FCX granted 'first-of-its-kind' market licences by ASIC, RBA
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The news: FinClear subsidiary FCX has been awarded first-of-its-kind Australian licences by the securities regulator and the Reserve Bank, making it the first fully regulated platform for facilitating private market secondary transactions.
The context: FCX said the licences granted by the Australian Securities and Investments Commission (ASIC) and the RBA enable the FCX Market to trade securities in private and unlisted public companies and interests in managed investment schemes, creating the world's only distributed ledger-enabled, fully regulated private market.
The licences position FCX as the only operator other than the ASX to have complete market and clearing and settlement capabilities, the company said. It follows the first instance of allowing competitors to offer clearing and settlement services after the Treasurer legislated ASIC to do so late last year.
What they said: "This is a pivotal moment not only for Australia’s private companies and capital markets but for financial markets globally," said FinClear founder and CEO David Ferrall.
"The licenses set a new global standard for regulated private capital markets and are a significant step forwards for Australia’s financial infrastructure," he said.
"FCX provides a ‘bridge’ from private to public delivering a fully regulated ecosystem for companies to utilise."
The source: FCX media release
