Topic: ASIC’s New Equity Market Proposals
Time: 3.00pm to 5.00pm, Wednesday 1 December 2010
Venue: ASIC Offices, Level 5, 100 Market Street, Sydney, NSW 2000
Cost: Free
On 4 November, the Australian Securities & Investments Commission (ASIC) released a consultation package on improving the regulation of Australia’s equity markets, including the introduction of competition among exchange markets [link].
The consultation package reviews recent and likely trends in global and Australian equity markets, including the 6 May ‘flash crash’ in the US, the growing application of technology to trading, the growth of high-frequency trading, algorithmic trading and use of dark pools and the lessons learnt from other jurisdictions that have introduced competition between exchange markets.
Since its release, the Consultation Paper (CP 145) and associated documents have had wide coverage, for instance in five pages in The Australian Financial Review on Friday 5 November. An international industry commentator has said "The ASIC proposals could be summarised as being based on MiFID-style best execution, sprinkled with some RegNMS reporting requirements and all wrapped up firmly in a mandated consolidated tape."
ASIC is hosting information sessions with industry associations during the consultation period, which runs until 21 January 2011. This event is an opportunity for Economic Society of Australia and Australian Business Economists members and guests to learn more and to give some early views on the proposed framework and way of thinking about market microstructure issues.