Talk:Australian Securities Exchange

Historical ASX Data
I found some lovely data on a Wikinvest.com page covering the ASX. Would it be useful to this article? - Vikramparsani (talk) 06:36, 28 October 2008 (UTC)

ACCC
Wouldn't the ASX be regulated by the Australian Securities and Investments Commission (ASIC), not the ACCC.
 * Umm, it says ASIC. Do you mean is it meant to be ACCC?  (I stuck in the ASX history page, which shows ASIC under 1998, which was the reference for that bit.)  -- Kevin Ryde 01:02, 3 April 2006 (UTC)

Time
Do you think its necessary to have AEDT? Suicup 12:34, 27 August 2006 (UTC)
 * AEDT is appropriate IMO. Even if not for international viewers, Australia has 3 or more time zones which means confusion can still happen in the non-east (if that's even a word). Boardumb 13:33, 13 December 2006 (UTC)

Change of Name
ASX has changed from 'Stock' to 'Securities' as of 5/12/2006. I guess it needs to be changed, but I'm too hack to know what to do. Boardumb 13:33, 13 December 2006 (UTC)
 * It looks like they use both names (and "ASX Limited" too) for slightly different things - it's not clear to me tonight which is what. From the bottom of their web site:

© ASX Limited ABN 98 008 624 691 The Australian Securities Exchange operates the Australian Stock Exchange and the Sydney Futures Exchange and facilitates trading in securities and derivatives such as shares, futures, options and warrants. ASX also provides market data, for example share prices, and related information including stock market announcements and market education.
 * --Scott Davis Talk 15:11, 25 April 2007 (UTC)

Logo
Logo was recently changed from gif to png image, which is good. Unfortunately the png was an outdated logo (ie. it said Australian Stock Exchange not Australian Securities Exchange) so I have changed it back. This means unfortunately that it is still a gif rather than a png image which would be preferable. Orizon 07:45, 11 September 2007 (UTC)

CFD's section needs updating.
As per title. CFD's started trading on 5th. Nov. 2007. Cheers, Todd —Preceding unsigned comment added by 202.168.119.78 (talk) 05:47, 10 November 2007 (UTC)

Category:Companies formerly listed on the Australian Securities Exchange
I've created Category:Companies formerly listed on the Australian Securities Exchange, similar to the one already existing for the New York Stock Exchange. My primary reason was to be able to destinguish mining companies formerly listed on the ASX from the ones still listed there. Hopefully, the delisted companies will slowly now be migrated from the active category. Calistemon (talk) 05:59, 12 January 2010 (UTC)

ASX is the 12th largest in the world not the 9th
http://en.wikipedia.org/wiki/List_of_stock_exchanges Toronto is 8th and there are 3 others (Madrid, Frankfurt, Bombay) that are smaller than Toronto and bigger than ASX. —Preceding unsigned comment added by Grmike (talk • contribs) 05:53, 24 January 2010 (UTC)

I work for ASX and want to update this page, however my edits aren't allowed. We want to have accurate and current data. I am new to Wikipedia and I am having difficulty. Please help
for example add this

Market Supervision

On 1 August 2010 responsibility for the supervision of real-time trading on Australia’s domestic licensed financial markets and the supervision of the conduct by participants (including the relationship between participants and their clients) on those markets transferred to ASIC.

ASX retained responsibility for ensuring participants admitted to its market comply with its operating rules. The new arrangements did not change ASX’s existing oversight of listed entities or the obligations on ASX’s clearing and settlement facility operators.

ASX retained a subsidiary company to fulfil the obligations of each of he licensed entities in the ASX Group to monitor and enforce compliance with the ASX operating rules after the transfer. The name of the subsidiary was changed to ASX Compliance, as the previous name - ASX Markets Supervision - no longer properly described the subsidiary’s role within the ASX Group or ASX’s ongoing obligations.

BUT I ALSO want to delete old sections —Preceding unsigned comment added by Lawson m (talk • contribs) 01:22, 27 August 2010 (UTC)


 * Perhaps I can help here. Lawson, thank you for acknowledging you work for ASX. Obviously you have first-hand knowledge of the organisation that means you can see ways in which the article could be improved. And, true, the article is pretty dreadful :-). However, as you can see from the notes left by other editors above, there is considerable concern about the scop for introducing overly promotional material into the article. The best way for you to participate in improving the article is to post proposed amendments on the article talk page. There, other editors can examine them and, if they think they improve the article, then other editors can transfer them into the article. One of the key things needed in the process is reliable sources provided in the form of inline citations. Here's an example, using text that you proposed for inclusion, but to which I have added a citation:

"ASX Group can be described as a multi-asset class and vertically integrated exchange group. Its activities include primary and secondary market services, including the raising, allocation and hedging of capital flows, trading and price discovery (Australian Securities Exchange); central counterparty risk transfer (via subsidiaries of ASX Clearing Corporation); and securities settlement for both the equities and fixed income markets (via subsidiaries of ASX Settlement Corporation)."
 * (Note however not all the facts in your text - particularly the names of which subsidiary does what task - are on that webpage, so another source, perhaps from elsewhere on the ASX's site, would ultimately be needed to cover all the facts). Once you placed the above on the talk page, an editor such as myself can come along, assess it, and then add it if it seems like a good idea. Which i will now do. Regards, hamiltonstone (talk) 01:43, 27 August 2010 (UTC)
 * PS If you want to delete text from the article (perhaps it is inaccurate, out of date, or unencyclopedic - the article is full of such rubbish, frankly), then copy and paste it on the article talk page with a note saying you think this should be deleted, and explaining briefly why. hamiltonstone (talk) 01:52, 27 August 2010 (UTC)


 * thanks very much for explaining more about the process. Can I insert all of the text in the talk field i.e. our thoughts on what it should contain, or do I have to refer to each section?
 * thanks again, Maree —Preceding unsigned comment added by Lawson m (talk • contribs) 02:12, 27 August 2010 (UTC)

That depends on whether you think it should be structured in a particular way. It also depends on whether other editors will need it explained so that they put it in the correct place (from your point of view). If you don't have a view, then just put it here and other editors may work it out, or will post questions here if they want your opinion. Pls don't forget what i said on your talk page about the need for sources though. Editors are not likely to be happy if you only propose text but don't offer the sources for it as well. Cheers, hamiltonstone (talk) 02:20, 27 August 2010 (UTC)

Hi, our process was to review the data in terms of accuracy, current relevance and to best explain our organisation. The people involved in the review included the Head of Education, Manager Corporate Relations and our legal department. Where the most up-to-date information was on our site - we thought it would be appropriate to point there rather than duplicate material. We also tried to keep it in line with the information presented on Wiki for other exchanges. If there is too much detail, it can get out of date quickly. Sorry if I get some of the coding wrong relating to hyperlinks.

DELETIONS: Market Details - we propose that this text is updated & placed in the first few paragraphs (see below). Much of the data in this area is out of date e.g. number of stocks listed, market cap and turnover etc. Dominant broker info is out of date.

Trading system - This section is confusing I agree. It is extremely out of date. The SEATS trading platform is long gone and yet it is referred to as if it was still in existence. We recommend removing this section.

Settlement - we recommend remove this section for brevity. It is accurate if you decide to maintain it.

Short selling - out of date e.g. mentions SEATS. Ideally we would remove this section, however if you are looking for up-to-date info, here are some options:

Alternatives include: ASX makes available a daily gross short sale report.

ASX Market rules on short selling

What is securities lending?

ASIC is now responsible for regulation of the market. They have some good info on Short Selling e.g. http://www.fido.gov.au/fido/fido.nsf/byheadline/Short+selling+-+what+is+it+anyway%3F?openDocument

Options, Warrants, LEPOs, IRS, Futures etc. - People will find the most up-to-date info on these products in terms of explanations and how to trade on the ASX website. We suggest that links be placed to their respective product pages on www.asx.com.au (see below replacement text). This way they are also up-to-date because again the Warrants section mentions they are traded on SEATS - and SEATS has been gone as a trading system for many years.

Schools' Sharemarket Game - We recommend removing this section because it stands alone i.e. it's the only Education product mentioned and it also only mention our Schools Game, when we actually run 2 for the public each year as well.

ASX Limited - There is duplication between the 2 boxes on the right hand side e.g. Type, website (see below). We suggest they be combined and information that changes regularly be removed e.g. market cap, numbers of listings, revenue.

The pictures throughout the page are great.

The text that I place here is our suggested replacement text:

ASX Limited box Some of this data is out of date e.g. revenue, employees, Eric Mayne is about to leave. We propose the following:

Type	Stock exchange (ASX: ASX)

Founded	1987, but dating back to 1861 Headquarters	Sydney, Australia Key people	Key people Industry	Securities markets Website

Australian Securities Exchange (ASX) The Australian Securities Exchange (ASX) was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary exchange group in Australia.

On 1 August, ASX launched a new brand and group structure. ASX Group became the overarching name, replacing Australian Securities Exchange, which remains as the name of the listings and trading arm of the ASX Group.

ASX Group can be described as a multi-asset class and vertically integrated exchange group. Its activities include primary and secondary market services, including the raising, allocation and hedging of capital flows, trading and price discovery (Australian Securities Exchange); central counterparty risk transfer (via subsidiaries of ASX Clearing Corporation); and securities settlement for both the equities and fixed income markets (via subsidiaries of ASX Settlement Corporation).

ASX offers a broad array of products and services including shares; futures, exchange traded options, warrants, contracts for difference, exchange traded funds, real estate investment trusts, listed investment companies and interest rate securities.

ASX functions as a market operator, clearing house and payments system facilitator. It oversees compliance with its operating rules, promotes standards of corporate governance among Australia’s listed companies and helps to educate retail investors.

ASX offers a range of educational materials relating to its products including free online courses.

ASX operates two trading, clearing and settlement platforms, one for equity and related equity derivative products traded on an integrated trading platform between the hours of 10:00am and 4:00pm (AEST); and one for a suite of interest rate, equity index and commodity futures (and options on futures) products as well as Contracts For Difference (CFD), traded on a globally distributed 24 hour platform.

Monitoring and enforcement of compliance with its operating rules is performed by its wholly-owned subsidiary, ASX Compliance.

Operations of the ASX Group are regulated by the Australian Securities and Investments Commission (ASIC) which regulates all trading venues and clearing and settlement facilities, and supervises ASX’s own compliance as a listed public company. The Reserve Bank of Australia (RBA) also provides oversight in relation to compliance with financial stability standards for ASX’s central counterparties and securities settlement facilities.

History The exchange began as six separate exchanges established in the state capitals Melbourne (1861), Sydney (1871), Hobart (1882), Brisbane (1884), Adelaide (1887) and Perth (1889). A further exchange in Launceston merged into the Hobart exchange.

The first interstate conference was held in 1903 at Melbourne Cup time. The exchanges then met on an informal basis until 1937 when the Australian Associated Stock Exchanges (AASE) was established, with representatives from each exchange. Over time the AASE established uniform listing rules, broker rules, and commission rates.

The ASX (Australian Stock Exchange Limited) was formed in 1987 by legislation of the Australian Parliament which enabled the amalgamation of six independent stock exchanges that formerly operated in the state capital cities. After demutualisation the ASX was the first exchange in the world to have its shares quoted on its own market. The ASX was listed on 14 October 1998.

On 7 July 2006 the Australian Stock Exchange merged with SFE Corporation, holding company for the Sydney Futures Exchange.

Timeline of significant events - suggest we replace all of the entries there currently and point to this table: http://www.asx.com.au/about/asx/history/history_ASX.htm

Market Supervision On 1 August 2010 responsibility for the supervision of real-time trading on Australia’s domestic licensed financial markets and the supervision of the conduct by participants (including the relationship between participants and their clients) on those markets transferred to ASIC.

ASX retained responsibility for ensuring participants admitted to its market comply with its operating rules. The new arrangements did not change ASX’s existing oversight of listed entities or the obligations on ASX’s clearing and settlement facility operators.

ASX retained a subsidiary company to fulfil the obligations of each of he licensed entities in the ASX Group to monitor and enforce compliance with the ASX operating rules after the transfer. The name of the subsidiary was changed to ASX Compliance, as the previous name - ASX Markets Supervision - no longer properly described the subsidiary’s role within the ASX Group or ASX’s ongoing obligations.

See Also


 * List of stock exchanges
 * List of futures exchanges
 * Exchange Traded Funds (ETFs) listed on ASX
 * All Ordinaries

References

Progress
Thanks Maree. It is rather difficult to follow some of your above proposals, due to the lack of formatting, indenting etc. It would help if you checked out how to do layout that sort of stuff: for headings, see WP:LAYOUT. Indentation can be achieved just using colons - the more colons, the deeper the indentation. I have made some changes based on some of what i could decipher from your text. At this stage I would oppose removing the timeline. Eventually, key dates should be translated into prose, but I think it is better to leave it there for now, unless you believe any of the entries are actually incorrect. While it seems to make sense to combine those two infoboxes, I'm pretty sure we can't, the reason being that one follows the template for exchanges, while the other is providing info on the ASX as a company. There is a potentially bigger issue here: whether there should be two completely separate articles, one about the exchange and one about the company. But that's better avoided for the moment i think :-) I've got to go for now. I'll try and get back to this another time (as may other editors). If you are able to supply references for any of the existing uncited text, (without changing the text), I recommend going ahead and inserting them in the article, and just leaving a note here on the talk page that you've done it. We also need to find a more up-to-date market turnover figure than that for 2004, if you can point us to one. hamiltonstone (talk) 01:54, 30 August 2010 (UTC)
 * Agree that any information that is out-of-date or incorrect should be updated and sourced, would not recommend removing sections & just pointing to website, the article needs to be encyclopedic, not just a listing for the company. Agree that the timeline should stay, as encyclopedic articles often emphasize the history and evolution of companies, exchanges, etc. Since the subject of this article is the exchange, the holding company's information should remain in a separate section right now, but this part needs improvement and updating, for sure. Thanks, --Funandtrvl (talk) 16:47, 1 September 2010 (UTC)

Proposed deletions
Hi

these are the areas we recommend for deletion as they are out of date:

Brokers that dominate market share in Australia (in decreasing order) include Macquarie Bank, Goldman Sachs JBWere, UBS, Citigroup, Merrill Lynch, CSFB, Deutsche Bank, ABN AMRO, CommSec and Morgan Stanley. Retail investors account for around 20% of market turnover. Market ownership is broken down as 30% institutional, 40% foreign, 30% retail.

Trading systems (SEATS/ITS)
Since 2 October 2006, trading of shares, warrants, fixed-interest securities and company-issued options and rights has been conducted on the Click-XT system, also known as the Integrated Trading System (ITS). The Integrated Trading System processes more transactions per second than the older Stock Exchange Automated Trading System (SEATS), and allows multi-order transactions (up to 5 orders per transaction). SEATS was an all-electronic order matching system, based on time and price priority, and accepted market orders (to buy or sell at market price) or limit orders (to buy at no more than a given price, or to sell at no less than a given price).

Short selling
Short selling of shares is permitted on the ASX, but only among designated stocks and with certain conditions:


 * The sell order must be at a price not lower than the last trade ('uptick rule').
 * No more than a total 10% of the shares on issue may be sold short. (Brokers report net short positions to the ASX daily.)
 * Margin cover of 20% of the current share price must be posted.

Many brokers do not offer short selling to small private investors. LEPOs (below) can serve as an equivalent, while contracts for difference (CFDs) offered by third-party providers are another alternative.

In September 2008, ASIC suspended nearly all forms of short selling due to concerns about market stability in the ongoing global financial crisis. The ban on covered short selling was lifted in May 2009.

Options
Options on leading shares are traded on the ASX, with standardised sets of strike prices and expiry dates. Liquidity is provided by market makers who are required to provide quotes. Each market maker is assigned two or more stocks. A stock can have more than one market maker, and they compete with one another. A market maker may choose one or both of:


 * Make a market continuously, on a set of 18 options.
 * Make a market in response to a quote request, in any option up to 9 months out.

In both cases there is a minimum quantity (5 or 10 contracts depending on the shares) and a maximum spread permitted.

Due to the higher risks in options, brokers must check clients' suitability before allowing them to trade options. Clients may both take (i.e. buy) and write (i.e. sell) options. For written positions, the client must put up margin.

Low exercise price options
A Low Exercise Price Option (LEPO) is a European-style call option with a low exercise price of $0.01 and a contract size of 1000 shares to be delivered on exercise. LEPOs are traded on margin, and a trader may take a long or short position. Market makers ensure continuous price quotations.

LEPOs work like a futures contract. Being European-style, they cannot be exercised until expiry. The premium is practically the whole share price, and a trader only posts margin, not the full price.

LEPOs were introduced in 1994, in response to the Sydney Futures Exchange offering futures over individual ASX shares. Regulations at the time prevented the ASX offering futures contracts, hence the LEPO form. Presently LEPOs are available on 47 leading stocks.

Interest rate market
The ASX interest rate market is the set of corporate bonds, floating rate notes, and bond-like preference shares listed on the exchange. These securities are traded and settled in the same way as ordinary shares, but the ASX provides information such as their maturity, effective interest rate, etc., to aid comparison.

Futures
The Sydney Futures Exchange (SFE) – now a part of the ASX – was the 10th largest derivatives exchange in the world, providing derivatives in interest rates, equities, currencies and commodities. It provided futures and options on the four most actively traded markets - interest rates, equities, currencies and commodities including wool and cattle. Its most active products are:


 * SPI 200 Futures – Futures contracts on an index representing the largest 200 stocks on the Australian Stock Exchange by market capitalisation.
 * AU 90-day Bank Accepted Bill Futures – Australia's equivalent of T-Bill futures.
 * 3-Year Bond Futures – Futures contracts on Australian 3-year bonds
 * 10-Year Bond Futures – Futures contracts on Australian 10-year bonds.

The ASX trades futures over the ASX 50, ASX 200 and ASX property indexes, and over grain, electricity and wool. Options over grain futures are also traded.

Futures are traded on DTP, the Derivatives Trading Platform (also known as CLICK).

Schools' Sharemarket Game
ASX's Schools' Sharemarket Game provides school students with the opportunity to hypothetically invest $50,000 in the stock exchange. Students buy and sell shares at current market prices and track the progress of their investments over a ten-week period.

ASX regulation
The Australian Securities and Investments Commission (ASIC) regulates the ASX with an element of self-regulation, creating "co-regulation". There are at least 20 examples of co-regulation:


 * 1) As a licensed market, ASX has legal obligations under Corporations Act 2001 (Cth) (s792A, Part 7.2, Div 3) to run a market which is "fair, orderly and transparent".
 * 2) ASX must give information to ASIC regarding listed companies:  s 792C.
 * 3) ASX must assist ASIC: s 792D.
 * 4) ASX must give ASIC access to the market: s 792E.
 * 5) ASX can "refer" matters to ASIC for further investigation.
 * 6) ASX must lodge an annual compliance report with ASIC: s 792F.
 * 7) ASX's Operating Rules are binding in contract: s 793B.
 * 8) ASIC must be informed of any changes to ASX Operating Rules: s 793D.
 * 9) ASX's Operating Rules may be disallowed by the Minister (Treasury): s 793E.
 * 10) ASIC has oversight of all market licensees including ASX.
 * 11) ASX must notify ASIC of disciplinary actions it takes against participants: s 792B.
 * 12) ASX's Operating Rules are enforceable by ASIC, the market licensee (ASX), clearing house or "a person aggrieved": s 793C.
 * 13) The Minister can give directions to ASX: s 794A.
 * 14) The Minister can call for a report on specified matters regarding ASX: s 794B.
 * 15) ASIC must complete an annual assessment of ASX's compliance with the law: s794C.
 * 16) ASIC can give ASX directions to suspend dealings or some other direction to ensure a fair and orderly market: s 794D.
 * 17) The Minister may impose conditions on ASX's Australian Market Licence: s 796A.
 * 18) Since ASX is itself a public company listed on ASX, ASIC regulates ASX.
 * 19) There are limits on the control of ASX (max 15% ownership by one person): Part 7.4, Div 1
 * 20) ASX Markets Supervision Pty Ltd, a subsidiary of ASX, is responsible for supervising market operations. It was created to address the perceived conflict between ASX’s regulatory and commercial functions.
 * 21) ASIC can investigate ASX: Part 3, ASIC Act 2001 (Cth)

Lawson m (talk) 05:29, 28 September 2010 (UTC)MAREE

Comments in response to deletion proposals
Generally, the way to fix these thigns is to bring them up-to-date rather than delete them, unless the section is considered of no help to the article (and I think there are some that do fit that description and which I will delete). Specifics:

MAREE - The suggestions were partly for brevity and to bring the page more inline with what's covered on overseas exchanges. But mainly because the information was out of date and therefore could be misleading.


 * Obviously the ASX must operate a trading system of some sort - is your concern that this section describes an old system, or some other concern? Can you suggest some new wording to accurately describe the current system?

MAREE - alternative text:

ASX executes over 10 million equity trades per month with an average daily value of A$5 billion. ASX also offers an increasingly diversified range of Futures and Options contracts. This year ASX launched ASX Trade™ a NASDAQ OMX ultra-low latency trading platform based on NASDAQ OMX’s Genium INET system. http://www.asx.com.au/professionals/asx_trade/index.htm

The replacement for ITS (formerly SEATS) is due to go live in November 2010.


 * Short selling is well-known and sometimes controversial. I think it is important that the article has a section on this. What is inaccurate in this section, and can you provide sources for the more up-to-date info?

MAREE - I will source something usefl and get back to you


 * Can you explain briefly what your concerns are about the section on options (including LEPO)?

MAREE - LEPOS aren't traded any longer
 * OK, LEPO section deleted. hamiltonstone (talk) 04:30, 29 September 2010 (UTC)


 * "Interest rate market" - is this no longer accurate or no longer a market that is provided?

MAREE - our preference was to direct people to the most up to date source on our website and again for brevity. You have descriptions for some products and not others. We can check this content for accuracy if you plan to keep it. Link to all products http://www.asx.com.au/products/index.htm
 * A general comment. Maree, it isn't going to work that way. Wikipedia is aiming to host comprehensive summary, encyclopedic information. It isn't and won't aim for brevity per se, and it will actively avoid any possibility of "direct[ing] people to the most up to date source on our website". Thanks for the link that provides info about the products. hamiltonstone (talk) 04:35, 29 September 2010 (UTC)


 * Futures trading would seem an improtant subject - what is wrong with the current text? Or is your point that the Australian Securities Exchange is not the organisation providing this trade opportunity?

MAREE - we trade Futures but the product range is so much more extensive - on our website. They aren't traded on Click any longer though.
 * Reference to Click removed. hamiltonstone (talk) 04:35, 29 September 2010 (UTC)


 * Don't know why you want the schools sharemarket game removed - it is still on the ASX website. Do you think it is not significant enough to cover here?

MAREE - thanks very much for your help. Personally I would keep the Game there but change it to show that we have 2 games a year for secondary schools children and 2 for adults. It was just the preference from my manager to shorten the text on the page by removing the Game. Up to you. http://www.asx.com.au/resources/education/games/index.htm

Hope you will respond to these queries. hamiltonstone (talk) 05:52, 28 September 2010 (UTC)

Maree Lawson 28 September 2010 at 4:49

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Locations of the Exchange
No addresses are shown in the article, however a number of the images show past and present buildings. At The ASX Site is a list of locations of the Exchange. Would it be appropriate to show a list of locations in the article? Collywolly (talk) 11:31, 2 May 2019 (UTC)

Move discussion in progress
There is a move discussion in progress on Talk:ASX which affects this page. Please participate on that page and not in this talk page section. Thank you. —RMCD bot 01:48, 18 September 2020 (UTC)