STOCK EXCHANGE – AUSTRALIA

Morgan blasts Morrison’s bank tax as a grab for revenue

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 16 : 8-Aug-17

Former Westpac CEO David Morgan has dismissed claims by Treasurer Scott Morrison that the Australian Government’s levy on the nation’s five largest banks. levy will merely offset the implicit government guarantee on bank deposits. However, Morgan supports a regulatory push to ensure that banks are "unquestionably strong", but he notes that higher capital ratios are just one of the measures that are aimed at achieving this. The Chi-X Australia chairman adds that the stock exchange operator will begin offering transferable custody receipts to local investors in late 2017.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, CHI-X AUSTRALIA PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, NEW YORK STOCK EXCHANGE, NASDAQ, JC FLOWERS AND COMPANY LLC, ASX LIMITED – ASX ASX, DIGITAL ASSET HOLDINGS, DEUTSCHE BANK AG

Shake-up in offing after response to ASX outage

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Original article by Daniel Palmer
The Australian – Page: 13 & 18 : 22-Dec-16

The Australian Securities & Investments Commission has released its final report on a review of the ASX’s computer system failure on 19 September 2016. Amongst other things, ASIC has questioned the ASX’s decision to put the market on "enquire" mode rather than respond to a request from rival stock exchange operator Chi-X to shift it to "adjust" mode. ASX MD Dom­inic Stevens says ASIC’s recommendations are being considered and some actions have already been taken in response to the outage.

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CHI-X AUSTRALIA PTY LTD

ASX to face fresh competition

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Original article by Andrew White
The Australian – Page: 19 & 23 : 12-Oct-16

Stock exchange operator ASX Limited could potentially lose its monopoly on clearing and settlement services. Competition in the clearing of securities in particular is being scrutinised by the Australian Government as part of its broader competition law reforms. Several international players have already been granted licences to provide clearing services for over-the-counter derivatives, while share trades were opened to competition in 2011.

CORPORATES
ASX LIMITED – ASX ASX, CHI-X AUSTRALIA PTY LTD, COUNCIL OF FINANCIAL REGULATORS, AUSTRALIA. DEPT OF THE TREASURY, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DIGITAL ASSET HOLDINGS, CME, LCH.CLEARNET SA

Chi-X accuses ASX of freezing the market

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Original article by Vesna Poljak, Jessica Sier
The Australian Financial Review – Page: 13 & 18 : 22-Sep-16

ASX Limited has been accused of mismanaging an outage which occurred on 19 September 2016. The exchange operator put the market in "enquire" mode, thus preventing stockbrokers from cancelling their open orders on the ASX and executing them at rival exchange Chi-X Australia. John Fildes, the CEO of Chi-X, said the ASX should have put the market in "adjust" mode, which is less restrictive.

CORPORATES
ASX LIMITED – ASX ASX, CHI-X AUSTRALIA PTY LTD, TABB GROUP INCORPORATED, AUSTRALIA. DEPT OF THE TREASURY

IT system fault floors ASX

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Original article by Jessica Sier
The Australian Financial Review – Page: 1 & 2 : 20-Sep-16

Stock exchange operator ASX Limited has indicated that an "internal hardware failure" rather than a cyber attack was responsible for technical problems that curtailed sharemarket trading on 19 September 2016. The market opened later than usual and closed early, with just $A169m worth of shares in the top 200 stocks changing hands. The ASX has stressed that the problems were not related to the issues that disrupted trading for four hours in 2011.

CORPORATES
ASX LIMITED – ASX ASX, CADENCE CAPITAL LIMITED – ASX CDT, CITIGROUP PTY LTD, PEAK ASSET MANAGEMENT PTY LTD, BLOCK EVENT, CREDIT SUISSE (AUSTRALIA) LIMITED, IG MARKETS LIMITED, CHI-X AUSTRALIA PTY LTD, RIVKIN SECURITIES PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE TREASURY

New ASX boss Dominic Stevens ‘cautious’ on blockchain switch

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 8 : 2-Aug-16

Former Challenger CEO Dominic Stevens has been appointed as the new CEO of ASX Limited. He replaces Elmer Funke Kupper, who resigned in March 2016. Stevens says he will concentrate on issues such as the consolidation in stock exchange services and changes in listing rules, whose aim would be to raise the quality of listed companies. Under his leadership, the ASX will proceed cautiously with implementing new technologies, including blockchain technology.

CORPORATES
ASX LIMITED – ASX ASX, CHALLENGER LIMITED – ASX CGF, TABCORP HOLDINGS LIMITED – ASX TAH, SOCIETYONE AUSTRALIA PTY LTD, DIGITAL ASSET HOLDINGS, CONTANGO ASSET MANAGEMENT LIMITED, LONDON STOCK EXCHANGE, DEUTSCHE BOERSE, SINGAPORE EXCHANGE LIMITED

ASX listing rule changes pushed back after flood of feedback

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Original article by Yolanda Redrup
The Australian Financial Review – Page: 20 : 27-Jul-16

Stock exchange operator ASX Limited has advised that new listing rules that were to have been introduced on 1 September 2016 will now take effect on 19 December. The ASX has opted to delay the starting date for the new rules in response to the significant feedback it has received during the consultation phase. The revised listing rules will make it harder for business start-ups to undertake IPOs.

CORPORATES
ASX LIMITED – ASX ASX, WISETECH GLOBAL LIMITED – ASX WTC, CONNEXION MEDIA LIMITED – ASX CXZ, GENERAL MOTORS CORPORATION

Retail investors face lockout from IPOs if proposals adopted

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Original article by Sally Patten
The Australian Financial Review – Page: 21 : 3-Jun-16

The ASX argues that proposed changes to listing rules are intended to enhance the Australian bourse’s reputation as a market of "quality and integrity". However, the Australian Shareholders’ Association is concerned that the changes outlined in a recent consultation paper will make it harder for retail investors to participate in IPOs. The ASX proposes to introduce a minimum free-float of 20 per cent and scale back the minimum number of shareholders a company must have at the time of its IPO.

CORPORATES
ASX LIMITED – ASX ASX, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, STANDARD AND POOR’S ASX 200 INDEX

ASX ‘likely’ to choose a local chief executive

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Original article by Jessica Gardner, Ruth Liew
The Australian Financial Review – Page: 23 : 15-Apr-16

ASX Limited has posted a statutory profit of $A317.4m for the first nine months of 2015-16, which is 6.2 per cent higher than previously. The stock exchange operator will shortly appoint an executive search firm to find a successor to CEO Elmer Funke Kupper. ASX chairman Rick Holliday-Smith says the highly regulated nature of the Australian market means a local candidate will probably be preferred, but he has not ruled out an offshore hire if they have the right skills and experience.

CORPORATES
ASX LIMITED – ASX ASX, RUSSELL REYNOLDS ASSOCIATES INCORPORATED, RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

‘It’s not right, it’s unfair, it’s trial by media,’ says ASX CEO

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Original article by Perry Williams, Tony Boyd
The Australian Financial Review – Page: 1 & 2 : 22-Mar-16

ASX Limited chairman Rick Holliday-Smith will become acting CEO of the stock exchange operator following the resignation of Elmer Funke Kupper, who has been CEO for more than four years. Funke Kupper says he stepped down to protect the company’s integrity, adding that his priority is the Australian Federal Police’s investigation into allegations of corruption at Tabcorp when he was CEO. Funke Kupper has stressed that he has not been told that he is personally under investigation.

CORPORATES
ASX LIMITED – ASX ASX, TABCORP HOLDINGS LIMITED – ASX TAH, AUSTRALIAN FEDERAL POLICE, CAMBODIA. OFFICE OF THE PRIME MINISTER, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, McKINSEY AND COMPANY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, RESERVE BANK OF AUSTRALIA, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION