Posted June 09, 2018 09:09:54 The Greens want the Federal Government to stop closing the exchange by March 2019.
They have written to the Federal Treasurer to urge him to use the Budget for a “one-off” measure to close the ASX.
The Treasurer is expected to release his budget later today.
The Greens have written Mr Shorten to urge the Government to close down the exchange and put the Commonwealth into a “federal fund”.
They have also called for an independent review of the financial sector’s regulatory framework.
“As we all know, the ASN is one of the most transparent markets in the world and the market has not been kept in check for too long,” Senator Scott Ludlam said.
“This will give Australians the certainty they deserve and allow us to return the Australian economy to the global economic order that it was in before the crisis.” “
The Greens also called on the Federal government to consider an extension of the current five-year lifecycle for the exchange, to 2024. “
This will give Australians the certainty they deserve and allow us to return the Australian economy to the global economic order that it was in before the crisis.”
The Greens also called on the Federal government to consider an extension of the current five-year lifecycle for the exchange, to 2024.
The ASN’s current five years’ lifecycle ends in 2024.
The new five-years-to-life would see it open on December 1, 2023.
The deadline for submissions on the future of the exchange is February 1, 2021.
The ASX currently has three full-time staff and five full-timers.
In a statement, Mr Shortens office said the exchange was “fully operational and has a healthy, thriving and sustainable business model” and the “gold standard” of an open market.
“We need to make sure we have a robust regulatory framework in place to ensure that we can operate efficiently and safely, and we have the flexibility to manage and adjust to any changes in our markets, particularly as we enter the global financial crisis,” the statement said.
Mr Shortens comments come amid concerns about the current regulatory framework for the ASIC, which is responsible for regulating the industry.
It has been criticised by industry experts, particularly because of the lack of a statutory authority for regulators to enforce the rules.
Topics:government-and-politics,government-areas,government,market-economics-and/or-finance,federal-government,sunday-business,industry,financial-market,business-economic-and.financial-markets,markets,asics-market-clearing-system,australiaFirst posted June 07, 2018 08:31:17