National Market, National Interest: The Drive to Unify Australia's Securities Markets
This book peels away the mystique of high finance to take the reader deeply into the planning, plotting, cajoling and sheer hard work that characterised the struggle which brought this country a sophisticated, efficient electronic share-trading system (SEATS), a national stock exchange (ASX), a world-class electronic system for settling share transacations (CHESS) and uniform, national legislation underpinning a national securities market.
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Tussles in technology
The 35 million CHESS game
Doing what TAURUS couldnt do
A new national regime of corporate regulation
Regulation through listing rules
Derivatives explosionASX and SFE lock horns
The end of the clubdemutualisation and float
A nation of shareholders
Campbell Report and the winds of change
SEATS empties the floor
G4 rounds up the sheep
Flaws and fixes
Almost at the altar
Into the twentyfirst century
AASE Adelaide AMBA ASX board ASX's Australian Financial Review Australian Securities Australian Stock Exchange automated Bain bonds boom brokerage rates brokers Campbell capital cent chairman CHESS clients Commission committee Commonwealth companies and securities competition Computershare Corporations Law demutualisation electronic equities established Exchange of Melbourne Exchange of Perth exchange's federal futures contract Ian Roach institutions interest investment investors issues JECNET Kevin Troy launched legislation Lionel Bowen listed companies listing rules managing director Maurice Newman meeting Melbourne Melbourne exchanges merchant banks merger million NCSC operating options market organisations Perth Peter Marshman Poseidon proposal Rae Report Ralph Lee regulation regulatory Richard Humphry role Ronald Coppel says SEATS securities industry securities markets settlement shareholders sharemarket shares stockbrokers stockbroking firms Sydney and Melbourne Sydney Futures Exchange Sydney Stock Exchange tion trading floor transactions transfer Udovich Valder
Page 200 - It must be remembered that there is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage than the creation of a new system, for the initiator has the enmity of all who would profit by the preservation of the old institutions and merely lukewarm defenders in those who would gain by the new ones.
Page 326 - I have made this letter longer than usual, only because I have not had the time to make it shorter.
Page 454 - As for the future, your task is not to foresee, but to enable it.
Page 156 - Committee starts from the view that the most efficient way to organise economic activity is through a competitive market system which is subject to a minimum of regulation and government intervention.
Page 156 - Committee is asked to: (a) Inquire into and report on the structure and methods of operation of the Australian financial system including the following institutions: (i) banks and non-bank financial institutions, including in relation to foreign exchange; (ii) the securities industry generally; (iii) the short-term money market, both official and non-official segments; (iv) specialist development finance institutions including...
Page 11 - Senate resolved to appoint a Select Committee 'to inquire into and report upon the desirability and feasibility of establishing a securities and exchange commission by the Commonwealth either alone or in co-operation with the States and the powers and functions necessary for such a commission to enable it to act speedily and efficiently against manipulation of prices, insider trading and such other improper or injurious practices as the Committee finds have occurred or may occur in relation to shares...
Page 273 - ... market power for the purpose of eliminating or substantially damaging a competitor, preventing entry into a market or deterring or preventing...
Page 55 - The first is to maintain, facilitate and improve the performance of the capital market in the interests of economic development, efficiency and stability.
Page 260 - The information standard has replaced the gold standard as the basis of world finance,