A speech by ASIC Chairman, Tony D'Aloisio, Chairman to the Securities & Derivatives Industry Association (SDIA), 12th Annual Conference, Sydney, 29 May 2009
It's been a year since we last met at this conference … and it's been a year of significant change … to put it mildly!
When I spoke to you this time last year there was concern about the global economy and the sub-prime crisis. I spoke about the extensive use of leverage and business models that collapsed with lower asset prices. Looking back the period leading up to last year's conference was just the softening up phase!
As we all know, the subprime burgeoned into the GFC (a globally recognisable acronym), making the last 12 months one of the most challenging periods in our careers. And while things are improving, we have a way to go. Hopefully depending on what sporting analogy you like, we're well into the second half or into the premiership quarter. I also hope that at next year's conference we can have the post match wrap-up and will be able to say that our markets are well on the way to recovery!
My topic today is 'Regulatory issues arising from the financial crisis for ASIC and for market participants'. What are the issues which have emerged so far? How has ASIC approached those issues? What do they mean for you, the market participants?