APX has a multi-faceted structure with participation by all levels of the financial services industry from corporate advisors and research houses to full service brokers. To ensure these participants all provide their maximum value to the exchange and that the market remains fair to all users APX has a set of business rules. These lay the ground rules, entry requirements and compliance procedures that need to be maintained by the participants to the exchange.
If a new participant wishes to be admitted to the exchange or circumstance arises where it is believed that one of APX’s registered participants is in serious breach of a clause in the APX business rules then the APX Market Surveillance Department is required to delegate the matter to the APX Adjudicatory Tribunal for review.
APX staff will carry out investigations into breaches of the Rules and new participant applications in accordance with APX’s written procedures and the Rules, and prepare a report to the Tribunal describing the investigations carried out, making a recommendation to the Tribunal. It is then up to this independent tribunal to determine whether APX staff have followed due process in carrying out the investigation and if so the Tribunal will accept the recommendation of APX staff in relation to the enforcement action or application.