Retail channel The Australian Securities and Investments Commission (ASIC), the Australian market regulator, published a concept paper in April about a regulatory framework to introduce competition in exchange markets. The paper recognises that smaller trades are shifting into dark pools and the absence of pre-trade transparency will have an effect on price formation at the exchange platform. ASIC proposes to have a consolidated source of market information for both pre-trade and posttrade data – a fundamental element of a fair, orderly, and transparent market. The CFA Institute supports the move by regulators to introduce competition because this will help improve market efficiency and lower the costs for investors in the long term. However it requires greater transparency and a level playing field. The Australian regulators have made the first move to address this issue. Others should follow. *Lee Kha Loon, CFA, is head of the standards and financial market integity division, Asia-Pacific, for the CFA Institute.