সোমবার, ১১ ফেব্রুয়ারী, ২০১৩

UPDATE 1-Australia delays decision on equities clearing competition for two years

(Adds govt and ASX comment, details, share price)

SYDNEY, Feb 11 (Reuters) - The Australian government is

delaying a decision on opening the country's equities clearing

facility to competition for two years, extending the monopoly of

stock exchange operator ASX Ltd.

Treasurer Wayne Swan said on Monday the ASX had agreed to

develop a code of practice within six months to ensure

transparent and non-discriminatory access to its infrastructure

in the interim.

So far, only European clearing house LCH.Clearnet has

applied for a licence to provide rival equity clearing services

in Australia. London-based LCH.Clearnet was not immediately

available for comment.

Concerns about relinquishing control of the nation's

clearing and settlement systems was a major reason cited by Swan

when he vetoed an $8 billion takeover bid from Singapore

Exchange for ASX in 2011.

That scuppered ASX's plan to join a wave of mergers in

recent years between exchange firms around the world as

traditional operators try to cut costs and boost their offerings

to fend off growing competition from alternative trading

platforms and so-called "dark pool" operators that link

anonymous buyers and sellers.

The ASX deal with Singapore would have bolstered the

Australian bourse against the October 2011 launch of the Chi-X

platform, owned by Nomura, which ended the ASX's

two-decade monopoly.

The Council of Financial Regulators will review the new Code

of Practice at the end of the two-year period and consider

whether a new entrant should be permitted.

Chi-X signed a five-year deal with ASX Clear at its

start-up, but stressed the agreement was non-exclusive and it

would welcome the opportunity to use a different clearing house.

In a bid to dissuade defectors to a potential rival, ASX

this year began sharing half the extra revenue it makes from its

trading, clearing and settlement business with customers in a

scheme to last three to five years.

ASX Chief Executive Elmer Funke Kupper said on Monday the

existing settlement system is "efficient, well-capitalised and

well-regulated," adding the ASX was making investments to

strengthen Australia's position in Asia.

That includes the launch of the clearing of OTC-traded

derivatives this year -- Monday's decision applies only to the

clearing of cash equities and does not extend to clearing and

settlement services of either exchange-traded or OTC derivative

markets or debt markets.

There was A$14.8 trillion of trade in OTC derivatives last

year, against A$1.1 trillion of turnover in equities, suggesting

a lucrative market for both ASX and LCH to pursue.

ASX shares were up 0.45 percent at A$36.11 in early trade.

The stock has risen 18 percent over the past year, just ahead of

a 16 percent rise in the S&P/ASX 200 index.

(Reporting By Jane Wardell; Editing by Lincoln Feast and Shri

Navaratnam)

Source: http://news.yahoo.com/1-australia-delays-decision-equities-clearing-competition-two-003648041--sector.html

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