An Australian Market Licence (AML) application was lodged yesterday to the Australian Securities and Investments Commission (ASIC) for the Australian ECN.
CEO of the Australian ECN, Greg Yanco said, “This is a key milestone in the establishment of the Australian ECN. We have taken great care to ensure we have the appropriate regulatory framework in place to obtain an Australian Market Licence. ”
ECNs are high-speed, low-cost platforms that separate listing from trading functions and are already available in most leading global markets.
The Australian ECN is a joint venture between New Zealand Exchange Limited, Citigroup, CommSec, Goldman Sachs JBWere, Macquarie Bank and Merrill Lynch and intends commencing operations in the first half of 2007.
