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.
Magellan chairman and CIO Hamish Douglass has said he’s not afraid of missing out on a “short-term market rally” and that mutant virus...
BlackRock has reported a 17 per cent growth in its assets under management for the past year, now reaching US$8.7 trillion ($11.1 trillion)....
Pendal Group has closed the December quarter with a $5 billion increase to its funds under management, a rise of 5.4 per cent. ...