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Media & Notices 2015

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Date Title & Summary Topic Area
14-Dec-2015

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.

Other
14-Dec-2015

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.

Other
23-Oct-2015

AFMA Statement regarding Council of Financial Regulators Consultation Paper on BBSW

AFMA has an ongoing, mutually beneficial dialogue with the financial regulators in relation to benchmark matters and we have engaged with them on the consultation paper prior to its release. The RBA participates as an observer on the AFMA committees that deal with benchmark matters.

We agree with the Council of Financial Regulators’ assessment that the market has changed and volumes are low at the time of day BBSW is set, with significantly larger volumes traded outside of this period. It is this issue, rather than the specific calculation methodology, that the Council is looking to address.

Regulation
20-Oct-2015

AFMA responds to outcomes of the Financial System Inquiry

The Australian Financial Markets Association (AFMA) has welcomed the commitment by the Government to maintain an efficient and resilient financial system in its response to the Murray Financial System Inquiry Report.

Other
06-Oct-2015

AFMA releases 2015 Financial Markets Report

The Australian Financial Markets Association (AFMA) today released its 2015 Australian Financial Markets Report, an authoritative survey of Australia’s over-the-counter and exchange-traded financial markets.

Other
30-Sep-2015

Annual AFMA Prime Bank Elections

The Australian Financial Markets Association today concluded its 2015 Prime Bank Survey, and from this process the current Prime Banks were re-elected, there being no other nominating institutions.

Other
22-Sep-2015

Carbon Reference Price under the AFMA Australian Carbon Benchmark Addendum

Further to AFMA Market Notice 4-2014 on 24 July 2014, and for the purposes of clarity, the “carbon reference price” for the purposes of the AFMA Australian Carbon Benchmark Addendum continues to be $0/tonne of CO2-e (exclusive of GST).

Regulation
21-Sep-2015

AFMA Responds to New Cabinet

The Australian Financial Markets Association (AFMA) has welcomed the new Ministry and its
emphasis on building an innovative, productive and competitive economy.

CEO David Lynch said the industry body was particularly looking forward to working with the newly
appointed Treasury Ministers on the range of policies required to achieve these objectives.

Regulation
28-Aug-2015

AFMA Reaction to Proposed ASIC Funding Model

The Australian Financial Markets Association (AFMA) believes that ASIC should be properly funded to meet its responsibilities and participants in the financial services sector should be prepared to provide a proportionate amount of ASIC’s funding through cost recovery charges.

Regulation
19-Aug-2015

AFMA announces move to T+2 for Australian Fixed Income

The Australian Financial Markets Association (AFMA) has announced that Australia will move to T+2 settlement for fixed income products on March 7th, 2016.

Other
14-Aug-2015

AFMA survey on Complementary Financial Benchmarks

AFMA is working with member firms and the Australian regulatory authorities to develop a robust, near-risk-free benchmark interest rate for the Australian market. The indications are that a near-risk-free benchmark will, for certain applications, hold attraction to users of existing interest rate benchmarks. That said, the new benchmark is being designed to complement the existing Bank Bill Swap (BBSW) rate, which has a vital ongoing role as a benchmark in the financial system.

Other
17-Jul-2015

AFMA appoints new Chair

The Board of the Australian Financial Markets Association (AFMA) has elected Steve Harker, Managing Director and Chief Executive Officer of Morgan Stanley Australia, as its new Chair.

Association
08-Jul-2015

AFMA supports ASIC recommendations on administration of financial benchmarks

AFMA supports ASIC recommendations on administration of financial benchmarks. In particular, AFMA endorses the recommendation that administrators of systemically-important benchmarks administered in Australia adopt and implement the IOSCO Principles.

Regulation
11-Jun-2015

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.

Other
04-Jun-2015

AFMA calls for tax changes to support Australian markets

The Australian Financial Markets Association (AFMA) has called for a number of changes to the Australian taxation system to remove barriers to Australia’s competitiveness.

Taxation
27-May-2015

OBU Reforms Enhance Australia as a Financial Centre

The Australian Financial Markets Association (AFMA) has welcomed today’s introduction into Parliament of reforms to Australia’s Offshore Banking Unit (OBU) regime.

The OBU regime is a key pillar of Australia’s push to export financial services and allows financial institutions in Australia to compete for internationally mobile financial business with regional financial centres, like Singapore and Hong Kong, which brings income and employment to Australia.

Regulation
16-Mar-2015

Complementary Benchmark to BBSW Envisaged

The Australian Financial Markets Association (AFMA) is working with the regulatory authorities to develop a robust risk-free benchmark interest rate for the Australian market.

Other
Date Title & Summary Topic Area
19-Aug-2015

AFMA announces move to T+2 for Australian Fixed Income

The Australian Financial Markets Association (AFMA) has announced that Australia will move to T+2 settlement for fixed income products on March 7th, 2016.

Other
17-Jul-2015

AFMA appoints new Chair

The Board of the Australian Financial Markets Association (AFMA) has elected Steve Harker, Managing Director and Chief Executive Officer of Morgan Stanley Australia, as its new Chair.

Association
04-Jun-2015

AFMA calls for tax changes to support Australian markets

The Australian Financial Markets Association (AFMA) has called for a number of changes to the Australian taxation system to remove barriers to Australia’s competitiveness.

Taxation
28-Aug-2015

AFMA Reaction to Proposed ASIC Funding Model

The Australian Financial Markets Association (AFMA) believes that ASIC should be properly funded to meet its responsibilities and participants in the financial services sector should be prepared to provide a proportionate amount of ASIC’s funding through cost recovery charges.

Regulation
06-Oct-2015

AFMA releases 2015 Financial Markets Report

The Australian Financial Markets Association (AFMA) today released its 2015 Australian Financial Markets Report, an authoritative survey of Australia’s over-the-counter and exchange-traded financial markets.

Other
21-Sep-2015

AFMA Responds to New Cabinet

The Australian Financial Markets Association (AFMA) has welcomed the new Ministry and its
emphasis on building an innovative, productive and competitive economy.

CEO David Lynch said the industry body was particularly looking forward to working with the newly
appointed Treasury Ministers on the range of policies required to achieve these objectives.

Regulation
20-Oct-2015

AFMA responds to outcomes of the Financial System Inquiry

The Australian Financial Markets Association (AFMA) has welcomed the commitment by the Government to maintain an efficient and resilient financial system in its response to the Murray Financial System Inquiry Report.

Other
23-Oct-2015

AFMA Statement regarding Council of Financial Regulators Consultation Paper on BBSW

AFMA has an ongoing, mutually beneficial dialogue with the financial regulators in relation to benchmark matters and we have engaged with them on the consultation paper prior to its release. The RBA participates as an observer on the AFMA committees that deal with benchmark matters.

We agree with the Council of Financial Regulators’ assessment that the market has changed and volumes are low at the time of day BBSW is set, with significantly larger volumes traded outside of this period. It is this issue, rather than the specific calculation methodology, that the Council is looking to address.

Regulation
08-Jul-2015

AFMA supports ASIC recommendations on administration of financial benchmarks

AFMA supports ASIC recommendations on administration of financial benchmarks. In particular, AFMA endorses the recommendation that administrators of systemically-important benchmarks administered in Australia adopt and implement the IOSCO Principles.

Regulation
14-Aug-2015

AFMA survey on Complementary Financial Benchmarks

AFMA is working with member firms and the Australian regulatory authorities to develop a robust, near-risk-free benchmark interest rate for the Australian market. The indications are that a near-risk-free benchmark will, for certain applications, hold attraction to users of existing interest rate benchmarks. That said, the new benchmark is being designed to complement the existing Bank Bill Swap (BBSW) rate, which has a vital ongoing role as a benchmark in the financial system.

Other
30-Sep-2015

Annual AFMA Prime Bank Elections

The Australian Financial Markets Association today concluded its 2015 Prime Bank Survey, and from this process the current Prime Banks were re-elected, there being no other nominating institutions.

Other
22-Sep-2015

Carbon Reference Price under the AFMA Australian Carbon Benchmark Addendum

Further to AFMA Market Notice 4-2014 on 24 July 2014, and for the purposes of clarity, the “carbon reference price” for the purposes of the AFMA Australian Carbon Benchmark Addendum continues to be $0/tonne of CO2-e (exclusive of GST).

Regulation
16-Mar-2015

Complementary Benchmark to BBSW Envisaged

The Australian Financial Markets Association (AFMA) is working with the regulatory authorities to develop a robust risk-free benchmark interest rate for the Australian market.

Other
11-Jun-2015

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.

Other
27-May-2015

OBU Reforms Enhance Australia as a Financial Centre

The Australian Financial Markets Association (AFMA) has welcomed today’s introduction into Parliament of reforms to Australia’s Offshore Banking Unit (OBU) regime.

The OBU regime is a key pillar of Australia’s push to export financial services and allows financial institutions in Australia to compete for internationally mobile financial business with regional financial centres, like Singapore and Hong Kong, which brings income and employment to Australia.

Regulation
14-Dec-2015

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.

Other
14-Dec-2015

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.

Other
Date Title & Summary Topic Area
19-Aug-2015

AFMA announces move to T+2 for Australian Fixed Income

The Australian Financial Markets Association (AFMA) has announced that Australia will move to T+2 settlement for fixed income products on March 7th, 2016.

Other
17-Jul-2015

AFMA appoints new Chair

The Board of the Australian Financial Markets Association (AFMA) has elected Steve Harker, Managing Director and Chief Executive Officer of Morgan Stanley Australia, as its new Chair.

Association
04-Jun-2015

AFMA calls for tax changes to support Australian markets

The Australian Financial Markets Association (AFMA) has called for a number of changes to the Australian taxation system to remove barriers to Australia’s competitiveness.

Taxation
28-Aug-2015

AFMA Reaction to Proposed ASIC Funding Model

The Australian Financial Markets Association (AFMA) believes that ASIC should be properly funded to meet its responsibilities and participants in the financial services sector should be prepared to provide a proportionate amount of ASIC’s funding through cost recovery charges.

Regulation
06-Oct-2015

AFMA releases 2015 Financial Markets Report

The Australian Financial Markets Association (AFMA) today released its 2015 Australian Financial Markets Report, an authoritative survey of Australia’s over-the-counter and exchange-traded financial markets.

Other
21-Sep-2015

AFMA Responds to New Cabinet

The Australian Financial Markets Association (AFMA) has welcomed the new Ministry and its
emphasis on building an innovative, productive and competitive economy.

CEO David Lynch said the industry body was particularly looking forward to working with the newly
appointed Treasury Ministers on the range of policies required to achieve these objectives.

Regulation
20-Oct-2015

AFMA responds to outcomes of the Financial System Inquiry

The Australian Financial Markets Association (AFMA) has welcomed the commitment by the Government to maintain an efficient and resilient financial system in its response to the Murray Financial System Inquiry Report.

Other
23-Oct-2015

AFMA Statement regarding Council of Financial Regulators Consultation Paper on BBSW

AFMA has an ongoing, mutually beneficial dialogue with the financial regulators in relation to benchmark matters and we have engaged with them on the consultation paper prior to its release. The RBA participates as an observer on the AFMA committees that deal with benchmark matters.

We agree with the Council of Financial Regulators’ assessment that the market has changed and volumes are low at the time of day BBSW is set, with significantly larger volumes traded outside of this period. It is this issue, rather than the specific calculation methodology, that the Council is looking to address.

Regulation
08-Jul-2015

AFMA supports ASIC recommendations on administration of financial benchmarks

AFMA supports ASIC recommendations on administration of financial benchmarks. In particular, AFMA endorses the recommendation that administrators of systemically-important benchmarks administered in Australia adopt and implement the IOSCO Principles.

Regulation
14-Aug-2015

AFMA survey on Complementary Financial Benchmarks

AFMA is working with member firms and the Australian regulatory authorities to develop a robust, near-risk-free benchmark interest rate for the Australian market. The indications are that a near-risk-free benchmark will, for certain applications, hold attraction to users of existing interest rate benchmarks. That said, the new benchmark is being designed to complement the existing Bank Bill Swap (BBSW) rate, which has a vital ongoing role as a benchmark in the financial system.

Other
30-Sep-2015

Annual AFMA Prime Bank Elections

The Australian Financial Markets Association today concluded its 2015 Prime Bank Survey, and from this process the current Prime Banks were re-elected, there being no other nominating institutions.

Other
22-Sep-2015

Carbon Reference Price under the AFMA Australian Carbon Benchmark Addendum

Further to AFMA Market Notice 4-2014 on 24 July 2014, and for the purposes of clarity, the “carbon reference price” for the purposes of the AFMA Australian Carbon Benchmark Addendum continues to be $0/tonne of CO2-e (exclusive of GST).

Regulation
16-Mar-2015

Complementary Benchmark to BBSW Envisaged

The Australian Financial Markets Association (AFMA) is working with the regulatory authorities to develop a robust risk-free benchmark interest rate for the Australian market.

Other
11-Jun-2015

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.

Other
27-May-2015

OBU Reforms Enhance Australia as a Financial Centre

The Australian Financial Markets Association (AFMA) has welcomed today’s introduction into Parliament of reforms to Australia’s Offshore Banking Unit (OBU) regime.

The OBU regime is a key pillar of Australia’s push to export financial services and allows financial institutions in Australia to compete for internationally mobile financial business with regional financial centres, like Singapore and Hong Kong, which brings income and employment to Australia.

Regulation
14-Dec-2015

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.

Other
14-Dec-2015

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.

Other