Media & Notices

Financial Markets Welcome Significant Investor Visa

The Australian Financial Markets Association today welcomed the announcement by Minister Shorten and Minister Bowen of a significant investor visa. The visa is a step in the right direction for encouraging capital investment and will increase the attractiveness of Australia as destination for business people and investors.

Abolition of the LIBOR Cap and Better Branch Tax Rules a Step Nearer

AFMA Welcomes the decision by the Assistant Treasurer to ask the Board of Taxation to examine the continued appropriateness of the LIBOR cap and the suitability of any other such tax benchmark for internal funding by foreign bank branches operating in the Australian market.

Budget Increases Challenges Facing the Australian Financial Markets

The Australian financial markets industry is concerned about the significant increase in the cost of industry supervision announced in last night's Federal Budget. While the industry supports effective market supervision, this growth in regulatory costs paid for by the industry is excessive and contrasts with the discipline the Government has exhibited in general expenditures that are met by the government directly.

David Lynch to take the helm at AFMA

The Chairman of the Australian Financial Markets Association, Rick Sawers, today announced the appointment of David Lynch as Executive Director of AFMA.

Government Consultation Paper on OTC Derivatives Framework

AFMA welcomes the Government consultation paper on 'Implementation of a framework for Australia's G20 over-the-counter derivatives commitments'.

Council of Financial Regulators Proposals on Financial Market Infrastructure

The Council's recommendations to the Treasurer, released today, would strengthen the hand of regulators in dealing with a rapidly changing environment for financial market infrastructure (FMI).

Dark Pools: Industry proposes a targeted response

Leading AFMA member broking firms are growing increasingly concerned as ASIC moves towards finalising its approach to the regulation of dark liquidity. Dark liquidity is the term commonly used to describe 'crossings' where brokers match buy and sell orders before reporting trades to the exchange.

Letter to Editor: AFMA Carbon Benchmark Addendum

The views expressed in the article in The Age, "Double' carbon tax fear on power bills" (14 March 2012), reflect a misunderstanding of the purpose and effect of the AFMA Carbon Benchmark Addendum and could give rise to unnecessary concern for consumers.

Amendment to AFMA Prime Bank List

The Australian Financial Markets Association (AFMA) has been advised by BNP Paribas Australia that it requests to be removed from the AFMA list of Prime Banks.

Protecting your online trading account

Online securities trading offers great flexibility for share investing from home for competitive prices and is increasingly popular.

A Positive Step to Develop the Retail Bond Market

AFMA Prime Bank List Affirmed

AFMA Prime Bank List Amended

New best practice guidelines for handling confidential and price-sensitive information and market soundings

AFMA Carbon Benchmark Addendum

Australia's Financial Markets Prove Effective in Challenging Times

AFMA Prime Banks Re-confirmed

The Government Consults on Financial Market Cost Recovery Model

CFD Industry Welcomes Guidance on Enhanced Disclosure Framework

Increased Certainty in Carbon Scheme Welcomed by Markets

Industry to Consider Discussion Paper on Central Clearing for OTC Derivatives

Promoting Competition in the Australian Banking Sector

AFMA Welcomes Licence Grant

AFMA Welcomes Competition Milestone

Treasurer's Decision on SGX Acquisition of SGX

ASX-SGX Proposed Merger

Korea and Australia Financial Investment Forum to increase investment

Equities market competition

Government decision restores certainty to capital markets

Australia as a financial centre - how to achieve our potential

Carbon trading documentation launched

Delay in carbon trading causes investment uncertainty

Evolution of the BBSW Methodology

An update on Operational Developments to Facilitate Market Change

Evolution of the BBSW Methodology

The Council of Financial Regulators, in its February Discussion Paper Evolution of the BBSW Methodology, asked AFMA to finalise a set of amendments to the BBSW methodology by end-June 2016. AFMA has concluded this process and has settled the changes to the future methodology

Financial Markets Welcome Carbon Price Floor Removal

The Australian Financial Markets Association (AFMA) welcomes the changes to the design of the Australian emissions trading scheme announced yesterday by the Australian Minister for Climate Change and Energy Efficiency, the Hon Greg Combet MP.

Financial Markets Welcome Significant Investor Visa

The Australian Financial Markets Association today welcomed the announcement by Minister Shorten and Minister Bowen of a significant investor visa. The visa is a step in the right direction for encouraging capital investment and will increase the attractiveness of Australia as destination for business people and investors.

Financial Sector Growth, Capital Formation and Productivity

The financial and insurance services sector is the largest of the 12 industries that make up the market sector of the Australian economy, with a 9.9% share of output compared to the next largest sector mining with a 9.8% share. Productivity growth in the financial and insurance sector has outperformed productivity growth in the market sector as a whole on average over the 24 years to 2013-14. The financial sector contributes directly to productivity growth through its share of the economy, but also indirectly through its role in determining the quantity and quality of investment. The financial sector mobilises saving, while financial markets allocate that saving to its most productive uses in the form of investment. The efficiency of this capital formation process is an important driver of productivity growth, which is the main long-run driver of national income per capita.

Global FX Code breaks new ground

The Australian Financial Markets Association (AFMA) welcomes the launch of the FX Global Code for the wholesale foreign exchange (FX) market.

Government Consultation Paper on OTC Derivatives Framework

AFMA welcomes the Government consultation paper on 'Implementation of a framework for Australia's G20 over-the-counter derivatives commitments'.

Government decision restores certainty to capital markets

Government measures announced today to strengthen ASIC

The Australian Financial Markets Association (AFMA) believes that ASIC should be properly funded to meet its responsibilities and that participants in the financial services sector should be prepared to provide a proportionate amount of ASIC’s funding through cost recovery. While incentives in the regulatory system would work better under a mixed funding model, AFMA understands the Government’s fiscal challenges and its decision to adopt a ‘user pays’ industry funding model for ASIC.

Healthy finance sector key to Australia’s productivity: AFMA

The finance sector is critical to Australia’s future economic growth, according to a report released today from the Australian Financial Markets Association (AFMA).

Increased Certainty in Carbon Scheme Welcomed by Markets

Industry Associations Call For Global Data Reporting Harmonisation

AFMA with a group of 10 other industry Associations around the globe wrote on 15 June 2015 a letter to international financial sector authorities and local regulators, including ASIC and the RBA, concerning the need for improved consistency in data reporting requirements. This is an issue which AFMA has long championed both locally and internationally.

Industry to Consider Discussion Paper on Central Clearing for OTC Derivatives

Initiatives for Attracting Women into Banking and Finance

The Australian Financial Markets Association (AFMA) and Women in Banking and Finance (WiBF) have today jointly released a set of initiatives that aim to attract more women into graduate positions in the banking and finance industry.

More information about the initiatives can be accessed here.

Interest Rate Derivative Conventions Changes

AFMA’s Swaps Committee has approved the following changes to the Interest Rate Derivative Conventions on 10 November 2015

Korea and Australia Financial Investment Forum to increase investment

Letter to Editor: AFMA Carbon Benchmark Addendum

The views expressed in the article in The Age, "Double' carbon tax fear on power bills" (14 March 2012), reflect a misunderstanding of the purpose and effect of the AFMA Carbon Benchmark Addendum and could give rise to unnecessary concern for consumers.

New Benchmark Administrator for BBSW

The Australian Financial Markets Association (AFMA) has today announced that it will transfer administration of the BBSW benchmark rate to ASX. It is the intention of both parties that ASX will administer BBSW from 1 January 2017.

New best practice guidelines for handling confidential and price-sensitive information and market soundings

Notice of change to the Cash Market Conventions

Cash Conventions changes specific to ESA holder banks

Notice of Change to the Interest Rate Derivatives Conventions

Members are advised of the following changes to the Interest Rate Derivatives Conventions that the Swaps Committee has unanimously agreed to and which have been ratified by the Market Governance Committee.

Overnight Index Swap (OIS) settlement – clarification

Further to Market Notice 6-2015 sent on 4 December 2015, for the purposes of clarity, the new convention of T+2 relates only to the settlement date of the payment of cash under the swap after maturity. The start date for the calculation of the cash flows is unaffected.

Overnight Index Swap (OIS) settlement to move to T+2 from 1st January 2016

The AFMA Swaps Committee approved a change in settlement for Overnight Index Swaps from T+1 to T+2 at their most recent meeting on 10 November 2015. This change was subsequently ratified by the Market Governance Committee on 25th November 2015. To enable market participants to operationally prepare for the change, the Swaps Committee agreed to have an effective date of the convention change of 1st January 2016.

Professional standards framework for retail advisers

AFMA congratulates the Government on the passage of legislation today to introduce the professional standards framework for advisers dealing with retail customers.

Promoting Competition in the Australian Banking Sector

Proposed change to Cash Market Conventions

The AFMA Cash Committee has endorsed the Reserve Bank’s proposal to adopt a new data collection methodology to be applied to the calculation of the Interbank Overnight Cash Rate (IBOC), which is the Reserve Bank Board's operational target for the implementation of monetary policy.

The new methodology would eliminate the need for data submissions by banks and rely instead on data extracted from RITS, however implementation is conditional upon the adoption of the proposed amendments to the market conventions governing market practice specific to all IBOC cash transactions between bank Exchange Settlement Account holders.

Protecting your online trading account

Online securities trading offers great flexibility for share investing from home for competitive prices and is increasingly popular.

Reciprocal Purchase Agreements (Repo) Conventions Amendment

AFMA’s Repo Committee has approved an increase in the minimum cash value per line of bonds or securities delivered under General Collateral (GC) transactions, from $20 million to $50 million.

Steady Growth in Financial Markets in 2012-13

The 2013 Australian Financial Markets Report released today shows Australia's financial markets continued to grow steadily during 2012-13, contributing to Australia's economy through increased funding for Australian companies and infrastructure and supporting future growth.

Swaps Reference Price Transaction Guidelines

AFMA is publishing new guidelines on its website dealing with conduct of dealers when managing swaps reference price transactions in the Australian market

The Government Consults on Financial Market Cost Recovery Model

Treasurer's Decision on SGX Acquisition of SGX

Evolution of the BBSW Methodology

An update on Operational Developments to Facilitate Market Change

Evolution of the BBSW Methodology

The Council of Financial Regulators, in its February Discussion Paper Evolution of the BBSW Methodology, asked AFMA to finalise a set of amendments to the BBSW methodology by end-June 2016. AFMA has concluded this process and has settled the changes to the future methodology

Financial Markets Welcome Carbon Price Floor Removal

The Australian Financial Markets Association (AFMA) welcomes the changes to the design of the Australian emissions trading scheme announced yesterday by the Australian Minister for Climate Change and Energy Efficiency, the Hon Greg Combet MP.

Financial Markets Welcome Significant Investor Visa

The Australian Financial Markets Association today welcomed the announcement by Minister Shorten and Minister Bowen of a significant investor visa. The visa is a step in the right direction for encouraging capital investment and will increase the attractiveness of Australia as destination for business people and investors.

Financial Sector Growth, Capital Formation and Productivity

The financial and insurance services sector is the largest of the 12 industries that make up the market sector of the Australian economy, with a 9.9% share of output compared to the next largest sector mining with a 9.8% share. Productivity growth in the financial and insurance sector has outperformed productivity growth in the market sector as a whole on average over the 24 years to 2013-14. The financial sector contributes directly to productivity growth through its share of the economy, but also indirectly through its role in determining the quantity and quality of investment. The financial sector mobilises saving, while financial markets allocate that saving to its most productive uses in the form of investment. The efficiency of this capital formation process is an important driver of productivity growth, which is the main long-run driver of national income per capita.

Global FX Code breaks new ground

The Australian Financial Markets Association (AFMA) welcomes the launch of the FX Global Code for the wholesale foreign exchange (FX) market.

Government Consultation Paper on OTC Derivatives Framework

AFMA welcomes the Government consultation paper on 'Implementation of a framework for Australia's G20 over-the-counter derivatives commitments'.

Government decision restores certainty to capital markets

Government measures announced today to strengthen ASIC

The Australian Financial Markets Association (AFMA) believes that ASIC should be properly funded to meet its responsibilities and that participants in the financial services sector should be prepared to provide a proportionate amount of ASIC’s funding through cost recovery. While incentives in the regulatory system would work better under a mixed funding model, AFMA understands the Government’s fiscal challenges and its decision to adopt a ‘user pays’ industry funding model for ASIC.

Healthy finance sector key to Australia’s productivity: AFMA

The finance sector is critical to Australia’s future economic growth, according to a report released today from the Australian Financial Markets Association (AFMA).

Increased Certainty in Carbon Scheme Welcomed by Markets

Industry Associations Call For Global Data Reporting Harmonisation

AFMA with a group of 10 other industry Associations around the globe wrote on 15 June 2015 a letter to international financial sector authorities and local regulators, including ASIC and the RBA, concerning the need for improved consistency in data reporting requirements. This is an issue which AFMA has long championed both locally and internationally.

Industry to Consider Discussion Paper on Central Clearing for OTC Derivatives

Initiatives for Attracting Women into Banking and Finance

The Australian Financial Markets Association (AFMA) and Women in Banking and Finance (WiBF) have today jointly released a set of initiatives that aim to attract more women into graduate positions in the banking and finance industry.

More information about the initiatives can be accessed here.

Interest Rate Derivative Conventions Changes

AFMA’s Swaps Committee has approved the following changes to the Interest Rate Derivative Conventions on 10 November 2015

Korea and Australia Financial Investment Forum to increase investment

Letter to Editor: AFMA Carbon Benchmark Addendum

The views expressed in the article in The Age, "Double' carbon tax fear on power bills" (14 March 2012), reflect a misunderstanding of the purpose and effect of the AFMA Carbon Benchmark Addendum and could give rise to unnecessary concern for consumers.

New Benchmark Administrator for BBSW

The Australian Financial Markets Association (AFMA) has today announced that it will transfer administration of the BBSW benchmark rate to ASX. It is the intention of both parties that ASX will administer BBSW from 1 January 2017.

New best practice guidelines for handling confidential and price-sensitive information and market soundings

Notice of change to the Cash Market Conventions

Cash Conventions changes specific to ESA holder banks

Notice of Change to the Interest Rate Derivatives Conventions

Members are advised of the following changes to the Interest Rate Derivatives Conventions that the Swaps Committee has unanimously agreed to and which have been ratified by the Market Governance Committee.

Overnight Index Swap (OIS) settlement – clarification

Further to Market Notice 6-2015 sent on 4 December 2015, for the purposes of clarity, the new convention of T+2 relates only to the settlement date of the payment of cash under the swap after maturity. The start date for the calculation of the cash flows is unaffected.

Overnight Index Swap (OIS) settlement to move to T+2 from 1st January 2016

The AFMA Swaps Committee approved a change in settlement for Overnight Index Swaps from T+1 to T+2 at their most recent meeting on 10 November 2015. This change was subsequently ratified by the Market Governance Committee on 25th November 2015. To enable market participants to operationally prepare for the change, the Swaps Committee agreed to have an effective date of the convention change of 1st January 2016.

Professional standards framework for retail advisers

AFMA congratulates the Government on the passage of legislation today to introduce the professional standards framework for advisers dealing with retail customers.

Promoting Competition in the Australian Banking Sector

Proposed change to Cash Market Conventions

The AFMA Cash Committee has endorsed the Reserve Bank’s proposal to adopt a new data collection methodology to be applied to the calculation of the Interbank Overnight Cash Rate (IBOC), which is the Reserve Bank Board's operational target for the implementation of monetary policy.

The new methodology would eliminate the need for data submissions by banks and rely instead on data extracted from RITS, however implementation is conditional upon the adoption of the proposed amendments to the market conventions governing market practice specific to all IBOC cash transactions between bank Exchange Settlement Account holders.

Protecting your online trading account

Online securities trading offers great flexibility for share investing from home for competitive prices and is increasingly popular.

Reciprocal Purchase Agreements (Repo) Conventions Amendment

AFMA’s Repo Committee has approved an increase in the minimum cash value per line of bonds or securities delivered under General Collateral (GC) transactions, from $20 million to $50 million.

Steady Growth in Financial Markets in 2012-13

The 2013 Australian Financial Markets Report released today shows Australia's financial markets continued to grow steadily during 2012-13, contributing to Australia's economy through increased funding for Australian companies and infrastructure and supporting future growth.

Swaps Reference Price Transaction Guidelines

AFMA is publishing new guidelines on its website dealing with conduct of dealers when managing swaps reference price transactions in the Australian market

The Government Consults on Financial Market Cost Recovery Model

Treasurer's Decision on SGX Acquisition of SGX