Wednesday April 10 2013
News Source: Global Exchanges
Focus: Other
Type: General
Country: Australia
Link: http://www.asxgroup.com.au/media/PDFs/Code_of_Practice_Media_Release.pdf
ASX has released its draft Code of Practice for Clearing and Settlement of Cash Equities in Australia for industry consultation.
ASX is developing the Code following an announcement by the Deputy Prime Minister and Treasurer on 11 February 2013, to defer a decision on any licence application from a central counterparty seeking to compete in the Australian cash equity market, thereby retaining the current market structure for the clearing and settlement of cash equities for the next two years.
The draft Code sets out ASX’s commitment to:
– establish an ongoing advisory forum that allows users and stakeholders to provide input to the Boards of ASX Clear and ASX Settlement;
– transparent and non-discriminatory pricing of clearing and settlement services; and
– transparent and non-discriminatory terms of access to clearing and settlement services.
The Code will be supported by a dedicated section on ASX’s website that will provide detailed information on ASX’s clearing and settlement services and performance. The website will also contain information on the topics discussed at the industry stakeholder forum (the Forum). The full website will be developed by the end of August 2013, and an outline of the site is provided as part of the consultation process.
Stakeholders have until 8 May to make a submission to ASX on the draft Code. In addition to providing customers and industry stakeholders with the opportunity to provide written submissions on the draft Code, ASX is hosting two industry briefing sessions over the next month as well as bilateral consultation meetings and roundtables. The Code is expected to be operational by 9 August 2013.
Click on the above link for more details.