Norris slams dual ASX role
Ralph Norris, chief executive of the Commonwealth Bank believes the ASX has an "inherent conflict of interest" as both a market regulator and a listed (on the ASX) profit seeking company. While admitting the ASX has done a good job in the past the difficult environment has tended to highlight the shortcomings. Mr Norris has indicated that the regulatory function should be handed to a new agency. Previous news has indicated that the ASX failed to act in February when Opes Prime was found to be illiquid. Notes from Opes Prime staff suggested that ASX staff had "encouraged" Opes Prime to shift liabilities to companies "outside the ASX regulatory net". N.B. CBA owns Commsec who is in turn a shareholder of a potential new competitor to the ASX – AXE-ECN.
Source: The Australian Financial Review