Australia's federal government has handed supervision of domestic real-time financial trading over to the Australian Securities and Investments Commission (ASIC).
The move is part of ongoing efforts to "improve regulation of the financial industry in the country", corporate law minister Chris Bowen said in a statement.
It is expected to end the monopoly the Australian Securities Exchange has in the country and means that the ASIC will be responsible for supervising trading on a licensed financial market.
Mr Bowen explained that it is "more appropriate for an agency of the government to perform this important function".
He added that the move is the first step towards promoting competition between the different market operators in Australia.
The changes are expected to come into force in the third quarter of 2010 and will also involve the ASIC enforcing misconduct laws.
Last month, the Corporations and Markets Advisory Committee issued a report calling for civil penalties for those found guilty of market manipulation in Australia.
Written by Tony Aynsley
The move is part of ongoing efforts to "improve regulation of the financial industry in the country", corporate law minister Chris Bowen said in a statement.
It is expected to end the monopoly the Australian Securities Exchange has in the country and means that the ASIC will be responsible for supervising trading on a licensed financial market.
Mr Bowen explained that it is "more appropriate for an agency of the government to perform this important function".
He added that the move is the first step towards promoting competition between the different market operators in Australia.
The changes are expected to come into force in the third quarter of 2010 and will also involve the ASIC enforcing misconduct laws.
Last month, the Corporations and Markets Advisory Committee issued a report calling for civil penalties for those found guilty of market manipulation in Australia.
Written by Tony Aynsley
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