funding australia future.pdf

Upload: ha-linh

Post on 02-Jun-2018

217 views

Category:

Documents


0 download

TRANSCRIPT

  • 8/10/2019 funding australia future.pdf

    1/71

  • 8/10/2019 funding australia future.pdf

    2/71

    F A F

    P 1

    F A F

    T A C F S (ACFS) F A F

    2012 A ,

    .

    I 21

    G F C (GFC) ,

    . T , , . T

    GFC

    , , .

    I

    .

    S T F A F S 1

    A'

    .

    I , ACFS ,

    A B A (ABA), A F C (AFC), A

    F M A (AFMA), A S F A (ASFA),

    A S F (ASF), A S E (ASX), C

    L, C O B A (COBA), F S C (FSC),

    F S I A (F), I C A (ICA), KPMG,

    N A B (NAB), SMSF P A A (SPAA) V

    I, T R B A (RBA).

    T S T, :

    1. F A B:

    , B

    2. A H S F:

    E. D, D, C

    D A . , D, C

    3. I L: F M T:

    D , A C

    , A C

    4. R A F S

    A E, E C

    A F A F F A F

    W: ..

  • 8/10/2019 funding australia future.pdf

    3/71

    F A F

    P 2

    A

    D : P D R E D A

    C P F M U. P P V

    C D B L I S U C,

    D C A F I U S

    Q. D

    , , ,

    .

    H ,

    . S

    F I M.

    D F A I C D, F S I

    A, CPA A. D D H B S

    19922003 D M C

    : M J R O A C F

    S. M J ,

    , A , A.

    M MA M U CFA III .

    A: T F A F

    S C ,

    . T

    .

  • 8/10/2019 funding australia future.pdf

    4/71

    F A F

    P 3

    C

    1. E ................................................................................................... 4

    2. F F F ............................................... 9

    2.1 F ............................................................................................................ 9

    2.2 F ...................................................................................................... 11

    2.3 F F F ................................................... 14

    2.4 E F .............................................. 16

    3. F F: B ................................................................. 19

    3.1 E .......................................................................................................................... 22

    P I .......................................................................................................................... 22

    S M T ........................................................................................................... 24

    S ...................................................................................................................................... 32

    4.1 F .................................................................................................................. 34

    P I .......................................................................................................................... 34S M T ........................................................................................................... 36

    S ...................................................................................................................................... 40

    4.2 D ..................................................................................................................... 41

    S : .......................................................................................... 41

    S : OTC ............................................................................................ 42

    S ...................................................................................................................................... 46

    4.3 F ........................................................................................................... 47

    S .................................................................................................................. 47

    S ...................................................................................................................................... 51

    4 A .................................................... 52

    4.1 A B ................................................................. 52

    4.2 A F .................................................. 53

    5 C ........................................................................ 56

    ................................................................................................................. 65

  • 8/10/2019 funding australia future.pdf

    5/71

    F A F

    P 4

    1. E

    F , ,

    . A

    , ,

    , , .

    H,

    . T ,

    2006 IMF R1, A

    , A

    . T ,

    A ,

    .

    W A ,

    :

    I

    , ;

    T

    , .

    F, , ,

    :

    A ,

    ;

    ;

    , 70

    .

    T ,

    .

    T F M I (FMI)

    , , ,

    FMI . G FMI

    . T

    FMI . S

    ?

    1IMF (2006)

  • 8/10/2019 funding australia future.pdf

    6/71

    F A F

    P 5

    A A

    ,

    , . W

    FMI ,

    . T

    , M C, B E

    US E.

    T FMI

    , , , (OTC

    ), . W

    . I ,

    FMI ,

    .

    O, A

    . T

    , . I A

    . W

    ,

    A ,

    .

    T : O

    FMI

    . T

    ,

    . W

    ,

    , .

    T J 2008

    S 2009, . A

    ASX, ,

    .

    A , A , ASX

    , . I

    ASX ,

    . W

    , ,

    FMI . W

    CX,

  • 8/10/2019 funding australia future.pdf

    7/71

    F A F

    P 6

    , ASX

    , . T

    , RBA, ASIC, APRA, T.

    T CX A, 73

    E, A

    . T CCP,

    A . G

    ,

    ,

    A, .

    T : A

    ,

    A. T

    , A

    ; A

    ; 90 A

    .

    R

    C D I (CDI) A G

    B (AGB) M 2013. I .

    T

    C A ( C B ) B

    , ,

    , SMSF .

    A .

    W C B

    , . F,

    . G 70 ASX 200

    . S,

    ,

    . N, ,

    .

    T A T

    FMI , ,

    ,

  • 8/10/2019 funding australia future.pdf

    8/71

    F A F

    P 7

    FMI . T HFT

    ,

    .

    F ,

    , OTC . T FX

    60 FX ,

    .

    T : A FMI

    . T ASX A

    (T+3)

    (T+2). ASX T+2 2006,

    E, T+2 O 2014. S

    , ,

    .

    T : D

    HFT

    ,. A

    .

    ASIC, ASX 2010,

    . W

    ,

    ,

    . I , M 2013,

    . T A

    2530 .

    F HFT A .

    F ASIC 2012, ,

    HFT, 4:1 7:1, 10:1. I HFT 22

    , 50 US 35 UK.

    C : R

    GFC. T

    W W II D. T

    , ,

  • 8/10/2019 funding australia future.pdf

    9/71

    F A F

    P 8

    G20, F S B, I O S C,

    B C B S, I A I

    S . C

    P A .

    T

    A, ,

    . T

    C F R (CFR),

    T, RBA, ASIC APRA,

    . T

    , ,

    ASX. G ,

    CFR .2

    E : B

    . A , ,

    . H,

    .

    D A , $120

    6 . T

    A ,

    ,

    . F,

    A, A . T

    , J R (2009) H T (2010)

    .

    A

    . T

    A ,

    A 3.4

    , 80 S 60 H K.

    I ,

    A , . T A R

    F P (ARFP), J R, ,

    ,

    . T A R F

    P A .

    2E (2014)

  • 8/10/2019 funding australia future.pdf

    10/71

    F A F

    P 9

    2. F F F

    I A

    .3 F A A

    ,

    . A M M,4

    A

    . W GFC,

    ,

    .

    I A

    . T

    A .

    2.1 F

    I 2007, A 5

    GDP 7 GDP .

    S , 3 GDP.5

    I 2007

    A F S. A F 1, 2007,

    . H, ,

    , .

    F 1 C F A 2001 2013 (% D)

    BA, 2014

    S 2007 45 ,

    3M (2012)

    4M M (2013)

    5D (2014)

    20

    10

    0

    10

    20

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    A A

    N

  • 8/10/2019 funding australia future.pdf

    11/71

    F A F

    P 10

    A (F 2).

    A 70

    2011, 6. G

    ,

    .

    F 2 A (% D)

    : AB C 5352, 2014

    N F 3

    . W , GFC

    . A

    , , .

    F 3 B A ($ )

    : AB C 5302 29, 2014

    T , A

    2000, $1,600 . A F 4, A

    , ( $420 )

    . G

    . S

    6I.

    0%

    20%

    40%

    60%

    80%

    100%

    120%

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    P : D P : E T T

    0

    100

    200

    300

    400

    500

    1997 1999 2001 2003 2005 2007 2009 2011 2013

    O ; G ; D

  • 8/10/2019 funding australia future.pdf

    12/71

    F A F

    P 11

    1980 1990,

    .7

    F 4 F A (% D)

    : AB C 5352, 2014

    A F 5, ,

    , .8T

    S G 1992, A

    ,

    .

    F 5 B A ($ )

    : AB C 5302 28, 2014

    2.2 F

    I

    , , 9. I ,

    ,

    . S ,

    . A ,

    7M (2014)

    8F 5 S 2004. A

    99.9% .9K (2004)

    0%

    20%

    40%

    60%

    80%

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    P : D P : E T T

    0

    100

    200

    300

    400

    1997 1999 2001 2003 2005 2007 2009 2011 2013

    D O ; D G ;

    D D E T

  • 8/10/2019 funding australia future.pdf

    13/71

    F A F

    P 12

    ,

    .

    W , ,

    . A F 6 , A 2007

    , . E , , .

    F 6 C F 2001 2013 A (% D)

    BA D 2014

    E

    ,

    . W 10,

    .11 F

    .12

    F

    . A

    , ,

    ,

    . D ,

    .13

    T A

    .

    O ,

    AIG 2008. O OTC, AIG . N AIG

    ,

    . D , ,

    10S P (2009)

    11S , Q T (2008) G Y (2009)

    12B (2011)

    13V (2011)

    0

    10

    20

    30

    40

    50

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    G A

  • 8/10/2019 funding australia future.pdf

    14/71

    F A F

    P 13

    US $182.5 ,

    . B 1

    .

    B 1:

    I G F C 2007, A

    (RMBS) $5 $50

    . M A RMBS

    , A E. T

    . T RMBS

    ,

    4 1.5 1996 2000.

    T

    A . T GFC

    . I 2008, A RMBS

    $8 , .

    F 7 A B C

    : A , 2014

    T RMBS

    A

    GFC .14

    I 2008, A O F M (AOFM)

    RMBS . I 2009,

    A RMBS 2011 GFC ,

    . A AOFM , .

    C, GFC

    . A G20

    14R .

  • 8/10/2019 funding australia future.pdf

    15/71

    F A F

    P 14

    OTC .15 A C16

    )

    , )

    , ) ,

    .

    C . A

    ,

    ,

    .

    H,

    ,

    .17F

    .

    2.3 F F F

    F . T

    . B

    .

    F

    , , . F ,

    C C C, B,

    ASX C LCH C, RITS SWIFT,

    , OTC ,

    . T

    . B 2

    . T

    .

    B 2 F

    A A A . T

    OTC . T

    .

    15RBA (2014).

    16C (2013)

    17S (2012)

  • 8/10/2019 funding australia future.pdf

    16/71

    F A F

    P 15

    1. T ( , Y)

    ( , B) . B ,

    A

    2. T . I

    , .

    3. U , ( , ASX C).

    I .

    4. S SWIFT A

    . T RITS

    CHESS . I

    .

    5. T A RITS

    A .

    1. T ,

    AUD USD AUD

    .

    2. N

    . A ,

    . T CLS .

    4. A US

    A . M SWIFT

    CLS . T .

    5. A CLS

    .

    T

    , ,

    . T

    .

    E ,

    . C

    18, , . I

    . T

    . A

    18I .

  • 8/10/2019 funding australia future.pdf

    17/71

    F A F

    P 16

    , ,

    .

    F ,

    . F

    .

    S

    F M I (FMI). A

    FMI

    .

    T

    . A 2001 D S

    10 1.5

    .19 A

    , , GDP

    .

    I ,

    :20

    P ;

    P ( );

    E ;

    C ;

    P ;

    S .

    2.4 E F

    B A

    . A

    :

    T

    .

    T A

    , .

    19D S (2001)

    20AFMA (2014)

  • 8/10/2019 funding australia future.pdf

    18/71

    F A F

    P 17

    I

    .

    C .

    H

    .21

    U . T ,

    , ,

    , .

    F , ,

    . C

    , ,

    . A 22

    , , , ,

    .

    P ,

    . T E. A O R23

    E C,

    E 2006

    2009, (CCP) 0.37

    0.10 , 73 .

    S

    . W

    , , ,

    , ,

    . T

    , .

    T ,

    24 . W

    H F T (HFT),

    . A

    21T E (2014).

    22S H S (2004)

    23O (2007)

    24L . U 1

    .

  • 8/10/2019 funding australia future.pdf

    19/71

    F A F

    P 18

    . I,

    $100

    .25 C

    . W

    ,

    ,

    . M HFT

    , ,

    . T HFT

    HFT ,

    . O HFT

    .26 F, HFT

    .A 2014 SEC27

    HFT, HFT

    ,

    .28

    A ,

    , . T I

    O S C (IOSCO) 2013 ,

    .29

    A 30 . F,

    64%, 23%

    .

    A , ,

    ,

    .

    25M (2007)

    26S (2014)

    27SEC (2014)

    28P HFT HFT

    .29

    IOSCO (2012)30

    C J (2008), A (2013)

  • 8/10/2019 funding australia future.pdf

    20/71

    F A F

    P 19

    3. F F: B

    D FMI A

    A F 8. A ,

    . D ,

    , A ,

    .

    F 8 A

    : A (2011)

    R F 8

    , ,

    . T, ,

    , . 31C

    ,

    . W ,

    ,

    . A

    : , , , OTC , . W

    , , ,

    .

    31A (2014)

  • 8/10/2019 funding australia future.pdf

    21/71

    F A F

    P 20

    B ,

    . E

    . T

    , .

    A . T ,

    ,

    , , . A

    .

    T A 32,

    . T

    , ,

    . A

    . A F 9

    , 2007,

    .

    F 9 B ( % D)

    AA, 2014

    C,

    ,

    . W ,

    A ,

    , ,

    .33

    32M & M (2013)

    33S , A U S.

  • 8/10/2019 funding australia future.pdf

    22/71

    F A F

    P 21

    T ,

    . L

    2.3.

    W ,

    . T

    . U, ,

    . F,

    . F

    . T

    ,

    ,

    , . A ,

    .

    T (FX)

    . I , FX ,

    . T FX

    ,

    ' ,

    .

    I ,

    ,

    . F ,

    . C,

    FMI , FMI , A

    , A .

  • 8/10/2019 funding australia future.pdf

    23/71

    F A F

    P 22

    3.1 E

    B A A S

    E. (ASX)T ASX A . M 2,000

    ASX $US 1,360 (F

    10) 10 . T

    ASX A , N S E,

    A 107 .

    W GFC ASX :

    A ,

    , A $119.9

    2008 2009 $77.1 .

    A .34

    T ASX A

    11

    . I 2013, 69

    ASX, , NYSE (130), NADAQ

    (116), H K E (101) TMX G (99) .

    F 10 C E ($ )35

    : E, 2013

    I A , ASX

    , ASX .36

    I 101 ASX, 29 N

    . C $184

    12 (T 1). T

    50 . T

    34G (2009)

    35T NYSE $18,000 ($US) .

    36W F E D (2013)

    0

    2,000

    4,000

    6,000

    8,000

    1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

    NASDAQ OMX J E G T E

    TMX G D B A SE

  • 8/10/2019 funding australia future.pdf

    24/71

    F A F

    P 23

    S T L (A$52,478), US A I. (A$17,010),

    PNG O S L (A$13,306) US N C (A$10,513).

    1 A A 2014 C

    C F C () A (%)

    N 29 44,549 2.87

    B 13 1,437 0.09

    C 12 1,958 0.13

    G B (UK) 12 6,943 0.45

    U S 12 46,430 3.00

    P N G 6 14,812 0.96

    S 6 52,530 3.39

    H K 4 153 0.01

    C I 2 381 0.02

    B V I 2 7 0.00

    I 1 1,045 0.07N 1 6,107 0.39

    S A 1 7,874 0.51

    101 184,226 11.89

    * : A 30 A 2014 $A 1,550

    : A , 2014

    H, A

    , . F

    , 15 . A

    , , ,

    45 20

    O

    ( )

    . I A, ASX

    ASX . T 2

    .

  • 8/10/2019 funding australia future.pdf

    25/71

    F A F

    P 24

    2 A F C : C A$ (2014)37

    F A F

    E

    ASX 60,060 125,160 448,560 21,504 37,884 70,392

    NYSE 106,865 133,581 160,298 32,060 90,835 90,835NASDAQ 133,581 213,730 240,446 37,403 73,203 106,331

    LSE 22,650 128,259 387,115 8,988 10,336 43,592

    T SE 23,559 137,958 196,732 13,083 20,165 84,103

    SGX 85,424 85,424 170,848 29,898 29,898 85,424

    : AC E, 2014

    ASX ,

    $1 . T ASX

    .

    A ,

    . E

    . L

    , . T

    ,

    ASX 2007 120 ,

    (F 11). I 2013, 74 ASX

    ASX CX.

    F 11 A / ( )

    : A

    T ,

    . H, :

    R 20 2000 14 38,

    GFC .39

    37C : S 10 , M 100 , L 1 . NYSE

    NASDAQ . F

    1 . E 19

    M 2014.38

    ABS, C 523239

    A S E (2013)

    0%

    50%

    100%

    150%

    1997 1999 2001 2003 2005 2007 2009 2011 2013

  • 8/10/2019 funding australia future.pdf

    26/71

    F A F

    P 25

    F ,

    ,

    ; ,

    T HFT.

    ASX , 75

    $100 ,

    . T

    . I ,

    (F 12). F, 1

    2009, , 2013,

    IPO.

    G , 95

    ASX 200 ,

    .40

    W ASX

    ,

    ,41

    .

    F 12 A 2008 2013

    : CC C D 2014

    D ASX .

    T , NASDAQ OMX, J

    E G, S SE S SE, . A

    S S

    .

    40A S F A (2014)

    41A C F S (2013)

    80%

    90%

    100%

    2008 2009 2010 2011 2012 2013

    D 1 D 2 D 3 D 4 D 5

    D 6 D 7 D 8 D 9 D 10

  • 8/10/2019 funding australia future.pdf

    27/71

    F A F

    P 26

    3: : 2013 (A / C)

    C

    (D 2013)

    2013

    ()

    A /

    C

    S SE 1,452,154 3,858,509 266%

    NASDAQ OMX 6,084,970 9,584,742 158%

    S SE 2,496,990 3,731,129 149%

    J E G T 4,543,169 6,304,928 139%NYSE (US) 17,949,884 13,700,450 76%

    A SE 74%

    D B 1,936,106 1,334,545 69%

    TMX G 2,113,822 1,371,478 65%

    E 3,583,900 1,661,878 46%

    SIX S E 1,540,700 676,958 44%

    H K E 3,100,777 1,323,373 43%

    : E 2013 A

    A ,

    . T ASX

    : , , .

    F 13 A ( C)

    : AB C 5232, 32

    T A

    $650 43 42 A (F

    13). A , $500 37 ,

    A . A

    , . R

    , ,

    A GFC 17 14 .

    A . T ASX

    ASX , O 2011 CX,

    ,

    . C, CX

    42A N A, 2013

    0%

    20%

    40%

    60%

    80%

    100%

    1997 1999 2001 2003 2005 2007 2009 2011 2013

    R H I I O

  • 8/10/2019 funding australia future.pdf

    28/71

    F A F

    P 27

    ASX , . CX

    ( ) 14.3 , A 2013.

    M 18.5 , CX

    ASX .

    A 2014 O C .44 T ,

    , , ,

    , . T ,

    . F 14 O

    , .45

    F 14 F : 2014 ( )46

    : , 2014

    T O ASX

    6 . T ,

    , ASX,

    .

    T A

    .47T CX

    , ASX,

    A 2011.48

    43ASIC (2013)

    44O (2014)

    45T $200

    $350 .46

    T US .18 .47

    I ASX CX N S E, IMB, A P E

    SIM V S E .48

    P CX HFT.

  • 8/10/2019 funding australia future.pdf

    29/71

    F A F

    P 28

    T

    . O

    ,

    , .49 T

    .50A 2013 A

    A .

    T A

    CX J 2010

    ASX . T

    CX . T

    ASIC C ,

    A 23 2011 19 2013.

    T

    . T ( ASX)

    ,

    . B

    ,

    . E US 17

    2008 38 2013.51

    W

    ,

    . A 2013 ASIC

    A 2530

    , (

    ) .52A 20

    16 .

    D

    . S , ,

    ,

    . A 2013 CF P

    , ,

    10%

    .

    A O ,

    . C ASX

    ASX C ASX S, . A

    (CCP), ASX C 37 ,

    49P (1989)

    50E (1996)

    51 CF & P (2013)52

    ASIC (2013)

  • 8/10/2019 funding australia future.pdf

    30/71

    F A F

    P 29

    . ASX S

    80 , .

    T

    . T

    . T A F 15.

    F 15 C A

    : C , 2012, . 39

    F, , CHESS,

    A . S, CHESS,

    53 ASX C, CHESS

    , CHESS ,

    . T, T+1 CHESS ,

    . F, T+1,

    T+3, . F ,

    ,

    . F, (T+2),

    , 10.30

    . S, . S

    , ,

    . F,

    RITS T+3, ASX S

    CHESS , D

    P (DP) . P CHESS

    .54

    W ,

    53N ,

    CCP CCP.54

    C F R (2012)

  • 8/10/2019 funding australia future.pdf

    31/71

    F A F

    P 30

    ,55ASX C

    , ,

    . I 2013, ASX S $8.5

    , $4.2 , RITS

    $0.4 .

    C .

    I A, ASX A 0.24

    , 55 (

    O ). F 16

    .56

    F 16 C C: C ( )

    : , 2014

    T A ASX C 0.24

    . A O , FMI

    . I ,

    CCP .57

    T O . F 17,

    . T ASX

    .

    55F , .

    56A $250,000 $45,000 .

    57T ASX CCP

    .

    0

    0.1

    0.20.3

    0.4

    A UK (LCH

    C)

    J F G D C USA

    M I I R I (I)

  • 8/10/2019 funding australia future.pdf

    32/71

    F A F

    P 31

    F 17 C: C

    : , 2014

    I ,

    . A

    .

    S A 2010, ASX ASIC,

    ASIC

    A . ASIC

    . ASIC

    SMART

    2009, MIA (M I A) O 2013. MIA

    , ,

    . A , ASIC

    , ,

    . T

    .

    A MIA 2015. S 2010 ASIC

    30 , 20 ,

    , .

    T ASX

    . T 3 CMC

    C M MQ D, . T

    D 2009,

    SMART 2013

    .

    0

    1

    2

    3

    F J C A UK (LCH

    C)

    D G USA

    M I I R I (I)

  • 8/10/2019 funding australia future.pdf

    33/71

    F A F

    P 32

    3 : E (A

    )

    : CC C , 2014

    T A

    . A

    . T

    ,

    .58

    T A . T

    GFC . C

    , IPO

    . I 2013, 64 IPO ASX.

    I (101)

    , (43%).

    A 37 A

    A . F ,

    95 ASX 200

    .

    L ASX 2007 120 , .

    I 2013, 74 ASX CX.

    W , .

    I ,

    , .

    58S , AFMA (2014)

    2006 2007 2008 2009 2010 2011 2012 2013

    NYSE E P 0.0302 0.0083 0.0275 0.0594 0.0091 0.0117 0.0095 0.0025

    T SE 0.0154 0.0310 0.0530 0.1016 0.0262 0.0389 0.0275 0.0286L SE NA NA 0.0545 0.0606 0.0143 0.0209 0.0346 0.0156

    ASX 0.0525 0.0701 0.1925 0.0311 0.0346 0.0478 0.0437 0.0514

    NASDAQ 0.1379 0.0692 0.0433 0.1118 0.0304 0.0525 0.0314 0.0327

    T SE 0.0924 0.1135 0.1875 0.0615 0.0276 0.0496 0.0649 0.2414

    S SE 0.1825 0.3068 0.2965 0.1966 0.0331 0.0730 0.0658 0.1375

    N Y SE 0.1566 0.0901 0.3097 0.0667 0.0324 0.0228 0.0151 0.0191

    A 0.0954 0.0984 0.1456 0.0862 0.0260 0.0396 0.0366 0.0661

  • 8/10/2019 funding australia future.pdf

    34/71

    F A F

    P 33

    : L ASX

    .

    :A O

    14 . Q ASX 23 19

    20112013.

    C : F ASX C

    . F , ASX

    S, .

    F:ASIC ASX. I

    . R

    HFT , .

    :O ASX RBA,

    ASIC, CFR.

  • 8/10/2019 funding australia future.pdf

    35/71

    F A F

    P 34

    4.1 F

    I A, $1.2

    A $1,550 .59A ,

    OTC ,

    , ,

    OTC .60

    T OTC $1,241 , , $280

    61 (F 18). T A

    A , $650 31 D

    2013.

    F 18 B , D 2013 ($)

    : AB C 5232.0, 28, 2014

    O

    A , . I

    ,

    . A A

    9 2003 3

    2013 (F 19).

    59T ABS N A : , ,

    .60

    S I C M A (2014): ../

    //B/C/

    0

    500

    1,000

    1,500

    1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

    B I A B I O

  • 8/10/2019 funding australia future.pdf

    36/71

    F A F

    P 35

    F 19 A B : 19972013 (% )

    : AB C 5232 28, 2014

    I $280 $1,241 , 1

    A . A

    ,

    . T A

    ASX 101 27 A

    G B (AGB), 4 , 24 F R N (FRN), 13 C N,

    33 H .

    A AGB ASX G B

    CDI. T CHESS. A 1 M 2014, 400,000 CDI

    CHESS $50 .

    C 40

    ( T 4). A ASX A .

    4 C A

    H B L O E L KBL M L

    P C L P H C L L O NL

    P C L S MYOB F A L

    AGL E L T H L N F (N) L

    AMP L T G L N M R L

    A A N B

    G W B C ALE P G

    APT P L W L M B L

    A U L A F I C N A B L

    B A A B L A E L N A B L

    C B O A. A1 I & R L N B L

    C H C L A E L H N L

    C A L H N L IAG F (N ) L

    C R L B IMF L

    : A, 23 2014

    0%

    20%

    40%

    60%80%

    100%

    120%

    1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

    B G R W S N

  • 8/10/2019 funding australia future.pdf

    37/71

    F A F

    P 36

    T A

    . F, A ,

    2007,

    . S,

    A . T,

    . N

    26 A

    (F 20). A ,

    .

    T ,

    . T

    . F,

    , AUD ,

    ,

    .62 T

    A

    . F, ,

    70 A 200 63

    .

    F 20 A : : 19972013 ( )

    : C 5232 28, 2014

    L A

    . A

    $1,800 20122013 $500 .

    F 2007 2012 A ,

    62RBA (2014)

    63M (2013)

    0%

    20%

    40%

    60%

    80%

    100%

    120%

    1997 1999 2001 2003 2005 2007 2009 2011 2013

    B G S N

  • 8/10/2019 funding australia future.pdf

    38/71

    F A F

    P 37

    50 , 2013

    $250 ( $40

    ) (F 21). W

    ,

    .

    F 21 A ($)

    : AA, 2014

    L

    , . T

    ,

    (F 22).

    F 22 A D : 25 25 , 2013

    : D AB

    A A

    . W A G B64

    ,

    A .

    T A .

    T A C

    50 2000 70 ,

    .65

    64I ,

    65RBA

    0

    500

    1,000

    1,500

    2,000

    200809 200910 201011 201112 201213

    G D S NG D S

    0.00%

    0.05%

    0.10%

    0.15%

    0.20%

    0.25%

    0.30%

  • 8/10/2019 funding australia future.pdf

    39/71

    F A F

    P 38

    F 23 A ( C)

    : AB 5232, 28

    W A A

    , A

    . I 2006, A A

    A 22 13 . H A

    A

    . T

    A

    A .

    F 24 A C B ( )

    : AB 5232, 28

    P 1 ,

    . T

    1992 ,

    ,

    . T

    . T 1990

    A, .

    T A .

    T A

    , OTC . A , A

    0%

    20%

    40%

    60%

    80%

    100%

    1997 1999 2001 2003 2005 2007 2009 2011 2013

    R W I I O

    0%

    20%

    40%

    60%

    80%

    100%

    1997 1999 2001 2003 2005 2007 2009 2011 2013

    R W I I O

  • 8/10/2019 funding australia future.pdf

    40/71

    F A F

    P 39

    , , . A

    .

    ASX A ,

    A G S (AGS) . A

    OTC . P 4 M 2013, AGS .

    F , , A CHESS, ASX

    . T

    A CHESS

    ,

    OTC , CLOB .

    L , P C A

    ( C B ) B,

    .

    66

    F, 2010 A G

    .

    W ,

    OTC . T

    , .

    T

    . T

    OTC

    . M ,

    . T ,

    ,

    . T Y,

    A B,

    .

    T OTC

    , CCP. S

    A, A

    . U

    , . A ,

    A, ASX, A OTC

    .

    66C (2013).

  • 8/10/2019 funding australia future.pdf

    41/71

    F A F

    P 40

    PGFC

    A. G , 70

    . T

    A , .

    L A

    . A ,

    , A

    A . L , A

    , A ,

    75

    . T 65 2007.67

    T

    .

    : T A

    A . T

    . A $280 ,

    1 A .

    : D ,

    . L ,

    ,

    A .

    C : F A

    A.

    F: T Y

    OTC . T MIA 2013

    .

    : T

    A

    .

    67RBA, S T D4, 2014

  • 8/10/2019 funding australia future.pdf

    42/71

    F A F

    P 41

    4.2 D

    T OTC A 2013

    $78 201213. I ,

    ASX $50 , OTC ,

    , FRA, $27 . G OTC

    .

    F 25 D A: 2013 ($ )68

    : AA, 2013

    :

    ASX 24 A , 23

    .69A

    $40 201213 99

    ASX . T ASX

    A N ( ) A N

    A .70A

    C M E (CME) E

    .

    T ASX

    . A

    A 15

    18

    ( F 26).

    68T

    69A , FEX A A 2013.

    70T ASX SPI 200, ASX200 VIX, ASX 200 R, ASX200 F ASX200 AREITS

    0

    10,000

    20,000

    30,000

    40,000

    50,000

    60,000

    200809 200910 201011 201112 201213

    T OTC D T E T D

  • 8/10/2019 funding australia future.pdf

    43/71

    F A F

    P 42

    F 26 C : 2013 (. )

    N S E I 930 053 758 CME G 572 902 335

    K E 580 460 364 EUREX 327 431 218

    C B O E 372 668 403 M E 267 791 716EUREX 317 411 074 O SE 264 833 731

    B SE 250 340 019 C F F E 193 220 516

    TAIFEX 109 671 774 N S E I 101 749 706

    CME G 91 006 693 S E 99 526 505

    O SE 57 269 727 NYSE.L E 82 669 154

    T A SE 48 316 446 H K E 50 608 221

    M E 42 311 733 K E 49 970 933

    NYSE.L E 41 471 384 CBOE F E 40 193 447

    OMX N E 21 758 989 TAIFEX 37 873 740

    H K E 17 826 035 OMX N E 30 898 519

    S E 10 501 431 ICE F US 29 484 367

    A D 9 224 326 T SE G 26 081 610

    BM&FBOVESPA 20 443 962

    J SE 16 452 051

    A FE D 9 994 096

    CME G 285 915 903 CME G 1201 664 860

    NYSE.L E 141 955 226 EUREX 440 718 754

    EUREX 66 494 627 NYSE.L E 432 733 812

    BM&FBOVESPA 54 166 184 BM&FBOVESPA 432 430 652OMX N E 5 972 158 A FE D 105 715 817

    A FE D 4 042 671 K E 41 284 603

    NYSE E (US) 2 594 262 B M 36 748 553

    C A ASX C (),

    CCP

    , . T ASX

    AA S&P.

    C ASX

    , . F,

    ,

    .

    : C

    OTC A , ,

    (FRA), . T

  • 8/10/2019 funding australia future.pdf

    44/71

    F A F

    P 43

    , FRA. I

    . (F 27)

    F 27: C B (AD )

    : AA, 2013

    A , OTC

    ,

    CLOB . B

    , OTC

    OTC . OTC

    ,

    . T

    , . T

    OTC

    OTC .

    T OTC , 40

    (T 6).71

    5 A C 201213

    M

    B

    O

    B

    I

    T

    T

    F

    M

    H

    F /

    CTA'

    G

    O

    C

    B

    OT

    (AUD )

    20.0% 18.5% 32.3% 8.4% 4.8% 3.5% 1.0% 11.4% 40,994,003

    : AA, 2014

    O , OTC

    . T OTC

    , ,

    , . H, GFC

    OTC

    OTC , S E F (SEF),

    . T SEF

    71B

    40

    0

    5,000

    10,000

    15,000

    20,000

    25,000

    30,000

    200809 200910 201011 201112 201213

    S O I S F R A

    C O I R O C D

  • 8/10/2019 funding australia future.pdf

    45/71

    F A F

    P 44

    OTC .72

    I A, OTC Y

    , FRA. F

    A. T OTC .

    H, OTC

    , US UK, .73

    P OTC

    . T

    OTC GFC

    OTC . T BIS

    2013, 7 FRA 35 .74

    T , A

    OTC

    . I , CFR

    A . A

    . D A

    OTC , OTC A

    .75

    T OTC , ASX

    OTC .T

    A 14 J 2013,

    LCH C ASX C OTC

    . T LCH C . F,

    A ,

    , LCH C A ,

    . LCH C OTC ,

    50 . F 28

    OTC ASX C LCH

    C. ASX , LCH C.

    72T C F T C (CFTC) US OTC

    F 2014 M OTC A.73

    OTC D R G (2014)74

    G & U (2013)75

    I 2013, LCH.C OTC .

  • 8/10/2019 funding australia future.pdf

    46/71

    F A F

    P 45

    F 28 C (A$)76

    C A C C C ( )

    0 1 $1.00 $0.90

    1 3 $2.50* $2.25

    3 5 $4.50 $4.057 10 $7.50 $7.20

    10 15 $10.00* $8.64*

    : AC

    * C

    A 3.2, GFC

    OTC

    . T A, A

    A OTC . T OTC

    OTC A . B O 2013, A

    S D ,

    $50

    A 2014. A ,

    A, , G

    OTC A .

    D OTC

    A . T

    :

    OTC ,

    ;

    T

    , ;

    T SEF

    .

    I A OTC

    , AUD , 15 . O

    OTC . (F 29)

    76T . F,

    O ,

    CCP.

  • 8/10/2019 funding australia future.pdf

    47/71

    F A F

    P 46

    F 29 AD B

    : AA (2014)

    T A

    ,

    . F,

    . W , OTC

    $78 2013. T , ASX 24

    . T

    ASX 24

    ASX 24

    .

    :T OTC ,

    15 . T

    .

    C : ASX OTC J

    2013 LCH C . C OTC

    ASX LCH C. L

    ASX C CFR

    AUD. T

    , .

    F:T SEF CCP

    OTC

    .

    : T A

    40 OTC . W

    ,

    .

    2

    3

    4

    5

    1999 2001 2003 2005 2007 2009 2011 2013

  • 8/10/2019 funding australia future.pdf

    48/71

    F A F

    P 47

    4.3 F

    I ,

    . I FX

    2007 2013,

    , UK US. O , AUD 25 , AUD A

    2007 .

    6 , F

    2007 2013

    Country

    Number ofBanks

    covering75% ofmarket

    Share ofglobal

    turnover(Location)

    Share ofAverage Daily

    Turnover*(Currency)

    Number ofBanks

    covering 75%of market

    Share ofglobal

    turnover(Location)

    Share ofAverage Daily

    Turnover*(Currency)

    United Kingdom 12 34.1% 14.9% 10 40.9% 11.8%

    United States 10 16.6% 85.6% 7 18.9% 87.0%

    Singapore 11 5.8% 1.2% 11 5.7% 1.4%

    Japan 9 6.0% 17.2% 9 5.6% 23.0%

    Hong Kong SAR 12 4.4% 2.7% 13 4.1% 1.4%

    Switzerland 3 6.1% 6.8% 3 3.2% 5.2%

    France* 4 3.0% 37.0% 4 2.8% 33.4%

    Australia 8 4.3% 6.6% 7 2.7% 8.6%

    Germany* 5 2.5% 37.0% 5 1.7% 33.4%

    : B , 2013

    * B ,

    200% 100%

    * E

    T FX ,

    OTC :

    1. S : T

    .

    2. F : A

    .

    3. C C S: A

    .

    S

    ,

    . B FX

    GFC

  • 8/10/2019 funding australia future.pdf

    49/71

    F A F

    P 48

    (F

    30).

    F 30 A F A (F $)

    : AA 2013

    I OTC , FX

    . T FX

    . T ,

    . I ,

    .

    I, OTC FX .77T

    A 75 FX

    (F 31). A FX

    A OTC

    . T A ,

    78,

    . T

    , .

    F 31 C A F ($ )

    : AA 2013

    A FX

    77I 2013, D B, UBS, C, B 50% FX .

    78E

    . B , ,

    . A ,

    .

    0

    10,000

    20,000

    30,000

    40,000

    50,000

    FY 0809 FY 0910 FY 1011 FY 1112 FY 1213

    NAUD F

    AUD F

    AUD S

    NAUD S

    NAUD S

    AUD S

    0

    10,000

    20,000

    30,000

    40,000

    50,000

    FY 0809 FY 0910 FY 1011 FY 1112 FY 1213

    W

    W

    W

  • 8/10/2019 funding australia future.pdf

    50/71

    F A F

    P 49

    L N Y. E S J

    FX (F 32).

    F 32 F F ($)

    : B , 2013

    T

    . F,

    FX UK US

    , FX

    .

    T FX

    . H, 1990

    . T

    , .

    A BIS 50 A FX

    .79

    T FX R D EBS. T

    ,

    (F 32.) T BIS 2013 A G FX

    FX 2013,

    .

    E

    OTC . O BIS

    , ,

    .

    79B I S (2013)

    ...

    500

    1,000

    1,500

    2,0002,500

    3,000

    0%

    20%

    40%

    60%

    80%100%

    120%

    A U

    K

    U S S J

    B

    W W

    W W

    T (RHS)

  • 8/10/2019 funding australia future.pdf

    51/71

    F A F

    P 50

    W , F 33 , FX , AUD/USD

    , 8 1997 4

    2013.

    F 33 AD/D F

    : AA, 2014

    I, FX, FX

    . I, , , . T

    ,

    .

    S

    2002 CLS B,

    .

    CLS

    . C, 50

    CLS. T A CLS. I

    , FX

    GFC.

    F OTC

    , ( ) A

    FX . W

    FX , , . T

    .

    C, FX , FX

    . T W B G20

    . T A G20 10%

    3 (F 34). P

    A ,

    US. H,

    A

    0.00%

    0.02%

    0.04%

    0.06%

    0.08%

    0.10%

    1997 1999 2001 2003 2005 2007 2009 2011 2013

  • 8/10/2019 funding australia future.pdf

    52/71

    F A F

    P 51

    . T , 2010 A

    29

    .80

    F 34 A : 20 (% )

    : B (2014),

    T , 60

    US UK. O 2007

    2013, AUD 25 ,

    AUD A . S

    . I

    A 75 FX .

    : E FX , R D EBS,

    FX

    ,

    . T , ,

    FX . E

    A MTOS,

    G20 .

    C : T FX

    50 FX CLS . T A CLS . T FX

    GFC , .

    80A G & N G , 2010

    0

    0.05

    0.1

    0.15

    0.2

    2011 (Q3) 2014 (Q1) G20 A 2014 (Q1)

  • 8/10/2019 funding australia future.pdf

    53/71

    F A F

    P 52

    4 A

    B

    . T

    .

    4.1 A B

    A , A A

    . W A , A

    . C,

    A

    80 A

    .81

    A

    , GFC. T

    A . (F 35)

    F 35 B A : 82

    : B , 2014

    I A $120 6

    . B J R (2009) H T (2010)

    A . T

    A

    A . F, A,

    A . R

    A ,

    , A . I

    81AFMA, 2014

    82T A,

    .

    0

    1

    2

    3

    4

    1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013

    A G J

    S U K U S

  • 8/10/2019 funding australia future.pdf

    54/71

    F A F

    P 53

    (H K S) ( US

    UK) .

    4.2 A F

    T A . A 2,

    ,

    .

    T APRA $229

    1995 $1 J 2013. A ,

    15 30 .83T

    A

    ,

    ,

    . T A . C, 1

    SM S . A

    , ,

    ,

    .84

    T A

    . T A

    1.8 1997 3.4 D 2013. W

    ,

    A (F 36).

    F 36 A

    : AB CA 5655.0

    83F APRA .

    84S M M (2013)

    0

    500

    1,000

    1,500

    2,000

    0.00%

    1.00%

    2.00%

    3.00%

    4.00%

    1997 1999 2001 2003 2005 2007 2009 2011 2013

    $

    B

    C ;

    F A % FUM

  • 8/10/2019 funding australia future.pdf

    55/71

    F A F

    P 54

    A 2008 R, 87

    A , A

    .85A 2013 A (MIT),

    A,

    A MIT A (T 7). B A

    S H K.

    7 A

    1 2010 31 D 2012

    A P 67.6% 66.1%

    E 12.8% 18.1%

    M E 5.6% 6.3%

    U K 10.6% 5.9%

    U S 3.0% 0.5%

    O R 0.3% 3.2%: C C (2013)

    W A

    , A

    S (80 ) H K (60 ). I ,

    A

    . T :

    A . A

    E UCITS ;

    MIT;

    (15 )

    MIT .

    T ,

    .

    B 3: E : F A

    I , 2013 2014, A

    $250 . T

    30 A, E, A P.

    F A ( 5%)

    .

    85R (2008)

  • 8/10/2019 funding australia future.pdf

    56/71

    F A F

    P 55

    T A

    . T

    . T A

    A.

    C DTA (D T A)

    A . A 46 DTA

    . T DTA

    :

    ( ) C .

    .

    T , A .

    D , A C DTA N

    DTA, .

    T A A DTA

    (C), DTA (H K M). DTA

    A .

    A ,

    A

    . I A

    A ,

    A

    A . T J R (2009)

    . I

    A R F P (ARFP)

    .

    T A

    ARFP .

    2012/13 2013/14

    % %

    T 47 45

    J 28 22

    M 10 7

    S 3 6

    C

  • 8/10/2019 funding australia future.pdf

    57/71

    F A F

    P 56

    5 C

    F

    A

    . T :

    1. T

    2. A

    3. T A

    4. C

    1.

    O

    FMI . T W B

    ,

    ,

    86.

    T

    ,

    . W

    ,

    , . C

    ,

    .

    A , A , ASX

    , . I

    ASX ,

    . W

    , ,

    FMI . W

    CX,

    , ASX

    , .

    T

    , RBA, ASIC, APRA, T. I 2012

    C F R (CFR) , ,

    CCP 2 , C

    P ,

    86ASIC (2013)

  • 8/10/2019 funding australia future.pdf

    58/71

    F A F

    P 57

    ASX. I ASX

    C P S .87

    T CCP ,

    CCP A 2014 CFR

    A CB C CC88. R

    C L, RBA F S

    , CCP, E S A RBA,

    , ,

    .

    I F S I, ASX

    A ,

    . W

    ,

    CX A, 73 E,

    A . T

    CCP, A

    .

    I ASX , 15

    ASX. A ,

    , ASX

    . G

    , ,

    A, .

    2.

    A

    ,

    A. T ,

    2006 IMF R,89 A

    , A

    . T ,

    A , A , A

    .

    87://...//. ://...//.

    88C F R (2014)

    89IMF (2006)

  • 8/10/2019 funding australia future.pdf

    59/71

    F A F

    P 58

    S

    , ,

    . T ,

    :

    A ;

    A ;

    90 A .

    O ,

    CHESS D I (CDI)

    A G B (AGB) M 2013. R

    ,

    . I

    . T

    C A ( C B ) B ,

    , , SMSF

    .

    T

    SMSF . I

    A. S

    ,

    , ,

    .

    A , ,

    . W C B

    , . F,

    . G 70 ASX 200

    . S,

    ,

    .

    N, ,

    .

  • 8/10/2019 funding australia future.pdf

    60/71

    F A F

    P 59

    3. A

    T FMI , ,

    ,

    FMI . T

    HFT , .

    F ,

    ,

    OTC .

    : A FMI

    . F , 3, ASX

    CHESS , DP M 3

    (DP3), .I, DP1,

    . DP1 DP3

    , ,

    .90 T DP 3

    . T

    . ASX

    A

    (T+3) (T+2). ASX T+2

    2006, E, T+2 O 2014.

    S

    , ,

    . P

    . F , ASX T+2

    J 2012 D 2013,

    2030 , $30$40

    . O

    ,

    10 . I 90 , . P,

    , ,

    , 10 20 . I

    90RBA (2008)

  • 8/10/2019 funding australia future.pdf

    61/71

    F A F

    P 60

    $60

    $120 91.

    H T+2 , , DP3 .

    W 24 ,

    CHESS, . I CHESS , SWIFT

    . P ASX CHESS

    T+2 .

    E : D

    OTC . E

    Y, EBS R ,

    . T

    A .

    I

    HFT

    , ,

    ,

    .

    I 2013 ASIC R 331 D

    C P 202. W R

    , HFT . I

    HFT 22

    50 US 35 UK. F, 4:1, 10:1,

    42 , .92

    A HFT. A

    HFT . I US HFT ,

    30:1 2012. I J 2012,

    , ASIC

    . P

    A 7:1, 4:1.

    ASIC

    ,

    , .

    T , M 2013,

    C S A IIROC,

    91ASX (2014)

    92ASIC (2013)

  • 8/10/2019 funding australia future.pdf

    62/71

    F A F

    P 61

    , 5,000

    .

    S CRC C M HFT

    .93

    4. C

    R GFC. T

    W

    W II D, W B, IMF GATT (G A

    T T), WTO (W T O).

    F AIG 2008,

    ,

    . A G20 P S 2009,

    G20 F S B (FSB),

    F S F,

    , .

    A I C

    S A (ICSA) . T P

    :

    .

    , ,

    .

    , .

    .

    , ,

    .

    A ,

    , G20 , , F S B,

    F 37.

    93S: CRC C M T I M P R D P, M 2014 CRC C M

    I M T A, M 2014.

  • 8/10/2019 funding australia future.pdf

    63/71

    F A F

    P 62

    F 37

    : AA, 2014

    S , , M

    . N

    , IOSCO (I O S C),

    BCSBS (B C B S), IAIS (I A I

    S), P

    .

    W A ,

    :

    R OTC

    R ASX ASIC;

    CCP ;

    RBA ;

    M OTC ;

    T ASX C P U G.

    T

    A, ,

    . T C

    F R (CFR),

    T, RBA, ASIC APRA,

    . T

    , ,

  • 8/10/2019 funding australia future.pdf

    64/71

    F A F

    P 63

    ASX. G ,

    CFR .94

    5. E

    T

    . O

    .

    B: S GFC . R

    , . T , ,

    . A

    , 80

    A .

    T A A

    , I A ,

    $120 6 . T

    A ,

    , . F,

    A, A .

    T ,

    J R (2009) H T R (2010) .

    F :A

    . T A

    . W W

    I ,

    A . E

    A,

    A 3.4 ,

    80 S 60 H K.

    F A ,

    . I , A ,

    . M

    A . T A R

    F P (AERFP), J R, ,

    94E (2014)

  • 8/10/2019 funding australia future.pdf

    65/71

    F A F

    P 64

    ,

    .

    T A R F P

    A .

  • 8/10/2019 funding australia future.pdf

    66/71

    F A F

    P 65

    A, M., C, H. & F, S. (2013). H A

    ?, C M C R C

    A, M., C, D. & F, (2013). E , CFS W P S 2013/15, C F S (CFS).

    A, M. (2014) O , P T P, A 2014.

    A S F A (2014). S F S

    I ://..//2014/04/ASFA.

    A C F S (2013). I V: F F.

    A F M A (2014). S F S I,

    ://..//2014/04/AFMA.

    A G, & N G (2010). T R F

    C. P P I F E M M, 2629 O,

    2010.

    A S E (2013). A S O S,

    ...///2012.

    A S I C (2013). R 392: M :

    CX A P L, M 2014

    A S I C (2013). ASIC 2013, D H

    F T, M 2013

    A S E (2014). S S C A: T

    T+2 C E, C P, 25 F 2014

    B I S (2013). T C B S

    2013 ..//13.

    B, G., H, R. & L, C. (2011). F O P, W

    D V. 39, N. 1, . 119, 2011

    B, M. L, C. (2012). P , A F

    E, 2012, 22, 597609

    B C (2007). T C I L F M I,

    C C L, A 2007

  • 8/10/2019 funding australia future.pdf

    67/71

    F A F

    P 66

    C, K (2013). R B M: S R G,

    A C F S, D 6 2013.

    CF, C. & P, T (2013). D ,

    ://../3/.?=2183392

    C, J (2013). E F R: W E.T. C' C H,

    ://../3/.?=2347556

    C F R (2012). C C A C E:

    C, C F R, D 2012

    C F R (2014). A R F CB

    C C C, C F R, M 2014

    C, D. & J, S.A (2008). G , D P 2008002, T

    U, T L E C.

    D, G (2014). C F A D, S F S I A, A, 20 M 2014

    D, I. & S, B (2001). A, T C, C E, C 7

    I , MIT P, L

    E, N (1996). T E N. I J I O

    14, . 6 (O 1996): 673699.

    E, A (2014) R A F S, F A F P,

    A C F S.

    F S C & T C (2013). A I M C

    F R ://..///2013/12/6712013FSC

    RFNLLR1.

    G, B (2009). F A, B G,

    C ASIC, C F W, A 2009 , 10 N 2009

    G, N. & Y, K (2009). O , R

    F S, 22(11), 47154752.

    G, J. & U, C (2013). T OTC 2013, B

    I S, 8 D 2013

    H, I. & S, H (2004). N E M I: E E,I R F A, 2004, . 13, 5, 601619

    I M F (2006). A: F S S A,

    R O S C : B S,

    I R, S R, P S, I M F,

    W, D.C.

  • 8/10/2019 funding australia future.pdf

    68/71

    F A F

    P 67

    I O S C (2013). T C E

    M S I R T: F R, A 2013

    K, C. & L, B (2004). I : T,

    , I R F A

    M, R (2014). S , R

    F S C.

    M, R. M, P (2013). T F S D F, F

    A F P, A C F S.

    M, R (2007). W S' Q P D S O L, I W, 20

    A 2007.

    ML, I.W (2013). W A P: T S S E G, P

    U P.

    M, D (2013). I A F I, F A F P,A C F S.

    OTC D R G (2014). R OTC D R G (ODRG)

    CB I I, M 2014

    O (2007). M ,

    , P E C DG I M S.

    O (2014). G , P

    ASX C P L ASX S P L, J 2014

    P (1989). T V A L, Q J E, M 1989

    P, E., R, K., W, S. & K, M. (2009). F : A , IMF S

    P, 56, 862.

    Q, D., & T, A. M. (2008). D ?, A

    . R F S, 21(3), 14031449.

    R (2008). A :

    , ISFA, J 2008.

    R B A (2008). R S P A E, M 2008

    R B A (2014). S F S I,...///201403//201403.

    S E C (2014). E M S L R P II: H

    F T, M 18, 2014.

    S, G (2012). R F M I R, D P

    M, F 10, 2012.

  • 8/10/2019 funding australia future.pdf

    69/71

    F A F

    P 68

    S, J (2014). T B: A L A M S B E?,

    P F R B A 2014 F M C: T

    F R S E, A, G, A 15, 2014

    V, R (2011). I Dfi D F C: A B E

    I?, DNB W P N. 324

  • 8/10/2019 funding australia future.pdf

    70/71

    F A F

    P 69

    A A C F

    T A C F S (ACFS)

    , .

    T C ,

    A A , , .

    T C M U, RMIT, F,

    A U U M, G U V

    U. ACFS , V

    G.

    ...

    ACF C C

    ACFS

    . C ,

    .

    T ACFS ,

    , ACFS

    .

    W ,

    . W ,

    .

  • 8/10/2019 funding australia future.pdf

    71/71