ob体育 has released its annual market assessment of Asia Pacific Exchange Limited (APX).
The report covers the period 17 April 2008 to 1 April 2009.
ob体育 has concluded that APX has:
- adequate arrangements for the supervision of its markets in accordance with the obligations under s792A(c) of the Corporations Act; and
- sufficient resources to operate its markets properly and for the required supervisory arrangements to be provided under s792A(d) of the Corporations Act.
ob体育 has made one recommendation to APX in the report, which APX has agreed to implement. The recommendation deals with improvements to the recording of supervisory decisions.
Background
APX has been granted an Australian market licence as a domestic market operator.
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.
APX is currently licensed to operate a market in the following financial products:
- Securities; and
- Managed investment products.
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 Corporations Act.
Under the Act, ob体育 is required to conduct an assessment of the extent to which 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.