1. The purpose of this paper is to give stakeholders an early insight into the submissions received on Consultation Paper 145 Australian equity market structure: Proposals (CP145) and our response. We are releasing it now to assist stakeholders to plan for the introduction of market competition – Chi-X being the current applicant. We will release a more detailed feedback report, along with the non-confidential submissions, when we publish the final market integrity rules required for the commencement of competition.
2. This paper also outlines the general direction we intend to take with the market integrity rules for the commencement of competition between exchange markets in Australia and to address the wider market structure issues outlined in CP 145. A summary of our intended rules compared to the proposals in CP 145 is in the attached table.
3. We note that the final market integrity rules will be subject to Ministerial consent prior to ASIC formally making them. We are aiming to publish the final market integrity rules that reflect the minimum needed for the commencement of competition in April. We will consult further on final rules on the other market development issues raised in CP 145.

This is attachment 2 to 11-38MR

Download our early position on the regulatory framework for market competition and market structure reform