NO 243 – MAY 2013

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WFE Focus May 2013
Regulation

ASIC makes new rules for ASX 24 market

The Australian market regulator, ASIC, has made new market integrity rules for the Australian Securities Exchange’s derivatives market, ASX 24. The rules cover risk management, supervisory policies and procedures, and foreign participants. They also cover disclosure about clearing arrangements and obligations on participants to give priority to the client’s instructions where there is a conflict between the client’s interests and the participant’s interests.

CPSS and IOSCO issue final version of the principles for financial market infrastructures

The principles for financial market infrastructures, recently issued by the Committee on Payment and Settlement Systems (CPSS) and IOSCO contain new and more demanding international standards for payment, clearing and settlement systems, including central counterparties. The new standards are designed to ensure that the infrastructure supporting global financial markets is more robust and thus well placed to withstand financial shocks. The principles apply to all systemically important payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories, collectively called “financial market infrastructures”. They replace the three existing sets of international standards.

Osaka Securities Exchange amends rules in connection with integration into Japan Exchange Group

The Osaka Securities Exchange will make partial amendments in rules and regulations in connection with the integration of cash equity markets with Tokyo Stock Exchange and clearing organizations with Japan Securities Clearing Corporation after the integration of cash equity markets.

SIX Swiss Exchange amends regulation on foreign companies reporting obligations

SIX Exchange Regulation, a SIX’s subsidiary, has amended the Stock Exchange rule governing the disclosure of shareholdings of foreign companies. From 1 May 2013, companies domiciled abroad must publish the total number of equity securities they currently have in issue and the associated voting rights.