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ASIC announces timetable for the introduction of market competition

3 March 2011

What's new?

ASIC has announced its timetable for the introduction of market competition, along with a summary of the intended market integrity rule framework that would apply.

ASIC aims to publish the final market integrity rules that reflect the minimum needed for the commencement of competition in April. The final rules will be subject to Ministerial consent prior to ASIC formally making them.

ASIC will then consult further on final rules and other market development issues raised in CP 145, with the aim of settling the additional rules in 2012.

Chi-X's timetable

The timetable also sets out the steps ASIC, Chi-X and the industry need to take to commence operations in the Australian market.

In order to prepare for a multi-market environment there are a number of steps that will need to take place prior to Chi-X’s commencement, including:

• ASX and Chi-X will need to make operating and system changes, including procedures for; simultaneously halting trading, use of common stock and broker identifiers, sharing certain data, linking to a nominated clock for synchronization
• Chi-X will need to connect to market participants, CHESS, data vendors and ASIC
• Participants will need to prepare to comply with best execution obligation
• Chi-X will need access to clearing and settlement services

For further information:

Read the ASIC media release here:11-38AD