Australia

Market Infrastructure

ASIC Flags Concerns Over Further Infrastructure Issues at ASX

By Editors | 17/11/2020

Following a near-full day market closure, data issues prevented ASX from displaying Chi-X bids and offers on its Centre Point matching system.

Capital / Liquidity

RBNZ Consults on Implementation of Bank Capital Changes

By Manesh Samtani | 17/11/2020

The RBNZ is consulting on new rules for the instruments that make up a bank’s capital, and proposed actions it will take if banks breach prudential capital buffer requirements.

‘Buy Now Pay Later’ Consumers Suffering Harm: ASIC

By Editors | 16/11/2020

About 20% of consumers cut back on or went without essentials such as meals in the last 12 months in order to make their buy now pay later payments.

Securities / Derivatives

ASX Suffers Near Full Day Outage Due to ‘Software Issue’

By Editors | 16/11/2020

ASIC said it was focused on ensuring that market integrity is not compromised and that it would monitor for any impacts resulting from Monday’s failure.

Market Infrastructure

Underinvestment in Data, Tech a Root Cause of Breaches: ASIC

By Editors | 16/11/2020

Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.

Market Infrastructure

Australia Introduces New Package of Royal Commission Reforms

By Editors | 15/11/2020

The package includes reforms to strengthen consumer protections, including by making industry codes enforceable and enhancing FIs’ breach reporting requirements.

ASIC Amends Proposed Intervention Order for Continuing Credit Contracts

By Editors | 12/11/2020

The changes to the product intervention order proposed in July are to address unintended consequences identified in an earlier consultation.

Market Infrastructure

APRA Updates Draft Prudential Standard on Remuneration

By Editors | 12/11/2020

The prudential standard is expected to come into effect for significant banks in January 2023 and for significant insurers and superannuation entities in July 2023.

Market Infrastructure

NZX Confirms 10 December Go-Live Date for NZ RegCo Model

By Editors | 11/11/2020

The model will structurally separate NZX’s commercial and regulatory interests, similar to the approach adopted in Singapore, Japan and Brazil.