Final chance for say on competition for market services
Tony D'Aloisio
The Australian Securities and Investments Commission (ASIC) has released a second consultation paper inviting industry feedback on how to maintain the quality and integrity of the market for trading in ASX-listed securities if it is opened up to competition.
Consultation Paper 95: Competition for market services — response to CP 86 and further consultation (CP 95) is a response to feedback generated by the first consultation paper, which explained ASIC is considering applications by AXE ECN and Liquidnet Australia for Australian market licences to operate competing venues for trading in ASX-listed securities.
In a statement to media, ASIC said respondents to the first paper, entitled Consultation Paper 86: Competition for market services — trading in listed securities and related data, generally agreed with its opinion that competition for market services is desirable provided current levels of market quality and integrity are maintained.
The new consultation paper also sets out proposals for ensuring this does happen and inviting feedback.
“The AXE and Liquidnet applications have important ramifications for the development of the Australian securities markets,” ASIC chairman Tony D’Aloisio said.
“We will finalise our advice to the Minister on [these applications] with the benefit of the input through this second consultation process.”
The consultation period closes on January 29, 2008, after which the Minister will make a final decision.
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