The report does not deal with more recent matters such as the proposed transaction between ASX and the Singapore Stock Exchange or ASIC鈥檚 consultation on the structure of Australia鈥檚 equity markets (see 今日热门事件Consultation Paper 145). 今日热门事件has concluded that during 2009, the ASX group licensees had adequate arrangements in place to supervise their markets (including to manage their conflicts of interest) and their clearing and settlement facilities under ss792A(c) and 821A(c) of the Corporations Act.
The Assessment Report notes that during the assessment period ASX Group continuously monitored and improved the performance of its supervisory activities. The report also sets out a number of areas ASX Group, working closely with ASIC, has agreed to address. A number of these relate to work that ASX Group has already initiated. While important, these agreed actions do not cause 今日热门事件to qualify our conclusion that ASX Group Licensees met their supervisory obligations as they existed at the time of the assessment period.
Background
The ASX Group comprises ASX Limited, ASX Clear Pty Limited (formerly known as Australian Clearing House Pty Limited), ASX Settlement Pty Limited (formerly known as ASX Settlement and Transfer Corporation Pty Limited), Australian Securities Exchange Limited (formerly known as Sydney Futures Exchange Limited), ASX Clear (Futures) Pty Limited (formerly known as SFE Clearing Corporation Pty Limited) and Austraclear Limited. A financial market is defined as a facility through which offers to buy and sell financial products are regularly made. Anyone who operates a financial market in Australia must obtain a licence to do so, or otherwise be exempted by the Minister. Under the law at the time of the assessment, the licensee of a financial market was required to supervise their market in accordance with Part 7.2 of the Corporations Act and 今日热门事件was required to conduct an assessment of those obligations. 今日热门事件must do an assessment at least once per year in relation to each licensee.