In proposed amendments to the ASIC market supervision cost recovery arrangements for the period from 1 July 2013 to 30 June 2015, the government will look to introduce a fixed fee of $1,835 per quarter for all cash equity market participants.
"This is as a result of ASIC's cash equity market participant supervision cost not being wholly variable," ASIC said in its consultation draft cost recovery impact statement (CRIS).
"All direct market participants have a dedicated pool of resources allocated to supervising them, regardless of their trading and messaging activity. The new fee reflects this."
In addition to the fee, the regulator will also propose changes to the late payment fees to make administration more efficient and increased messaging fees to shift a portion of ASIC's staff costs from trade to messaging activity.
ASIC has said that "the proportion of ASIC's costs recovered by trading activity only has decreased [and] the proportion of ASIC's costs recovered by messaging activity has risen."
"This is driven by the costs associated with the changing nature of trading, in particular algorithmic trading, which has increased the number of order messages in the Australian market," the regulator said.
The arrangements outlined in the CRIS will seek to recover expenses for ASIC's market supervision , implementing market competition and implementing the Enhanced Market Supervision program of works, which aims to deliver productivity gains both to ASIC and industry.
The consultation period for the CRIS will end on May 15.
ASIC said that subject to government approvals, it aims to have the regulation amended in time for a 1 July 2013 starting date.
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