Joint media release with Bernie Ripoll MP Parliamentary Secretary to the Treasurer
Minister for Financial Services and Superannuation, Bill Shorten and the Parliamentary Secretary to the Treasurer, Bernie Ripoll today announced that the Gillard Government has approved variations to the Asia Pacific Exchange Limited (APX) market licence, integrity and operating rules and compensation arrangements.
Once a number of regulatory conditions are complied with, these changes will permit the APX to commence operating an exchange market in Australia.
"Earlier this month in Beijing, I discussed the important role that Australia's financial services industry can play in China, for our mutual benefit."
"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."
"This will improve access and increase opportunities for Australian investors, including superannuation funds," said Minister for Financial Services and Superannuation, Bill Shorten.
The APX market will be able to commence trading once a number of conditions recommended by ASIC are complied with. These include independent verification of the readiness of the market's technologies, and confirmation that APX has adequate financial and human resources to operate the market.
"The APX market will provide Australian investors with greater choice when making the decision to invest and in what products," said Parliamentary Secretary to the Treasurer, Bernie Ripoll.
The approved changes to the market integrity rules (MIRs) for APX, recognising changes to the APX market since the original rules were devised.
The new industry-wide rules relating to protection against the risks of volatility from high-frequency trading, among others, were also incorporated.
APX will work with ASIC to ensure all requirements are met and a smooth commencement of operation takes place.