23 Oct 2014
Australian investors getting slugged with high fees, banks claim

…The investment banks are among ten of Australia’s largest users of equity clearing services who commissioned their own report on clearing costs from Market Structure Partners (MSP) following the June release of an ASX-commissioned report.

The MSP report found clearing and settlement costs of equities in Australia are higher on average when benchmarked across other global markets. Clearing and settlement are risk management procedures where buyers and sellers deal with a third-party agency to ensure that trades are transacted and settled correctly…