qualifications of trading participants were adequate.
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