Published On: Sun, May 5th, 2013

Australia Government has Approved Changes Permitting APX to Commence Operation

Bill Shorten, Minister for Financial Services and Superannuation

Bill Shorten, Minister for Financial Services and Superannuation

The Minister for Financial Services & Superannuation, The Hon Bill Shorten MP announced that the new Market Integrity Rules for the Asia Pacific Stock Exchange (APX) market have been approved. The Parliamentary Secretary to the Treasurer, Mr Bernie Ripoll MP also announced that the variations to the APX Australian Market Operator Licence and new APX Business Rules had been approved.

The Hon Bill Shorten, Minister for Financial Services and Superannuation said:

“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.”

Commenting on the approvals, APX Chairman Ray Schoer, said “These approvals are an important milestone for the APX market. APX will provide an attractive new venue for corporates to raise capital and be publicly listed, and bring competition, and new investors and corporates, in the listing and trading markets in Australia.”

Mr George Wang, APX Deputy Chairman and Chairman of the AIMS Group said “We are very pleased with the Minister’s approvals today. APX is aiming to attract corporates, capital and investors from both Australia and Asia, especially China. This new regulatory framework reinforces the strong reputation of the Australian market regulatory environment and will further encourage companies to list and trade on the APX market.”

Mr Wang added, “We are looking forward to re-launching the APX market in the coming months. We are focused on building an exciting new venue that will substantially deepen Australia’s links and integration with Asia, particularly capital flows between Australia and China, and the Australian financial services sector.”

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