ob体育 has today released the findings of its first assessment report on Mercari Pty Limited (Mercari).
Mercari is licensed in Australia to operate a financial market known as Mercari Direct, an electronic platform for the trading of foreign exchange and interest rate derivatives.
ob体育鈥檚 report concludes that Mercari has adequate arrangements for the supervision of Mercari Direct in accordance with its obligations under the Corporations Act. ob体育 has, however, suggested some improvements regarding Mercari鈥檚 supervision arrangements to ensure it continues to comply with its obligations.
ob体育 notes Mercari is already acting on these recommendations.
A copy of the report can be downloaded below, or contact the ob体育 Infoline on 1300 300 630.
Background
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.
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 Act.
Under the Act, ob体育 is required to conduct an assessment of how well licensed financial markets are complying with their obligations to supervise their markets. ob体育 must do this at least once per year in relation to each licensee. ob体育 can also assess how well a licensee is complying with its other obligations under the Act.
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