Last night, ADX received official approval from the Federal Government. The Assistant Treasurer, Senator the Hon Rod Kemp, granted Ministerial approval for ADX to operate a futures exchange under Section 1126 of the Corporations Law.
"Australian and regional financial markets will be the real winners through the launch of a new market with an improved range of products, state of the art technology and increased international participation,” ADX managing director, Mr John Herron, said.
“At every stage, we have listened closely to what the markets want. Now we can provide what Australia has been missing: a globally focused, fully electronic, cost effective derivatives exchange.”
ADX will commence with trading on three initial futures contracts: three month interest rates, five year Treasury bonds and the MSCI Aussie equities index. American-style options on each of these contracts are expected to be introduced two weeks after launch.
“Our launch will simply be the starting point for an extensive business building program involving a roll-out of initiatives across all spheres of our operations,” Mr Herron said.
“Our approval ends a meticulous regulatory process involving the Australian Securities and Investments Commission, the Federal Treasury and Ministerial offices.”
