The Australian Securities and Investments Commission (ASIC) has released the results of its recent assessment of the licensed financial market, Chicago Mercantile Exchange (CME).
This is the first assessment ASIC has completed in relation to CME.
ASIC has concluded that CME has adequate arrangements for the supervision of its market in accordance with its obligations under the Corporations Act (the Act).
ASIC has made some recommendations about the need for improvement in CME’s statutory reporting obligations. These issues, which are largely procedural, have been discussed with CME and ASIC is confident that CME understands those obligations, and will comply in a more timely way in future.
Background
Under the Act, ASIC is required to conduct an annual assessment of how well licensed financial markets are complying with their obligations to supervise their markets.
CME is a foreign entity that operates a licensed financial market that is a futures and options exchange, and it is known as Globex®. CME’s principal place of business is in the United States of America. CME holds what is known as an ‘overseas market licence’ which enables it to operate its market in Australia.
End of release