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01 May 2001
On December 18 2000 Austraclear and the Sydney Futures Exchange merged. The combined entity has full clearing capacity for all futures, over-the-counter derivatives and debt and commodities products, and offers central depository services. Clearing of transactions between members may take place either on a delivery versus payment basis or on a central counterparty/novation basis.
The ASX and the New Zealand Stock Exchange (NZSE) have announced their intention to merge on July 1 2001. Demutualization of the NZSE is one precondition to the merger. At least 75% of the NZSE's member brokers must agree to the demutualization proposal. In addition, agreement must be reached between the ASX and the NZSE on several matters including contract conditions, settlement and trading hours.
The ASX has launched its World Link Service. This will enable Australian investors to buy and sell securities listed on overseas markets (currently the United States and Singapore) through an Australian broker and to settle the transactions and record the holding of their securities under the Clearing House Electronic Subregister System system. The service involves the use of a custodian and the creation of foreign depository interests in the relevant securities.
For further information on this topic please contact Karen Fairbairn at Atanaskovic Hartnell by telephone (+612 9777 7000) or by fax (+612 9777 8777) or by e-mail (email@example.com).
The materials contained on this web site are for general information purposes only and are subject to the disclaimer
The materials contained on this website are for general information purposes only and are subject to the disclaimer.
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