LAWFUEL- The Legal Newswire – In July 2007, the Australian Securities and Investments Commission (ASIC) issued a consultation paper about competition for market services and the market licence applications lodged by AXE-ECN Pty Limited (AXE) and Liquidnet Australia Pty Limited (Liquidnet).
‘Overall, the respondents to the consultation support competition in Australian financial markets’, said ASIC Chairman, Mr Tony D’Aloisio.
‘However, on some aspects of the rules for competition, the views differed. As part of formulating its advice to the Minister, ASIC will conduct another round of consultation focussing more closely on those differences.
Our objective is to provide the best advice we can to the Minister on this important issue.’
ASIC intends to publish a response document to the consultation paper in October 2007 that proposes solutions to deal with the outstanding issues.