REP 106 Economic assessment of competition for market services
Released July 2007
Prepared by CRA International for release with CP 86 Competition for market services: Trading in listed securities and related data.
The Australian Securities and Investments Commission is considering two applications for new trading venues:
- The AXE ECN regulatory and operational execution and reporting facility (AXE); and
- The Liquidnet Australia trading platform.
Both of these venues would trade in ASX listed securities.
The Commission has asked CRA International (CRA) to assist it by providing an economic assessment of these new market proposals, including in terms of the potential for ‘market fragmentation’ to affect market efficiency objectives.