Inquiry into the framework for the market supervision of Australia's stock exchages

Inquiry into the framework for the market supervision of Australia's stock exchages

11 February 2002

© Commonwealth of Australia 2002
ISBN 0 642 71134 8

View the report as a single document - (PDF 293KB)

View the report as separate downloadable parts:

The Committee (PDF 12KB)
 
Terms of Reference (PDF 14KB)
 
Abbreviations (PDF 10KB)
 
Preface (PDF 11KB)
 
Executive Summary (PDF 24KB)
 
Chapter 1 - The framework for the market supervision of Australia’s stock exchanges (PDF 30KB)

Introduction
Australia’s stock exchanges
Demutualisation and listing
The co-regulatory model of market supervision
Corporations Act
ASX rules and practices
  SEATS
  CHESS
Financial Services Reform Act 2001
 
Chapter 2 - Advantages of the Current Framework (PDF 23KB)

Introduction
Advantages of the current framework
  IOSCO view
 
Chapter 3 - Disadvantages and Shortcomings (PDF 61KB)

Introduction
Shortcomings identified by the ASX
Transparency issues
Potential conflict between supervisory and commercial objectives
  Availability and commercialisation of information
     ASX response
  Standards of listed companies
Potential supervisory conflicts of interest
Addressing the conflicts of interest issue - ASX Supervisory Review
 
Chapter 4 - ASX Supervisory Review Pty Ltd (PDF 40KB)

Role and functions of ASXSR
Adequacy of the ASXSR initiative
The supervisory structure in the future
Conclusions on ASXSR
 
Chapter 5 - Demutualisation, Listing and Alliances (PDF 48KB)

Introduction
Why form alliances?
Obstacles to alliances
Potential pitfalls
Ownership limits
Conclusions
 
Chapter 6 - Other Frameworks for Market Supervision (PDF 11KB)

Introduction
 
Chapter 7 - Effectiveness of Trade Practices Law (PDF 32KB)

How does trade practices law apply to ASX?
Exceptions and authorisations
Effects on competition
Global competition issues
Cross subsidisation and the TPA
Conclusions
 
Appendix 1 - Submissions Received (PDF 9KB)
 
Appendix 2 - Public Hearings and Witnesses (PDF 11KB)
 
Appendix 3 - Alternative models (PDF 47KB)
 
Appendix 4 - Information supplied to the Committee by the ASX (PDF 36KB)

For further information, contact:

Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia

Phone: +61 2 6277 3540
Fax: +61 2 6277 5719
Email: economics.sen@aph.gov.au