The Australian Securities and Investments Commission (ASIC) has called for greater uniform financial market practices and regulations across Asia, arguing the move would cut the cost of doing business in the region and stimulate investment, according to The Australian Financial Review.
ASIC deputy chairman Belinda Gibson said such moves would result in a deepening of Asian markets, while adding liquidity.
She pointed to the impact clearing houses and payments systems in Australia have had on financial market development and strengthening.
“Can we find a better way to get uniformity across those regions?” Ms Gibson said, according to the AFR.
“The investors don't want to have a particular way of doing things in country A and totally different criteria in country B.”