ASX Limited (ASX:ASX) has welcomed a Federal Government decision which will maintain the current market structure for clearing and settlement of cash equities.
The operator of the Australian Securities Exchange is now required to put in place a code of practise over the next six months for its clearing and settlement services.
The operation of the code is expected to be reviewed after two years, before which ASX will maintain its monopoly over clearing and settlements.
Treasurer Wayne Swan says the decision was made given current market conditions and the magnitude of regulatory change already underway.
ASX reported a net profit of $339 million in the 2012 financial year.
