Australia shores up supervision of financial markets


The Australian listed market is poised for increased competition, as the government has taken its first steps to break the Australian Securities Exchange's (ASX) monopoly.

On August 24, the government said it would transfer supervisory responsibilities from the ASX to the Australian Securities and Investment Commission (Asic) in the third quarter of 2010. This will leave Asic in charge of supervision of real-time trading on all of Australia's domestic licensed markets, including enforcement of l