In August 2009, the Government announced important reforms to transfer supervisory responsibility for Australia’s financial markets to the Australian Securities and Investments Commission (ASIC).
Since the Government announced in-principle approval of Chi-X in March 2010, ASIC has worked carefully and methodically to develop robust market integrity rules. These rules are designed to ensure the strength and stability of our financial system while allowing vibrant competition from alternative securities trading platforms.
Today the Australian Government today granted a licence to Chi-X Australia Pty Ltd (Chi-X) as an alternative securities exchange to boost competition in Australia’s financial markets, as part of a broad agenda to build our reputation as a financial services hub within Asia. The new market licence will be granted subject to Chi-X meeting strict conditions in relation to resourcing, including the establishment of an adequate compensation fund and robust testing of its technological infrastructure.
If you are seeking equity funding, contact Pattens on 1800 PATTENS. We are an approved and accredited Australian Small Scale Offering Board (ASSOB) sponsor. See www.ASSOB.com.au
