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
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.
