Australian Securities Exchange
The Australian Securities Exchange was previously known as the Australian Stock Exchange, and changed its name in December 2006, but is still referred to as ASX. It is ranked the 8th largest stock exchange in the world, and has listings of approximately 2,000 stocks, with around 99,300 trade transactions moving through the ASX on a daily basis. Trading floors are no longer in use at the Australian Securities Exchange as it was replaced by a system know as SEATS, meaning Stock Exchange Automated Trading System. The transition to SEATS resulted in lower broker fees. Recently this system was upgraded to the Click XT system. Commonly known as the ITS or Integrated Trading System, it can process orders faster than SEATS, and is also able to process multiple orders at a time. The ASX is also listed on the exchange, as it is a public company. Amongst the hundreds of companies on the listings, are companies such as Access Providers Ltd, KH Foods Limited, Pacific Mining, Salmat Ltd, BHP Billiton and Volant Petroleum Ltd.
The Australian economy is very competitive and open, and is ranked amongst the strongest economies in the world. Effective management of the economy and continuous reform of structures ensures that the Australian economy maintains its performance level.
Another attribute to the strong economy is the consistently low inflation rate it has enjoyed for years. The most competitive industries in Australia are the electricity, transport, gas and telecommunications sectors. The open economy also provides low trade barriers and an accommodating tax system, with regard to business. Skilled labor and a flexible market, fuels the economic growth and supports the employment sector.
Australia is the worlds’ leader in the export of beef and veal, as well as being the third largest exporter of dairy products. It also exports significant quantities of wool, grains, cotton, sugar, vegetables and fruit. Thailand, Korea, China and Japan are
Australia’s biggest buyers of cotton. The export from the food industry accounts for a large percentage of Australia’s annual retail turnover. As Australia continues to hold a noteable position in the global economy the Australian Securities Exchange will remain an important cog in the wheeling and dealing of high finance.