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AD09-04 ASIC releases market assessment reports
ASIC has released the findings of the following four annual market assessments:
1. Chicago Mercantile Exchange, Inc (CME);
2. Board of Trade of the City of Chicago Inc (CBOT);
3. Eurex Frankfurt AG (EFAG); and
4. London Metal Exchange Ltd (LME).
ASIC has concluded that each market has adequate arrangements for the supervision of its market in accordance with the obligations under s792A(c) of the Corporations Act 2001 (the Corporations Act).
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. CME, CBOT, EFAG and LME have all been granted Australian market licences as an overseas authorised market.
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 Corporations 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 Corporations Act.
In conducting our assessments of these overseas market operators ASIC sought and received information provided from the relevant home regulatory authorities about the supervisory arrangements of each market operator to help us in compiling each report.
Download the reports: