ASIC strikes on ASX monopoly energy | Australian Markets
In what it says is a transfer about limiting the Australian Securities Trade’s (ASX’s) skill to misuse its monopoly energy to discourage new entrants, the Australian Securities and Investments Fee (ASIC) will require the ASX to publish a comparability of charges in opposition to worldwide suppliers.
The ASIC transfer is the primary train of new powers handed to it in Might final yr by way of the Competitors and Clearing and Settlement providers laws which handed the Parliament in September 2023.
Asserting the ASIC transfer, chairman Joe Longo stated the new guidelines supported ASIC’s objective of selling robust and modern development of the financial system.
‘This is about limiting ASX’s skill to misuse its monopoly energy to discourage new entrants,’ Mr Longo stated.
“The new guidelines help the long-term assured and knowledgeable participation of buyers in Australian financial markets by establishing clear obligations to advertise aggressive outcomes within the provision of clearing and settlement providers.
“The clear and benchmarked pricing construction is meant to scale back aggressive limitations to entry for entities unaffiliated with the ASX.
“This is a key step in ensuring Australians have a fair, strong and efficient financial system,” Longo stated. “More broadly, ASIC is actively looking at the regulatory settings for our markets and will release a discussion paper this week on the subject. These new rules demonstrate our commitment to acting where we see it is necessary.”
“In accordance with these new guidelines, ASX should guarantee its clearing and settlement providers are supplied in a clear, non-discriminatory method.
The ASIC announcement stated the ASX must take all cheap steps to:
› be sure that the pricing of its providers is clear, truthful and cheap
› present entry to its coated providers (together with knowledge) on business, clear and non-discriminatory phrases, and
› be sure that its core technology systems are designed and developed in a method that facilitates third-party entry.
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