media release

AD09-200 ASIC releases BGC Partners (Australia) Pty Limited market assessment report

Published

ASIC has released its annual market assessment of BGC Partners (Australia) Pty Limited (BGCA).

The report covers the period 1 September 2007 to 31 August 2008.

ASIC has concluded that BGCA has:

  • adequate arrangements for the supervision of its market in accordance with the obligations under s792A(c) of the Corporations Act 2001 (Corporations Act), and
  • sufficient resources to operate its market properly and for the required supervisory arrangements to be provided under s792A(d) of the Corporations Act.

ASIC does not have any recommendations to make to BGCA arising from this assessment.

Background

BGCA 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.

BGCA is currently licensed to operate a market in Australian Government bonds, semi-government bonds, corporate bonds and debentures, and New Zealand Government bonds.

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 Act.

Download:

Report 172 Market assessment report: BGC Partners (Australia) Pty Limited

Media enquiries: Contact ASIC Media Unit