Fragmentation, globalization and the architecture of stock markets: How should the ASX be redesigned to ensure its long-term survival?

相对于世界建筑设计最佳实践，ASX的潜力仅为10%。我们调查的改革，例如大幅降低最低报价和提高透明度以减少信息不对称，可以将交易价值提高数倍和数十亿美元，达到韩国达到的效率水平，并将交易成本降低数亿美元。 每节省一美元的实际交易成本，目前放弃的交易就会进一步节省12美元。通过建立一个新的全球交易所，并在我们地区建立像泛欧交易所这样的共同交易平台，澳大利亚证券交易所可以免受毁灭的威胁。其结果将是更多成功的股票取代新闻集团。

The ASX is only at 10% of its potential relative to world best practice in architectural design. Reforms that we investigate, such as a massive reduction in the minimum tick and greater transparency to reduce asymmetric information, could lift traded value by several fold and by billions of dollars to efficiency levels achieved by South Korea and reduce trading costs by hundreds of millions pa. For each dollar of actual trading costs saved there is a further saving of 12 dollars in trades currently forgone. The ASX can be preserved from the threat of annihilation by a new global exchange and set up common trading platforms like Euronext in our region. The result will be more successful stocks to replace NewsCorp.