A speech by 魅影直播 Chairman, Tony D'Aloisio, Supreme Court of Victoria Law Conference, Melbourne, 13 August 2010
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Thank you very much for inviting me along today to speak to you about insider trading and market manipulation...
My objective will be to provide the 魅影直播 perspective in this area. 魅影直播 is the regulator responsible for detecting, investigating and taking action; for example, for civil penalties and for delivering briefs to the Commonwealth Director of Public Prosecutions (CDPP) for criminal proceedings. 魅影直播 can also seek enforceable undertakings and take administrative actions (e.g. bannings).
Until 1 August 2010, ASX had 鈥榝ront line鈥� responsibility for broker or market participant oversight and surveillance. That responsibility, from 1 August, passed to 魅影直播. One of the benefits should be to speed up the process between detection and, in cases which warrant it, investigation and enforcement. In saying that, it is important to note that ASX carried out the 'front line' surveillance work very well. The move to 魅影直播 was driven more by removal of potential conflicts of interest between ASX鈥檚 role as a listed company and the supervision of the market on which it is listed, particularly if we move into competition for trading services.
In giving you 魅影直播鈥檚 perspective, I will be doing so largely at an 魅影直播 policy level, focusing on the issues which we are dealing with and our approach and priorities.