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Published: Saturday 12 October, 2013

online clothing stores online clothing stores ?ASX rivals allowed in

A spokeswoman for Corporate Governance Minister Nick Sherry told The Australian she could not comment on whether Senator Sherry would force the ASX to lose its supervisory role and shift them to ASIC but said a decision would be made in the next two months.

Pressure is mounting on the Federal Government to remove the ASXs supervisory powers following the recent turmoil in equity markets which highlighted major failings by the ASX.

As part of the investigation, Senator Sherry is expected to consider a range of options, including allowing the ASX to keep its supervisory powers but have the minister appoint who heads it.

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Other options include stripping the ASX of the role and passing it over to ASIC, or adopting a model similar to the Canadian model, which involves spinning off the supervisory operations into a separate entity run as a notforprofit enterprise.

Market sourc online clothing stores es said the decision over what it would do with the ASXs supervisory powers is based on the fact that the Government is leaning towards granting licences to Liquidnet, AXE ECN and ChiX to operate rival stock markets. This raises the issue of whether it is appropriate for the ASX to supervise its competitors.

Wilson HTM analyst Andrew Hills said yesterday the defining moment was when the Sydney Futures Exchange and the ASX were allowed to merge. The ACCC was responsible for that decision but it would be hard to imagine that the Government would come out and say people cant come in and compete with that merged entity. That looks bad from a competitive point of view, Mr Hills said.

Eric Mayne, chief of ASXs supervision arm, told a conference yesterday that those who say that the ASX is conflicted, as a commercial entity and market supervisor, say that we make supervisory decisions with one eye on the bottom line. Nothing could be further from the truth.

Not only is there a formal separation of ASXMS staff and information from ASX business development and operation functions, but stringent conflict of interest policies and protocols are strictly enforced, and apply to all interactions between supervision and nonsupervision functions, he said.

In the past couple of weeks ASIC has been restructuring its affairs to make itself more relevant and closer to market action. At the online clothing stores time of the announcement, people believed this was part of a pitch by the regulator to get control of the ASXs supervisory powers.

Yesterday ASIC chairman Tony DAloisio said he had added two expanded stakeholder teams to its new structure, to assist in its regulation of market operators and market participants.

Effectively we will be allocating more of our online clothing stores resources to these matters, he said at a conference yesterday. ASIC cannot take risks on regulatory gaps and hence adding resources is a sensible way for this to proceed.

The ASX has come under massive criticism over its handling of the financial markets crisis.

QBE chairman John Cloney is vocal about the ASX being forced to divest its supervisory powers.

As market operator, it is not in the ASXs interest to take steps to decrease trading volumes. They clip the ticket for every transaction, so the more transactions, the better, Mr Cloney said. online clothing stores