ASIC and OpenMarkets Australia Limited (OpenMarkets) have agreed to the removal of additional licence conditions imposed on OpenMarkets on 10 July 2017 (refer: 17-259MR).
The removal of the additional licence conditions follows the completion of an independent expert's review of the effectiveness of OpenMarkets' implementation of recommendations arising from an earlier review of its:
- trade monitoring and surveillance arrangements
- compliance measures, policies and procedures
- documentation and procedures for handling of client monies
- record keeping and governance that facilitates improved supervision and monitoring of its arrangements, and
- human and technological resources required to implement the recommendations and carry out supervisory arrangements.
ASIC has today published a summary of the independent expert’s final report given to ASIC under the additional licence conditions. The independent expert found that OpenMarkets has adequately addressed the recommendations detailed in the independent expert's initial report dated 16 March 2017.
ASIC acknowledges OpenMarkets' cooperative approach to improving its compliance standards and addressing ASIC's concerns.
Download
MIntegrity's summary report (PDF 375 KB)
Background
OpenMarkets is a Melbourne-based market participant trading on ASX, Chi-X, NSX and IR Plus. It is also an ASX Clearing and Settlement Participant. OpenMarkets trades in equities, exchange traded funds (ETFs), exchange traded options (ETOs) and warrants.
OpenMarkets is licensed to provide personal and general advice to both wholesale and retail clients.
OpenMarkets offers AOP services to its clients. AOP enables orders to be registered in a market participant's system and then connected to a market automatically. This means client orders are directed to a market without being manually keyed in by a representative of the market participant.