Equity Market Structural Reform: The National Public Interest Equation Deserves Greater Consideration

Abstract

The passing of reforms in Australia allowing the entry of new market operators and trading platforms to compete with the Australian Securities Exchange (ASX) marks a new phase of development for our capital markets. The Australian Government passed the Corporations Amendment (Financial Market Supervision) Act 2010 (Cth), which inserted a new Pt 7.2A into the Corporations Act 2001 (Cth). This legislation transferred the supervision of domestic Australian market licences to the Australian Securities and Investments Commission (ASIC) and provided it with additional powers. On 9 February 2010, Chris Bowen, the Minister for Financial Services, Superannuation and Corporate Law stated in a media release that these reforms would “enhance the integrity of Australia’s financial markets and contribute to the goal of making Australia a financial hub”.