Phenix wins 'big picture' role at ASX
Outgoing Hong Kong Stock Exchange executive director Paul Phenix will take a high-profile strategic role at the Australian Stock Exchange (ASX), becoming a central figure in its push to bring its regime into line with other markets.
Robert Nottle, the ASX's deputy managing director and a former chairman of Hong Kong's Securities and Futures Commission, revealed details of Mr Phenix's new job yesterday.
His central role will be to take charge of its drive to bring Australia's accounting standards into line with international standards, to end a situation where companies have to comply with different national and international requirements.
The ASX already has spent tens of millions of dollars on the issue because of what it sees as an advantage possessed by other markets - such as Hong Kong - in the area. Apart from the disadvantage to Australian companies, the dual standards are believed to be causing a loss of business for the ASX.
The move represents a return by Mr Phenix to his accountancy roots after he spent nine years in charge of the Hong Kong exchange's compliance division.
He was the leading figure in the move for Hong Kong to adopt an international accounting regime and wrote international standards into its listing rules.
It is understood Mr Phenix will report directly to Mr Nottle, working out of the ASX's Melbourne office.
Mr Nottle said Mr Phenix would not be as involved in 'nitty-gritty' day-to-day compliance work as he had been in Hong Kong, but rather in 'big picture' aspects, ensuring the ASX was internationally competitive in areas such as its accounting regime.
Mr Phenix's resignation from the Hong Kong exchange last week ended market speculation about his future.