Pub Date : 2024-07-01DOI: 10.22233/20412495.0724.1
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Pub Date : 2024-07-01DOI: 10.22233/20412495.0724.20
Lucinda Stott
When players break the rules, the reputation of the market suffers. The stock exchange's new computerised surveillance system will quickly detect market rorts and weed out illegal operations. S ince the reorganisation of the Australian Stock Exchange (ASX), much greater emphasis has been given to market surveillance. A new ASX division was created early in 1989 to monitor the market and to detect and investigate any unusual activity. Where an unusual movement cannot be explained adequately by the information immediately available to the exchange, the new Surveillance Division will normally liaise with the Companies Division with a view to querying the company involved. If it appears there has been a breach of the securities industry legislation, or the listing or business rules of the ASX, then a report is sent to the NCSC or to the exchange's Companies Division or Membership Division. It is expected that effective surveillance will reduce the temptation to engage in unacceptable market behaviour, and therefore its incidence. This will ultimately enhance the quality and reputation of the markets provided by the ASX. Historically, surveillance of the equities markets in Australia has been divided among the stock exchange Companies and Membership divisions, the NCSC and the various state corporate affairs commissions. When the exchanges were reorganised into the ASX in 1989 it was acknowledged that the new body had the necessary experience to provide effective surveillance of markets; indeed, it had a responsibility to do so. The US regulators had come to a similar conclusion some years earlier and since 1981 the exchanges in that country have provided effective surveillance for the US Secw~ties and Exchange Commission. The ASX surveillance systems are based largely on the North American model. The development of monitoring systems started in early 1989. The short-term goal was to have a system up and running which would detect and investigate unusual market movements and to refer possible breaches, in as much detail as possible., to the NCSC. One objective was to establish an immediate awareness of surveillance activities in the market. A small team with relevant experience in market regulation, surveillance and investigation was formed, with the backing of the necessary computerbased tools. Several off-the-shelf software products, providing decision support, text-retrieval, communications and graphics, were useful almost immediately, and their effectiveness has since been steadily improved. Access to news and real-time market information was essential; traditional market services and company announcements were supplemented by general news services which could give additional supportive information. We wanted to avoid wasting the time of market participants with queries which could be
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