Published On: Sat, Jun 4th, 2011

ASIC Consults on Capital and Related Requirements for the ASX, ASX 24 and Chi-X Markets

ASIC has released a consultation paper proposing market integrity rules for capital and related requirements for the ASX market, the ASX 24 market (formerly known as the Sydney Futures Exchange market) and the proposed new Chi-X market. These rules will transfer across to ASIC the ASX Group’s current capital and related requirements, consistent with our general approach to the transfer of supervision from the ASX Group to ASIC.

Consultation Paper 161 Proposed ASIC market integrity rules for capital and related requirements: ASX, ASX 24 and Chi-X markets (CP 161) proposes that ASIC:

o insert new capital, reporting and margin rules into the existing ASIC market integrity rules for the ASX and ASX 24 markets, to start on 1 August 2011. We have modelled these rules on the current ASX and ASX 24 Operating Rules, with the capital and reporting rules only applying to non-clearing market participants.
o make market integrity rules for capital and reporting for the Chi-X market, to start on 31 October 2011 (i.e. to coincide with the earliest date that Chi-X could commence operation). These new rules are modelled on our proposed market integrity rules for the ASX market, to ensure a level playing field.
o insert a new rule into the existing market integrity rules for the ASX 24 market, to start on 1 January 2012, that would require all ASX 24 market participants to complete daily client money reconciliations.
o reduce the lodging time for ASX 24 market monthly capital returns to 10 business days (rather than one month) after the end of each calendar month, to start on 1 August 2011.

ASIC is seeking feedback on its CP 161 proposals by 30 June 2011.

CP 161 can be found HERE

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