Building a bourse for a man of the world

Listing unsponsored depositary receipts for foreign companies on the local bourse, as Elmer Funke Kupper suggests, would greatly benefit the local market… and finally help BHP Billiton and Rio Tinto realise an effective arbitrage.

Elmer Funke Kupper has revived the ASX ambition of allowing Australian investors to trade foreign company securities on the Australian exchange.

The plan to list unsponsored depositary receipts was one of Funke Kupper’s first initiatives when he became chief executive of the ASX in late 2011 but was thwarted when the Australian Securities and Investment Commission opposed the concept.


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