Australian Securities and Exchange Commission chairman Greg Medcraft says the collapse of Lehman Brothers and Bernie Madoff has not shaken his faith in markets or self-regulation.

Medcraft, who was global head of securitisation at Societe Generale before he was ASIC chairman, says the financial industry and its regulators have responded well to the global financial crises.

“The re-shaping of regulation and industry standards is happening at the present time,” says Medcraft. “It is an evolutionary process.”

The fund management industry in Australia is operating well, he says.

“Our market is operating fairly and efficiently,” says Medcraft.