Page 160

NZX CURRENT ORGANISATION STRUCTURE

NZX IS TOO SMALL TO BE THE MARKET OPERATOR AND THE REGULATOR AT THE SAME TIME... ■

On 1 August 2010, the Australian Federal Government re-defined ASX’s role to market operator rather than supervisor when ASIC took control of the supervision and surveillance of its securities markets and market participants. 23 staff from ASX Compliance were transferred to ASIC. - ASIC responsible for the supervision of real-time trading on domestic licensed financial markets and for the conduct of participants (including the relationship between participants and their clients) on those markets, and for the enforcement of ASIC Market Integrity Rules across all financial markets. - ASX Compliance responsible for monitoring and enforcing compliance with the ASX Group’s operating rules.

As New Zealand’s FMA entered its eighth year of existence, NZX shareholders should raise the question whether it is now the time for the New Zealand government to consider transferring more regulatory responsibilities from NZX to the FMA so NZX Management can focus more on NZX’s business activities and developing the broader capital markets.

160

Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018