On 11 September 2006 New Zealand Exchange Limited (NZX), Citigroup, CommSec, Goldman Sachs JBWere, Macquarie Bank and Merrill Lynch signed a shareholders’ agreement, incorporating a company to launch a new Australian ECN (Electronic Communications Network) to deliver market participants a choice in reporting services.
The ECN will initially deliver a new reporting platform to market participants.
ECNs are high-speed, low-cost platforms that separate listing from trading functions and are already available in most leading global markets.
In recognition of the growing strength and sophistication of the Australian capital markets, the shareholders believe the time is right to introduce a degree of technological and price competition in a subset of exchange services.
It is anticipated that the ECN will commence operations in mid 2008.
Timeline for AXE ECN
March 2008
ASIC provides the Hon Nick Sherry, Minister of Superannuation and Corporate Law with advice relating to the framework for competition in markets services and AXE's application for an Australian Market Licence. AXE is confident that the advice to the Minister is positive.
November 2007
AXE announces it will launch a new electronic order book and matching engine to trade ASX listed securities. This move will introduce competition in trading services leading to increased market liquidity and a new focus on price, technology and innovation in market services.
March 2007
AXE ECN Pty Limited chosen as the ECN's name
BT Radianz hosting and connectivity in place
January 2007
Greg Yanco appointed CEO of AXE
Edwin Budding joins AXE as General Counsel
AXE ECN lodges its application for an Australian Markets Licence
GlobalVision test environment available for NZX and AXE participants
December 2006
SMARTS chosen as preferred supplier of the AXE ECN surveillance system.
October 2006
Trayport's GlobalVision system chosen for the AXE ECN Platform
Solution includes CameronFIX Universal Server. CameronFix will be the primary interface to AXE.
For more information please contact:
CEO - Greg Yanco
Telephone +61 2 9994 8913
Mobile +61 4 08469210
Fax +61 2 9994 8008
Email greg.yanco@axe-ecn.com