Demutualisation

ASIC Australian Securities & Investments Commission MARKET DEMUTUALISATION AND CROSS BORDER ALLIANCES: THE AUSTRALIAN EXPERIENCE Jillian Segal deputy Chair Australian Securities and Investments Commission Fourth Roundtable on Capital Market purify in Asia April 2002 1 1 I would standardised to thank Ceyda Ozsayin in particular for her assistance in the supplying of this paper. Market Demutualisation and Cross Border Alliances: The Australian Experience Thank you for inviting me to occasion you for the Fourth Roundtable on Capital Market Reform in Asia. I am delighted to be here. I propose to share with you the Australian experience in congenator to trade demutualisation and cross border alliances. Although we have an exchange commercialize that is small by world scale with only 1.59% of the spheric great(p) market 2 we have experienced a number of interesting, and I believe, internationally relevant developments. I leave alone cover several(prenominal) of these developments and the issues we have had to deal with as the market regulator. I will also touch on some of the lessons we have learned and indicate where work that for us began as demutualisation work is now leading. Most of my remarks will be near our experience with the Australian Stock switch over (ASX).

That is because it is Australias premier capital market, and because ASX first raised the complex set of issues we have been running(a) through. Nevertheless, the ASX experience has close parallels in our other major market, the Sydney Futures Exchange (SFE). Let me begin, as they say, at the beginning, with a brief abridgment of the demutualisation process of ASX. 2 Australia is ranked 10 in the Morgan Stanley Capital foreign (MSCI) World Index, representing 1.59% of that Index. th © Australian Securities and Investments Commission, April 2002 2 Market Demutualisation and Cross Border Alliances: The Australian Experience Demutualisation The ASX Story When trading began in shares in ASX... If you want to get a full essay, order it on our website: Orderessay

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