AFMA surveys benchmark rate users

The Australian Financial Markets Association (AFMA) conducted a survey to better understand the needs of reference rate users. The survey sought to understand the demand for interest rate benchmarks in general and the current usage of the Bank Bill Swap (BBSW) benchmark rate more specifically.

AFMA welcomes measured approach to FOFA changes

The Australian Financial Markets Association (AFMA) has welcomed the Government's announcement today of a number of amendments to the Future of Financial Advice (FOFA) provisions in the Corporations Act, which are aimed at reducing compliance cost for business, advisers and consumers who access financial advice.

Government Announcement on Backlog of Tax Measures

The Australian Financial Markets Association (AFMA) today welcomed the confirmation by the Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, that the Government will proceed with tax law amendments to confirm the existing practice in relation to instalment warrants and, thus, remove a potential tax uncertainty for investors.

Financial System Inquiry

The Australian Financial Markets Association (AFMA) believes the Financial System Inquiry is well-timed, as we need to check the capacity of the financial system to meet the needs of businesses and households in a time of significant change.

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

Support for the Government Tackling the Tax Backlog

The Australian Financial Markets Association (AFMA) is encouraged by the Government's commitment today to reduce uncertainty for business by tackling the backlog of announced but unlegislated tax measures.

Markets Central to the Financial System Inquiry

The Financial System Inquiry is well-timed as we need to check the capacity of the financial system to meet the needs of businesses and households in a time of significant change. The inquiry needs to be forward looking by anticipating the financial services required to support our economy and by identifying the features of a financial system that will meet these needs in the most effective and lowest cost way. A broad-based inquiry that encompasses all facets of the financial system including institutions, markets and infrastructure is the only way to achieve this.

Carbon Reference Price under the AFMA Australian Carbon Benchmark Addendum

On 15 February 2012 the AFMA Electricity Committee passed an AFMA Resolution (as defined in the Addendum) determining that the 'carbon reference price' for the purposes of the Addendum was $23/tonne of CO2-e (exclusive of GST) for the 2012/2013 financial year. On 4 July 2013 the AFMA Electricity Committee passed an AFMA Resolution (as defined in the Addendum) determining that the 'carbon reference price' for the purposes of the Addendum was $24.15/tonne of CO2-e (exclusive of GST) for the 2013/2014 financial year.

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.

Yieldbroker to participate in BBSW rate set process

Commencing 18 October 2013, and subject to successful testing, Yieldbroker Pty Ltd will participate in the BBSW benchmark rate set process as an Approved Venue, having met all relevant criteria and approved by the Market Governance Committee.

Deferral Places OBU Regime on a Better Competitive Footing

The Australian Financial Markets Association (AFMA) welcomes the announcement by the Assistant Treasurer, Senator Arthur Sinodinos, yesterday that the Government will not proceed with the start date of 1 October 2013 for the changes to the Offshore Banking Unit (OBU) regime originally announced in the 2013-14 Budget.

AFMA Prime Banks Re-confirmed

The Australian Financial Markets Association today announced the conclusion of its 2013 Prime Bank Survey and the re-election of the existing AFMA Prime Banks, effective immediately.

AFMA Adopts NBBO Calculation Methodology for BBSW Benchmark Rates

The Australian Financial Markets Association (AFMA) today migrated to NBBO calculation methodology for BBSW benchmark rates.

AFMA Supports Consultation on OBU Changes

The Australian Financial Markets Association (AFMA) has welcomed the announcement by the Assistant Treasurer today that the Government will defer the implementation of proposed changes to the Offshore Banking Unit (OBU) regime until1 October 2013, together with the release of Treasury's Discussion Paper entitled "Improving the Offshore Banking Unit Regime."

Dividend Washing Amendment Ticks the Box

The Australian Financial Markets Association (AFMA) today welcomed the announcement by the Assistant Treasurer that the Government would amend the "qualified person" rules to address integrity concerns associated with dividend washing.

Federal Budget - Careful Implementation and Engagement Required

The Australian Financial Markets Association (AFMA) expressed caution about a number of measures announced in the 2013-14 Federal Budget.

BBSW Update - Proposed operational changes to BBSW

ASIC HFT and Dark Liquidity Taskforces' Report

AFMA welcomes ASIC's evidence-driven approach to its review of these areas of market activity. The report highlights that the benefits from market innovation are real and illustrates the importance of regulation that promotes development, while preserving a market that is orderly and fair to its users.

Council of Financial Regulators Report on Competition and Clearing

AFMA welcomes the release of the report of the Council of Financial Regulators on competition in clearing Australian cash equities.

Encouragement for Retail Corporate Bonds

Treasurer Wayne Swan has today released proposed amendments to the prospectus disclosure and director liability regimes under the Corporations Act that are designed to encourage greater issuance of corporate bonds to the retail sector by Australian companies.