Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, has held a series of meetings with key U.S. financial market regulators and supervisors to discuss the current state of the U.S. and global financial markets.
Minister Sherry held discussions with Richard Ketchum, CEO of the New York Stock Exchange (NYSE) Regulation and Larry Leibowitz, NYSE Head of US Equities. At NASDAQ OMX, discussions were held with Magnus Böcker, NASDAQ President and Edward S. Knight, NASDAQ Chief Regulatory Officer.
"It is clear from my discussions that global financial markets are still facing many challenges, with a lack of counterparty trust continuing to affect some transactions."
"While some jurisdictions have struggled with these challenges, both the NYSE and NASDAQ confirmed the view in the U.S., and beyond, that Australia has a robust regulatory structure that has worked well in current circumstances."
"Both U.S. supervising bodies endorsed the Government's considered and consultative approach in responding to market volatility," said Minister Sherry.
Minister Sherry also discussed issues related to short selling in both Australia and the U.S., general market liquidity, the current state of the U.S. housing market, the situation facing Fannie Mae and Freddie Mac over coming months and the issue of stock market competition and associated regulatory oversight.
Minister Sherry also met with Debby Perelmuter, Senior Vice President, New York Federal Reserve, held a range of meetings with key investment banks and hosted a reception for Australians working in financial services in New York in support of the Government's financial services hub initiative.