Australian Links

Context

ASIC Inquiry into ASX [July 2025]
Inquiry into ASX | ASIC
https://www.asic.gov.au/regulatory-resources/markets/inquiry-into-asx/


Regulators

ASIC

ASIC licensed markets (and consultation papers)
http://www.asic.gov.au/regulatory-resources/markets/market-structure/

RBA

Reserve Bank of Australia; Clearing and Settlement Facilities (and consultation papers)
http://www.rba.gov.au/payments-and-infrastructure/financial-market-infrastructure/clearing-and-settlement-facilities/consultations.html

Clearing and Settlement Facilities: Policies and Guidance

Policies and Guidance | RBA

Treasury
Regulatory Initiatives Grid – September 2025
Regulatory Initiatives Grid – September 2025 | Treasury.gov.au
https://treasury.gov.au/publication/regulatory-initiatives-grid-september-2025

Review of competition in clearing Australian cash equities [Feb '2015]
Review of competition in clearing Australian cash equities | Treasury.gov.au

The Council of Financial Regulators (CFR)
Competition in Clearing and Settlement
Competition in Clearing and Settlement – Regulatory Framework – Council of Financial Regulators
https://www.cfr.gov.au/financial-market-infrastructure/regulatory-framework/competition-in-clearing-and-settlement.html

Note: This information used to be hosted on the Treasury website.
For fans of the Wayback Machine (https://web.archive.org/) some of the earlier materials from 2001 when the issues really began to surface are available - but I find the service patchy - not least because Treasury was migrating to a new web site at this time.

Council of financial regulators advice on competition in clearing of the cash equity market
http://www.treasury.gov.au/PublicationsAndMedia/Publications/2013/competition-of-the-cash-equity-market
Unfortunately, important links like the above, get lost over time.
This was the decision taken in Dec 2012 to defer competition for 2 years. It was the 2nd time Australia had looked at competition (the first being ADX) and the 2nd time, Australia stepped back from the challenge.
Attachment A - Letter to Deputy Prime Minister-Council of Financial Regulators.pdf
https://treasury.gov.au/sites/default/files/2019-03/Letter-CFR-to-DPM.pdf

Council of Financial Regulators advice on competition in clearing of the cash equity market
[Feb 2013]
Council of Financial Regulators advice on competition in clearing of the cash equity market | Treasury.gov.au

Regulatory Expectations for Conduct in Operating Cash Equity Clearing and Settlement 

Services in Australia [Sep 2017]
Regulatory Expectations for Conduct in operating Cash Equity Clearing and Settlement Services in Australia

Market Operators

ASX (and Trade Acceptance Service)
This is the piece of the puzzle that all potential Australian competitors are forced to use. A barrier to entry and a process that assures ASX has a vested interest in any competitor.
http://www.asx.com.au/services/clearing/trade-acceptance-service.htm


CXA
Chi-X Australia.

What is the history of Cboe/Chi-X?

• October 2011: Chi-X is launched as an alternative trading platform for Australian equities. Originally, only 8 stocks were available for trading. 
• June 2013: a study by Michael Aitken from the Capital Markets Cooperative Research Center found that Chi-X brought $215m in ‘net benefits’ to the market in its first year, by providing savings from reduced trading costs thanks to competition with the ASX.
• November 2013: Chi-X reports a weekly market share of 18.39% total trading volume, with a record market share of 24.67%.
• July 2014: Chi-X’s market share hits a record of 29.86% (on July 11)[2].
• June 2021: Cboe Global Markets (the US’ third-largest exchange operator) acquires  and renames Chi-X Asia Pacific Holdings, which includes Chi-X Australia. Cboe now allows users to trade every ASX-listed share. 
• May 2022: Cboe launches the exchange’s first crypto ETF
  What is Cboe (formerly Chi-X Australia)? - Market Index

Chi-X Australia and Japan were acquired by private equity giant JC Flowers, which then sold the business to Cboe in 2021.
Cboe Global Markets, Inc. - Cboe Global Markets Completes Acquisition of Chi-X Asia Pacific

[09/02/26]

Jill Griebenow, chief financial officer of Cboe, said on the call that there has been “strong” initial interest from potential buyers for Cboe’s Australian and Canadian businesses, which were put up for sale last year.
Prediction Markets are ‘Logical Extension’ for Cboe - Markets Media

Redundant link: http://www.chi-x.com/australia/


ADX (The Australian Derivatives Exchange)
Australian Derivatives Exchange - MarketsWiki, A Commonwealth of Market Knowledge
(Note to self - chat to John L and tweak this history).
(Note to readers - does anyone have a copy of The Australian Treasury  **press release No. 022 of 2001** which referenced ADX’s closure? As I recall it - we recinded our license rather than breach financial covenants).

Licensed domestic financial markets operating in Australia
Licensed domestic financial markets operating in Australia | ASIC
Licensed clearing and settlement facilities operating in Australia | ASIC

The tricky bit about ownersip and foreign ownership.
All mapped out in good old Aussie Corps Act.
https://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/
ASIC is the gatekeeper on 'controlled Australian Bodies', like Market operators.
https://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s852da.htmln
s852D details the 20% limit.
CORPORATIONS ACT 2001 - SECT 852DG Application for approval to exceed 20% voting power limit

Market Shares

Aussie Market Share:
Equity market data for quarter ending December 2025 | ASIC

 Aussie Custody Rankings:
http://acsa.com.au/?page=AUSCustody

Note (to self):
All links reviewed Feb '26
All Links updated Mar '17