The Albanese government will respond to regulators’ demands for more powers to police the ASX after its disastrous CHESS replacement project, by introducing new laws to improve competition in clearing and settlement of the $2.5 trillion equity market, Treasurer Jim Chalmers said.
The Australian Securities and Investments Commission will be given new rule-making powers to allow it “to quickly act to make rules to manage matters related to competition” if the action is approved by the government, it said.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
