ASIC has taken steps to ensure Australian equity markets remain resilient as the coronavirus roils the financial system.
ASIC has issued directions under the ASIC Market Integrity Rules to a number of large equity market participants, requiring them to limit the number of trades executed each day until further notice. Those directions require firms to reduce their number of executed trades by up to 25 per cent from the levels seen on Friday.
“Australian equity markets have seen record trading volumes in the last two weeks,” ASIC said in a statement.
“ASIC, along with the other Council of Financial Regulators agencies, have been closely monitoring financial markets to ensure they remain fair and orderly. Australian markets have been strong and resilient over this period, and this action is pre-emptive and intended to maintain those high standards.”
ASIC does not expect these limits to impact the ability of retail consumers to execute trades.
A boutique fund manager has slashed its employees’ pay after assessing its operation amid the COVID-19 pandemic, with its chief’s salary...
Almost two-thirds of consumers have said that the COVID-19 crisis has already directly impacted their financial position, according to a new...
Global trade has fallen more than 4 per cent this quarter and is set to extend that loss as the coronavirus ravages supply chains. ...
Subscribe to our newsletter
Get notifications in real-time for staying up to date with content that matters to you.
