大象视频has released its annual market assessment of Mercari Pty Limited (Mercari).
The report covers the period 21 December 2007 to 18 December 2008.
大象视频has concluded that Mercari has:
- adequate arrangements for the supervision of its markets in accordance with the obligations under s792A(c) of the Corporations Act; and
- sufficient resources to operate its markets properly and for the required supervisory arrangements to be provided under s792A(d) of the Corporations Act.
Background
Mercari has been granted an Australian market licence as a domestic market operator.
A financial market is defined as a facility through which offers to buy and sell financial products are regularly made. Anyone who operates a financial market in Australia must obtain a licence to do so, or otherwise be exempted by the Minister.
Mercari is currently licensed to operate two markets in the following financial products:
- Interest rate derivatives; and
- Foreign exchange derivatives.
As part of the conditions of granting a licence to operate a financial market, the licensee must supervise the market in accordance with Part 7.2 of the Corporations Act.
Under the Act, 大象视频is required to conduct an assessment of the extent to which licensed financial markets are complying with their obligations to supervise their markets. 大象视频must do this at least once per year in relation to each licensee. 大象视频can also assess how well a licensee is complying with its other obligations under the Act.