Finance chiefs review ASX services
It was the first such meeting held at the Australian Securities Exchange since the Gillard government decided in February to defer a decision for two years on opening up the ASX's cash equities clearing services to competition.
The local chief executives of Morgan Stanley, Citigroup, UBS and HSBC Australia were there, as were the former Treasury secretary and now ASX board member Ken Henry, and ASX boss Elmer Funke Kupper.
The agenda included a discussion about the profitability of the ASX's clearing services, an overview of the operational performance of its clearing and settlement services, and a discussion of regulatory issues facing the industry.
John Fildes, chief executive of Chi-X Australia, a rival to the ASX, said it was a good first meeting. "It was good to have a large number of important people in the room," he said.
"There were a large number of people there who are keen to see the market operate more efficiently, and who are willing to hold the ASX to account in that regard."
Stockbrokers Association of Australia chief executive David Horsfield said it was good to talk about the ASX's accounts.
"Elmer [Funke Kupper] did a great job chairing it ... and the charter of the forum was endorsed."
The forum's next meeting is scheduled for April.
A spokesman also said the ASX was committed to staying at its Bridge Street office until 2017, when its tenancy arrangements come up for renewal.
Frequently Asked Questions about this Article…
Senior leaders in Australia’s financial markets met at the Australian Securities Exchange to kick off a series of forums focused on the ASX’s clearing and settlement services. The meeting covered topics like profitability, operational performance and regulatory issues — matters that can affect market efficiency, costs and the reliability of trade settlement for everyday investors.
The meeting included local chiefs of major banks and brokerages such as Morgan Stanley, Citigroup, UBS and HSBC Australia, ASX boss Elmer Funke Kupper, former Treasury secretary and ASX board member Ken Henry, plus leaders like John Fildes from Chi‑X Australia and David Horsfield from the Stockbrokers Association of Australia.
The agenda covered the profitability of the ASX’s clearing services, an overview of the operational performance of its clearing and settlement systems, and regulatory issues affecting the industry — all topics relevant to market stability and service costs.
No new decision was announced at the meeting. The article notes that this was the first forum since the Gillard government in February deferred by two years any decision on opening the ASX’s cash equities clearing services to competition.
John Fildes, chief executive of Chi‑X Australia, described it as a good first meeting, saying it was positive to have many important people in the room and that attendees were keen to see the market operate more efficiently and hold the ASX to account on that front.
Yes. The forum’s charter was endorsed during the meeting, and Stockbrokers Association of Australia chief executive David Horsfield praised Elmer Funke Kupper’s role as chair.
The forum’s next meeting is scheduled for April. Investors may want to watch for follow‑up discussions or announcements on clearing service performance, cost structures and any regulatory developments that could affect market efficiency or fees.
No immediate move is planned. A spokesman said the ASX is committed to staying at its Bridge Street office until 2017, when its tenancy arrangements are due for renewal.
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