ASX Group may allow trading in as many as five non-Australian stocks on its own market by the second quarter next year subject to regulatory approval, says Richard Murphy, general manager of equity markets at the ASX.
A form of a depository receipt of a non-Australian company is awaiting approval from the Australian Securities and Investment Commission, says Murphy. This will allow the depository receipt of an international company to be traded, cleared and settled just like Australian stocks, he says.
Murphy says the international stocks that may be listed initially are likely to be shares in mining or high-technology companies.
As the world moves toward 24-hour trading he wants Australia to become the trading centre for Asia. As many as 100 international stocks under the proposed new trading scheme could be listed on the ASX in five years.
“There is a trading and investment demand for more things to be traded on the ASX,” says Murphy.