POWERED BY MOMENTUM MEDIA
Chi-X launch a 'smooth transition'
The Government has hailed yesterday's launch of a new securities exchange, Chi-X Australia, as an important move in the development of Australia as a financial services centre.
The introduction of a second equities market will create competition that will drive down fees and costs for 'mum and dad' investors, claimed Assistant Treasurer Bill Shorten in a joint statement with the Treasurer, Wayne Swan.
Shorten pointed to the reduction in brokers' costs for trading in the market in 2010-11, which amounted to "approximately $23 million of savings for industry participants".
The software trading firm IRESS announced that orders and trades were being successfully executed on the Chi-X using its technology, with 19 of the 22 brokers connecting to the new market yesterday morning utilising IRESS software.
IRESS managing director Andrew Walsh called the "smooth transition" of Australia to multiple-venue trading a "significant milestone".
However, not all commentators were enthusiastic about the introduction of a new market into Australia. AllianceBenstein head of Asia Pacific trading Emma Quinn warned that too many trading venues in Australia could make markets fragmented, leading to liquidity problems.
"Regulations are dictating that the only differentiating factor between the Australian Stock Exchange and Chi-X will be fee structure, but that there will be no cost benefits to the buy-side firms themselves," she said.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
