Government clears path for APX
The Federal Government has begun to clear the way for the Asia Pacific Exchange (APX) to begin operating an exchange market in Australia.
It has made amendments to APX's market licence, integrity and operating rules and compensation arrangements, and stated that once a number of regulatory conditions have been met the exchange would be free to operate.
The Minister for Financial Services and Superannuation, Bill Shorten, at the Australia-China Pension and Funds Management Dialogue in Beijing last month, announced the Government would grant a licence for a new derivatives market and the first non-ASX clearing house, with the intention of promoting Australia as a financial services centre and for the mutual benefit of both China and Australia.
"This decision means that the Australian-owned APX market will offer stock market listing in Australia for Asian companies, with a particular focus on Chinese companies," Shorten said.
"This will improve access and increase opportunities for Australian investors, including superannuation funds."
APX is required to meet a number of conditions imposed by the Australian Securities and Investments Commission (ASIC), including independent verification of its market technologies, and confirmation of adequate financial and human resources.
Rules regarding the safeguarding of risks associated with volatility and high frequency trading were also incorporated.
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