One key challenge for Australian financial markets is having the infrastructure to respond efficiently to technology developments with a regulatory framework that allows for efficiency improvements while maintaining confidence amongst market participants. Global competition has driven innovation by way of introducing new listing markets that directly compete with the ASX, development of crowdfunding as a new source of raising capital and reforms to OTC derivatives markets through increasing the use of Central Counterparty Clearing House (CCP). ASIC has spent substantial time and resources ensuring it understands, tracks and monitors these developments, and is increasingly engaged with overseas regulators and practices. As participants at the MMFC conference agreed, there is a greater need to be able to understand the complexity of technology advances and safeguarding against cyber crime, as Australian financial markets move towards becoming more globally integrated and complex.
This paper was presented in July 2015 at the 20th Melbourne Money and Finance Conference (MMFC), which explored the theme The Australian Financial Sector and Global Integration.
For more papers presented in the conference, please click here.