Published On: Fri, Apr 29th, 2011

ASIC Publishes Final Competition Market Integrity Rules

ASIC published new market integrity rules April 29 to provide the framework for the introduction of competition in equity exchange markets and new market integrity rules specifically for the Chi-X market. ASIC also published two regulatory guides on the new rules.

The new competition market integrity rules are in line with the summary of the proposed market integrity rule framework ASIC released on 3 March 2011.

The package of documents published today consists of:

Competition
* Competition market integrity rules
* Competition market integrity rules regulatory guide (RG 223)
* Feedback report to ASIC consultation paper 145 (CP 145) (REP 237)
* Non-confidential submissions to CP 145

Chi-X
* Chi-X market integrity rules
* Chi-X regulatory guide (RG 224)
* Feedback report to ASIC consultation paper 148 (CP 148) (REP 238)

ASIC Commissioner Shane Tregillis said, ‘This is a very significant milestone for Australian equity markets and gives effect to the Government’s policy to support competition between exchange markets in Australia. ASIC will continue to work with market operators and participants, including on industry testing issues, to promote a smooth transition for the introduction of competition in accordance with the timetable ASIC released in March this year.

‘ASIC will also consult further on broader market development, such as the need for additional market operator and participant risk controls and to complete the review of pre-trade transparency exceptions, in the third quarter of 2011. ASIC aims to settle these additional rules in early 2012, with sufficient time for transition and implementation,’ he said.

ASIC also notes that Treasury will be consulting on proposals for cost recovery and on possible legislative changes to the licensing of market operators in the coming months.

ASIC thanks the more than 40 organisations who provided feedback to CP 145.

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