ASIC active in the marketsThe Australian Securities and Investments Commission (ASIC) has published its sixth report on the supervision of Australian financial markets and market participants.
The report, ASIC supervision of markets and participants: January to June 2013 highlights the significant volume of market and participant-related outcomes achieved by ASIC in the first half of this year.
According to its findings, key outcomes include 20,938 trading alerts produced; 94 market inquiries conducted; 35 matters referred for further investigation; and 45 risk-based assessment visits conducted.
Other activities saw 88 surveillances completed; 19 instances of pre-emptive supervision action; five enforcement outcomes for insider trading offences; and two infringement notices issued by the Markets Disciplinary Panel.
ASIC Commissioner, Cathie Armour said the Commission dedicated significant energy to the supervision and surveillance of Australia’s financial markets.
“By doing so, we promote investor confidence in the integrity of our capital markets,” Ms Armour said.
Senior Executive Leader of the Market and Participant Supervision Team at ASIC, Greg Yanco said through ongoing engagement with stakeholders, surveillance of markets and market participants, education and guidance, and enforcement activities, ASIC had been able to achieve rapid changes in the behaviour of market participants.
“We encourage market participants and securities dealers to continue to work with us at an early stage to address any trading issues or concerns,” Mr Yanco said.
He said in the next six months ASIC would focus on technology governance processes in participant firms to ensure appropriate diligence at all levels.
“In addition, when the new ASIC surveillance system is fully operational, we will be better able to identify participants' contribution to high order-to-trade ratios, small and fleeting orders and general market noise,” he said.
“Marketing of hybrid securities will also be on the ASIC radar.”
The report can be accessed at this PS News link.
Edition 376, 27 August 2013