The Minister for Financial Services & Regulation, Joe Hockey, said today the announcement of a professional trading and research website for fixed income securities was a big step forward in the development of Australia's capital markets.
The website - named yieldbroker.com - will offer online fixed income secondary trading and research for institutional clients of project sponsors Deutsche Bank, Salomon Smith Barney, Warburg Dillon Read and Westpac Banking Corporation.
The website is a faster alternative to the current telephone ordering system for fixed income products such as Australian government and semi-government bonds, selected Australian corporate bonds and New Zealand government bonds.
"I welcome innovation in Australia's capital markets, especially innovation which assists service delivery. This is another step towards developing Australia's deep and liquid markets," the Minister said.
"The Government is committed to building Australia's capital markets and has overhauled the treatment of Interest Withholding Tax on corporate bonds.
"Today's announcement is another big step forward in this development and in turn, to building Australia as a centre for global financial services."