ASX mulls foreign stocks push

Funke Kupper open to fund managers trading foreign-listed groups on ASX.

ASX (ASX) chief executive officer Elmer Funke Kupper is keen to revisit the possibility of fund managers being able to trade foreign-listed companies on the local exchange, The Australian Financial Review reports.

According to the newspaper, any furthering of the suggestion would hinge on concerns raised by the Australian Securities and Investments Commission (ASIC) when it rejected the initial push 18 months ago being addressed.

"I like the idea. I’d like to have an international board where we quote the top 100 companies. The question is what do we need to do to alleviate the legitimate concerns that were raised at the time?” Mr Funke Kupper told the AFR.

The ASX chief said the previous proposal was very broad and the target may have been "overshot," however he suggested the market could be institutional only as a way of addressing the concerns raised.