AFMA has urged ASIC to give priority to measures that will assist the early introduction of competition to equity markets in its submission in response to ASIC’s consultation paper (CP 145) on the structure of Australia’s equity market and proposed market integrity rules (MIR).

CP145 rightly takes a strategic and holistic approach to the evolution of equity markets in Australia. However, it is important that consideration of some of the longer term, whole-of-market issues does not impede the early introduction of competition.

AFMA’s members include all of the leading equities brokers in Australia.
AFMA has suggested to ASIC that it gives first priority to MIR that are necessary to facilitate a stable and effective multi-operator environment. These comprise practical measures including the people and products to which the rules will apply, best execution, reporting requirements and co-ordination
between market operators.

The next priority should be proposals that could enhance market integrity and efficiency. These include volatility controls for extreme market movements, minimum standards for direct electronic access and algorithmic trading and post-trade disclosures.

Source: http://www.afma.com.au/afmawr/_assets/main/lib90021/2011_01_31%20equity%20market%20structure.pdf

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