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Screenshot of a breaking news alert e-mail from Q2 2017
Two days after Australia’s national financial markets regulator issued a consultation paper proposing a funds passport policy between Australia and its Asia-Pacific neighbors, Pepperstone’s Owen Kerr considers the benefit to the FX business
Following the announcement by LeapRate earlier this week that the Australian Securities and Investments Commission (ASIC) has released a consultation paper addressing the possibility of entering into a funds passport policy with its Asian trade partners, the response from within the industry has been extremely positive.
The Asia Region Funds Passport will be considered jointly with government agencies from Korea, New Zealand, Singapore, Thailand, and the Philippines, and if implemented could result in ease of business between some of the most important regions in the FX industry.
The idea has been well received by Australian FX firm Pepperstone, whose CEO Owen Kerr explained to LeapRate that “This will be a huge boon for the Australian financial services industry being able to access these key Asian markets with reduced red-tape. Korea is of particular interest to us as there is a huge domestic FX industry in that particular country.”
Australia has a true advantage in terms of location as a western nation with a strong and stable economy which is situated within close proximity of the Asia Pacific region and as a result has long standing business relationships with its Asian neighbors.
Mr. Kerr lauds ASIC’s proposal as being yet another step toward forging further compatibility and ease of business in a region which is highly coveted by electronic trading firms worldwide.