ASIC has released its annual market assessment of Bloomberg Tradebook Australia Pty Ltd (BTA).
This report covers the period 1 September 2007 to 15 October 2008.
ASIC has concluded that BTA has:
- adequate arrangements for the supervision of its markets in accordance with the obligations under s792A(c) of the Corporations Act; and
- sufficient resources to operate its markets properly and for the required supervisory arrangements to be provided under s792A(d) of the Corporations Act.
Background
BTA has been granted an Australian market licence as a domestic market operator.
A financial market is defined as a facility through which offers to buy and sell financial products are regularly made. Anyone who operates a financial market in Australia must obtain a licence to do so, or otherwise be exempted by the Minister.
BTA is currently licensed to operate seven markets in the following financial products:
- derivatives;
- foreign exchange contracts;
- debentures, stocks or bonds issued or proposed to be issued by a government;
- interests in managed investment schemes excluding investor directed portfolio services; and
- securities.
As part of the conditions of granting a licence to operate a financial market, the licensee must supervise the market in accordance with Part 7.2 of the Corporations Act.
Under the Act, ASIC is required to conduct an assessment of the extent to which licensed financial markets are complying with their obligations to supervise their markets. ASIC must do this at least once per year in relation to each licensee. ASIC can also assess how well a licensee is complying with its other obligations under the Act.