The commencement of the new Chi-X financial market has brought with it a number of new regulatory and technical requirements for market participants.
Under the new rules, ASIC requires market participants to disclose their Best Execution policies to clients and provide periodic reports to ASIC and market operators on their Crossing Systems.
Even though ASIC has recognised that some market participants have had difficulty meeting the deadline of 31 October 2011, it nevertheless expects market participants to 'make all reasonable efforts' to comply with the requirements. Those who have not established their Best Execution arrangements need to take the appropriate steps to do so.
This post provides an overview of Best Execution and what it means for market participants and their clients.
Click here to read more of the article prepared by Bart Oude-Vrielink and Paul Washington.
Partner: Gerry Cawson
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