The FIX Trading Community has called for changes to UK financial regulation in response to consultations from the Financial Conduct Authority, focusing on post-trade transparency and transaction reporting requirements.

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Speaking at the Singapore FIX Trading Community conference, FIX Southeast Asia Multi-Asset Trading Conference 2025, Winnie Khattar, APAC Head of Market Development, BlackRock and Larry Tabb, Director: Market Structure Research, Bloomberg, LLP looked back over the year in US and APAC markets, and considered how markets might evolve in response to the many changes happening at once.

APAC markets experienced unprecedented volumes and index levels this year, with markets such as Korea and Japan reaching new highs. Japan noted all-time record turnover in October, average $50B a day in the equities market. Investors hunting liquidity were actively trading at the close of day, making use of liquidity aggregation in the closing auctions with lower price impact, making this mechanism more relevant than ever before.

Volatility too tested previous limits and is likely to remain high over the short term, as geopolitical news and US-driven macro sentiment continues to roil markets, said Ms Khattar. “The good news is that market turbulence has tested the resilience of platforms and systems across exchanges and the street,” she said.

ETFs continued to grow as a proportion of most APAC markets, with volumes up on both primary and secondary markets. On high volatility days, ETFs accounted for over 50% of total trading activity on tape in the US. In Asia, Japan-listed ETFs traded 2.6x average volume on secondary markets this year. We continue to see strong retail participation in APAC markets, with growing demand for innovative exposures such as global active and crypto based ETFs.

24/5 trading has been much talked about this year but remains a retail play for now. Lack of regulation and little interest from institutional investors is likely to see this remain the case for some time. “To ensure market integrity and investor confidence in extended trading hours, robust frameworks are essential – covering regulation, risk controls, transparent reporting, and liquidity mechanisms that uphold market quality,” Ms Khattar said.

Retail engagement in APAC is highly diverse, shaped by local market structures and regulatory frameworks. Ms Khattar pointed to Japan as having adopted a deliberate, long-term strategy to deepen retail participation in capital markets, prioritising investors over short-term trading. Through initiatives like NISA, a tax incentive scheme, the government has encouraged households to shift cash from savings into diversified investment solutions. “These programs are designed to deliver outcomes retail investors value – balanced exposure to regional and global market within well-structured funds – supporting wealth creation and financial resilience,” she said.

Balancing the retail market’s appetite for risk with the need to protect ‘mom and pop’ investors is a core theme in the US this year, as prediction markets have sprung up almost out of nowhere, said Mr Tabb. “Investing has always been separate to gambling, but this past year the wall has come tumbling down,” he said. “Prediction markets are bringing gambling to folks’ retirement accounts – do we really want to give the punter betting on football games 10x leverage on SPX? I don’t think that’s a good thing.” The panel agreed that while regulators in APAC are yet to tackle prediction markets, they are likely to take a relatively conservative approach.

Fixed income markets also matured this year with the electronification of India’s government bond market, and progress on enhanced transparency to be delivered through the consolidated tape in Europe. These developments will boost efficiency and scalability of markets, in turn improving liquidity and reducing impact costs. India’s move to digitise access to government bonds marks a transformative step, vastly improving access to India’s onshore bond market. Indian and Korean government bond inclusion into benchmark indices further supported volume growth, and this momentum will continue to build with further indexation of these markets.

Tokenised bonds, which have been issued by Thailand, the Philippines and Hong Kong, have attracted interest and proven the model can work, but secondary markets are still traded by voice due to lack of liquidity. “Our current financial markets are functioning on decades old infrastructure, with incremental upgrades over the years. Money transfer still takes a long time to get to where it needs to be due to legacy infrastructure, time zone, cut-off times, reconciliation processes and more,” Ms Khattar said. “Tokenisation can address many of these challenges by enabling instant delivery and payment when transacting tokenised bonds, funds, and stablecoins. This allows money and assets to move quickly and smoothly, improving operational efficiency and giving investors immediate access to their investments. However, achieving this outcome will require significant investment in infrastructure and technology.”

While tokenisation of bonds makes sense, wholesale tokenisation of capital markets workflows is unlikely to be coming any time soon, Mr Tabb said. “For equities for example we have market makers trading back and forth every microsecond – do you really want to be moving money back and forth as well? How do I go short? Do I really want to be moving cash all around the place intraday? The mechanics just don’t work right now,” he said. “Add to that the absolutely massive risk of moving several trillion of AUM into a new back office – if that goes wrong at one of the big asset managers it’s a black swan event. Is gaining a day or two in the trade cycle worth the risk?”

The use of tokenised funds for collateral was an opportunity that would likely be worth the investment for APAC specifically, said Ms Khattar. “Tokenised collateral solutions have the potential to transform capital markets in Asia by enabling near-instant settlement of USD cash and other assets,” she said. “Unlike the US and Europe, where USD cash collateral settles on a T+0 basis, APAC markets due to time zone difference have a one-day lag to settle USD cash on T+1, resulting in an extra day of exposure and funding costs. Tokenised collateral solutions can alleviate this one day of funding costs, significantly lowering cost of collateral for the industry.”

The move toward tokenisation in APAC is likely to be cautious, with each regulator and market taking individual approaches and balancing investor protection needs with market freedom and innovation. “I think we’ll see tokenisation occurring alongside tradfi for decades yet – building new systems off to the side and seeing how they go,” Mr Tabb said. “There won’t be a landmark shift where everything is tokenised.”

10 February, 2026 (London/Singapore): The FIX Trading Community, the industry association that manages the world’s trading language, the FIX Protocol, has proposed ten key recommendations for regulating AI in trading, in response to the Monetary Authority of Singapore’s (MAS) consultation, Consultation Paper on Guidelines on Artificial Intelligence Risk Management, which closed on January 31.

Executive Director Jim Kaye said the consultation was both valuable and timely, enabling FIX and its member firms to come together to address the complex issue of AI, with which all firms around the world are currently grappling.

“This was an immensely useful exercise in teasing out both overarching themes and technical challenges,” he said. “It’s allowed us to propose some practical measures that will be very helpful to firms as we, as an industry, meet the risks and opportunities that AI presents.”

Machine learning has been the backbone of algorithmic trading for decades, but the advent of large language models, and high-profile examples of their failings, have thrown AI into the spotlight. The interconnected nature of global markets means that one AI catastrophe could potentially have far-reaching consequences, and the speed at which the AI industry is moving means both regulators and participants are highly focused on this topic.

“This consultation allowed us to think about AI from all angles – from Board accountability (critical) to existing frameworks that could be used to help manage AI risks,” Kaye said. “The MAS proposals are an excellent start – we think that with some additional depth, they will be a good framework for firms to manage risk as AI adoption moves ahead.”

FIX’s recommendations include ten key points:

• Agreeing a globally recognised definition and taxonomy for what “AI” means in a trading context. Without this, and particularly if firms are left to define AI for themselves, there will be inconsistency between both firms and markets, and regulatory arbitrage. Standards and publications that can be referenced include Coalition for Content Provenance and Authenticity (C2PA) and ISO 24030.
• Making Boards accountable for AI governance effectiveness – not just AI governance existence.
• Anchoring AI regulatory guidelines to existing constructs for operational resilience and market integrity, such as MiFID RTS 6 which requires firms to both annually self-assess and validate their algo trading systems as well as to certify non-contribution to market disorder on every significant change; and the EU’s Digital Operational Resilience Act (DORA) ICT risk management frameworks.
• Specifically considering the way large language models (LLMs) are integrated into algorithms and calculators, including potential downstream workflow and decision-making impacts.
• Establishing cross-functional committees to ensure risk management across the organisation, and ensuring these committees also have oversight of third-party AI-related suppliers.
• Creating internal and regulator-facing disclosure patterns analogous to food labelling: what data was used, training approach, evaluation results, mitigations, limitations, intended use, and user-data protection.
• Supporting the creation and maintenance of AI inventories, the granularity of which will necessarily be well beyond typical algo inventories.
• Imposing the proposed risk dimensions of impact, complexity and reliance with the addition of a further two dimension: interconnectedness/contagion potential; and change sensitivity/nonlinearity – ie the butterfly effect, where small changes can lead to material differences in AI behaviour.
• Strengthening the proposed standards, processes and controls through the AI lifecycle. FIX Trading Community’s significant work on algorithm testing and certification could be referenced here.
• Revising the definition of “significant/material change” so that retraining, data refreshes, fine-tuning, prompt/policy-layer changes, and infrastructure/latency changes are each evaluated under a clear, risk-based materiality test, that may require re-approval and re-testing.

“There is no doubt that Silicon Valley’s ‘move fast and break things’ approach is at odds with the conservative approach that must be taken to protect the integrity of our global capital markets,” Kaye said. “When it comes to AI, it’s critical that the entire capital markets industry works together to ensure we protect our financial system as well as we possibly can.”

The FIX Trading Community is the only independent global community where capital markets firms come together to solve common issues and shape the evolution of capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC and ETFs, while country and regional committees work together to manage local regulation and market structure matters. To see what FIX can do for your firm, visit www.fixtrading.org.

For further information and interviews with Jim Kaye:

Kristin Westlake, The Continuum Partners | kwestlake@thecontinuumpartners.com | +61 416 219 358/+1 (604) 966 1410

London, [16^th December 2025] – The International Capital Market Association (ICMA) and the FIX Trading Community have jointly released a white paper examining the electronic distribution of bond market axes across Europe. The report highlights how FIX standards are being applied to improve consistency, reliability, and security in axe dissemination as markets transition to automated trading environments.

Axes – traditionally a bilateral dealer-to-client communication tool, are now increasingly shared electronically. The paper explores the operational challenges this shift creates, including data integrity, divergent interpretations of what constitutes a genuine axe, the rise of algorithmic axes, and the impact of smart RFQ routing on dealer behaviour.

A key concern raised by market participants is information leakage, with both buy-side and sell-side firms emphasizing the need for tighter controls to protect sensitive position data. The report suggests that clearer FIX data fields, standardised workflows, and robust connectivity can enhance market efficiency while safeguarding confidentiality.

While the paper does not prescribe best practices, it provides a foundation for industry dialogue on improving the integrity and usefulness of axe data in modern electronic trading. This initiative marks the first step in a joint ICMA-FIX workstream aimed at supporting more reliable and effective pre-trade transparency in fixed income markets.

Download the full white paper here

About FIX Trading Community

The Financial Information eXchange (FIX) Protocol is the industry standard for real-time electronic communication in global financial markets. The FIX Trading Community is a non-profit organization of market participants that collaboratively develops and promotes the FIX family of standards and related best practices across asset classes and the trade lifecycle, from pre-trade through post-trade.

For more information, please visit https://www.fixtrading.org/ and follow us on LinkedIn.

20 January, 2026 (London): The FIX Trading Community, the industry association that manages the world’s trading language, the FIX Protocol, has launched a working group to examine issues and opportunities around 24-hour trading of US equities.

Several alternative trading systems (ATS) have opened to offer overnight access to US markets. While overnight volume is currently low at around 0.1% of total US market volume, interest from both retail and institutional investors is growing, with overnight trading expected to reach 1-10% of total volume by 2028[1].

FIX Executive Director Jim Kaye said the FIX working group will explore the development of US equity trading outside regular hours; the role of broker-dealers and ATS, and what expanded access means for global investors.

“We’ve seen growing interest in 24-hour trading for some time, but we’re at a tipping point now,” he said. “Exchanges including NYSE, CBOE and NASDAQ, as well as the Securities Information Processors (SIPs – who provide the US consolidated tape) and the Depository Trust & Clearing Corporation (DTCC) have all recently announced plans to extend their hours to offer 24/5 trading, so this is the right time to rally the industry to ensure we’re ready for the next stage of overnight trading,” he said.

The group will look at solutions for the challenges that face 24-hour trading, which include lower liquidity and wider spreads overnight; how regulatory frameworks apply outside US trading hours; and how best to incorporate 24-hour capabilities within existing institutional workflows.

Firms interested in joining the working group can express their interest by contacting FIX at fix@fixtrading.org.

The FIX Trading Community is an independent global community where capital markets firms come together to solve common issues and shape the evolution of capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC and ETFs, while country and regional committees work together to manage local regulation and market structure matters.

For further information and interviews with Jim Kaye:

Kristin Westlake, The Continuum Partners | kwestlake@thecontinuumpartners.com | +61 416 219 358/+1 (604) 966 1410

[1] THE SHIFT TO 24X5 TRADING: What It Means for U.S. Equity Markets, DTCC and EY, December 2025

22 December, 2025 (London): The FIX Trading Community, the industry association that manages the world’s trading language, the FIX Protocol, is seeking industry feedback on its suggested changes to the way institutions perform securities lending.

FIX has published a gap analysis and recommended practices and is asking industry participants to provide their views by 31 January, 2026. The solution seeks to standardise trade execution workflows and introduce the benefits of the open-source FIX Protocol to a part of the capital markets ecosystem which has not leveraged the standard until now. Presently, the lack of open source protocol and standardised workflows result in the need for a custom tech builds and budgets with each new vendor, partner, or counterpart; and the lack of electronification impacts firms’ ability to analyse data.

The proposed recommended practices leverage existing FIX messaging for securities lending electronic trade execution. Utilising FIX is the best solution for the industry, as all firms already have in-house expertise supporting their equity and fixed income execution platforms.

FIX Executive Director Jim Kaye said the adoption of FIX will improve market quality, enable firms to transact at scale, enhance liquidity through broader participation, and reduce barriers to entry for new innovative solutions. “There is no reason securities lending should not be as efficient as other parts of the market, improving market resiliency, innovation, and efficiency,” he said. “We hope these new practices, once reviewed and confirmed by the industry, will underpin this transformation.”

Rachel Andreassian, Head of Product and Market Structure at Provable Markets and co-chair of the FIX securities lending working group added, “As a service provider to some of the top Securities Finance institutions, I’m excited to be part of the team that is introducing FIX to a market that can greatly benefit from a common language. By lowering the complexity and costs that typically come with integrating and automating, participants can feel more confident in adding new solutions and providers, allowing them to grow their businesses.”

Feedback can be provided by email at fix@fixtrading.org.

The FIX Trading Community is an independent global community where capital markets firms come together to solve common issues and shape the evolution of capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC and ETFs, while country and regional committees work together to manage local regulation and market structure matters.

For further information and interviews with Jim Kaye:

Kristin Westlake, The Continuum Partners | kwestlake@thecontinuumpartners.com | +61 416 219 358/+1 (604) 966 1410

1 December 2025 – FIX Trading Community, together with the Investment Association (IA) and the Association for Financial Markets in Europe (AFME), have today announced a crossindustry taskforce to create electronic communication standards and promote industry-wide solutions to make equity capital raising – such as IPOs and secondary share placements –more efficient, transparent and digital.

The new Equity Issuance Working Group (EIWG) will consider how best to use the Financial Information eXchange (FIX) protocol, the de facto messaging standard for pre-trade and trade communication in the global equity markets, to support fully digitalised workflows, including for bookbuilding and allocation during the placing process.

This initiative will support the UK government’s wider objective of modernising the country’s capital markets to support growth and to ensure it remains a world class environment in which to invest and do business.

The creation of the group builds on previous industry collaboration and follows the IA’s position paper published last November, which called for modernising the largely manual IPO and secondary placing process to reduce errors and improve efficiency.

The EIWG will be co-chaired by Daniel Riches, Head of Equity Dealing at M&G Investments, and a sell-side co-chair still to be appointed.

In parallel, the IA and AFME will work to establish best practice for publishing unique identifiers before IPOs and secondary placements to further streamline the process.

Galina Dimitrova, Director, Investments & Capital Markets at the IA, said: “Strong capital markets are the bedrock of the UK’s financial services sector, and vital to the health of the wider domestic business environment. We are therefore delighted to support FIX in establishing this working group. As IPOs and secondary market placements remain among the few areas within the capital market that are still reliant on manual processing, we look forward to collaborating across the industry to achieve full electronification.”

Jim Kaye, Executive Director at FIX Trading Community, said: “FIX is a natural mechanism for bringing efficiency to equity capital raising. FIX was the birthplace of electronification over 30 years ago – we have seen sector after sector realise the benefits of automation, and we look forward to bringing these benefits to the IPO and secondary market space.”

Dan Riches, Head of Equity Dealing at M&G Investments, said: “I’m privileged to co-chair this important cross-industry exercise to bring greater efficiency, scalable solutions and reduced operational risk to equities primary capital markets. By applying FIX standards – particularly for bookbuilding and allocation for IPOs and secondary placements – we can create clearer, more efficient digital processes, making for a more transparent experience for issuers, investors and intermediaries. This effort aligns with the UK’s wider ambition to modernise capital markets and support growth – I look forward to working through the new Equity Issuance Working Group to help make that ambition a reality.”

About the Investment Association (IA):

• The IA champions UK investment management, supporting British savers, investors and businesses. Our 250 members manage £10.0 trillion of assets.
• Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow.
  And better for the economy, so everyone prospers.
• Our purpose is to ensure investment managers are in the best possible position
  to:
  • Build people’s resilience to financial adversity
  • Help people achieve their financial aspirations
  • Enable people to maintain a decent standard of living as they grow older
  • Contribute to economic growth through the efficient allocation of capital.
• The money our members manage is in a wide variety of investment vehicles
  including authorised investment funds, pension funds and stocks and shares
  ISAs.
• The UK is the second largest investment management centre in the world after the US, and manages £5.1 trillion in overseas client AUM.

About FIX Trading Community:
The FIX Trading Community is the only independent global community where capital markets firms come together to solve common issues and shape the evolution of
capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC
and ETFs, while country and regional committees work together to manage local regulation and market structure matters.

FIX Trading Community calls for sweeping changes to ETF market

The capital markets industry association is calling for participants for a new ETF Working Group which aims to standardise trading practices for ETFs

25 November, 2025 (London): The FIX Trading Community, the industry association that manages the world’s trading language, is inviting ETF market participants to join a new Working Group to drive automation, standardisation and transparency.

FIX Executive Director Jim Kaye said while the USD $18.8 Trillion ETF market had undergone explosive growth, systemic issues are hampering further growth and development. A core issue is the lack of standard interfaces and workflows between ETF issuers, custodians, administrators and Authorised Participants (APs) who create and redeem ETF shares.

“Authorised Participants are telling us that they’re now turning business away, because having to manage multiple, manual system integrations and workflows creates significant levels of risk and cost,” he said. “Lack of automation in primary markets is also increasing spreads, particularly during volatile periods, and negatively impacting secondary markets.”

The new Working Group will focus on four key areas:

1. Developing industry-wide standards for ETF creation and redemption workflows. This will reduce operational risks, improve efficiency, and have positive impacts on ETF liquidity.
2. Defining common communication standards around metadata and reference data to support automation and interoperability.
3. Designing standard ways to transmit basic static data and reference data, as well as reject messages and NAV information, via FIX fields.
4. Addressing post-trade challenges such as fragmented settlement locations, and the implications of T+1 settlement for cross-border ETFs.

Bo Bjurgert, COO of ETPLink, the next generation Exchange Traded Product (ETP) primary market order management platform, said FIX is the natural solution for long-term standardisation. “Everyone uses FIX already, and the Protocol can be updated easily and flexibly to solve these problems,” he said. “Both issuers and APs recognise the need to have the entire chain from creation and redemption to trading and settlement automated via FIX.”

Firms interested in joining the working group can contact FIX via www.fixtrading.org.

The FIX Trading Community is the only independent global community where capital markets firms come together to solve common issues and shape the evolution of capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC and ETFs, while country and regional committees work together to manage local regulation and market structure matters.

For further information and interviews with Jim Kaye: Kristin Westlake, The Continuum Partners | kwestlake@thecontinuumpartners.com | +61 416 219 358/+1 (604) 966 1410

FIX Trading Community proposes to make EU markets bigger, better  

  The capital markets industry association has called for new trading practices and FIX Protocol extensions to improve transparency and accessibility of European markets  

  4 November, 2025 (London): The FIX Trading Community, the industry association that manages the world’s trading language, has published a whitepaper, FIXing Europe – How the European Consolidated Tape can radically improve the image of European capital markets, detailing how its proposed changes to trading practices and the FIX Protocol could increase both the size and attractiveness of the market.  

  FIX Executive Director Jim Kaye said the proposals encapsulate long-term work by the Global Technical Committee and ECT Working Groups. “FIX has been working for years with participants from all segments of the market on the issues that face European markets,” he said. “The introduction of the ECT is the perfect moment to fix a number of major issues once and for all and allow the EU market to show off its full potential for the first time.”  

  These issues are outlined in the whitepaper, which says the market is undervalued by investors due to the way its volume and liquidity is assessed. Fixing this legacy problem, which has dragged on the market for more than two decades, would dramatically improve outcomes for market participants right down the investment chain.   

  “Today, investors assessing the European market will completely discount up to one-third of volume because of the way trades are reported,” said FIX Executive Director Jim Kaye. “For example, activity taking place off-venue, for example in systematic internalisers, is discounted, whereas in the US is it counted and accounts for almost half of the entire market.”  

  FIX is proposing a suite of practical, targeted reforms to close gaps, improve data quality, and boost European market appeal. The proposals are backed by international precedent and technical feasibility and designed to be cost-effective for firms to implement. They include suppressing reporting of non-price forming trades relating to clearing and settlement; flagging trades executed in closing auctions; identifying execution methods for individual trades; and clarifying reporting obligations to remove ambiguity and overlaps.  

 The FIX Trading Community is the only independent global community where capital markets firms come together to solve common issues and shape the evolution of capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC and ETFs, while country and regional committees work together to manage local regulation and market structure matters.   

For further information and interviews with Jim Kaye:  

Kristin Westlake, The Continuum Partners | kwestlake@thecontinuumpartners.com | +61 416 219 358/+1 (604) 966 1410  

14 October, 2025 (London): The FIX Trading Community, the industry association that manages the world’s trading language, the FIX Protocol, has committed to working with the global bond trading community and the International Capital Market Association (ICMA) to improve the efficiency and quality of bond trading.

The joint effort, spearheaded by the FIX Fixed Income Axe Standards Working Group, will address a specific ongoing issue for global buyside firms around ‘axes’ – a traders’ indication of interest in buying or selling a security.

The growing prevalence of electronic trading in fixed income platforms has heightened demand for axes, however this had also led to a reduction in quality. As a result, axes have become less effective for price discovery and more difficult to trade, according to some buyside traders. Solving this issue would better support best execution.

FIX Executive Director Jim Kaye said both buy- and sell sides had experienced frustrations with axes, which are an important part of bond trading, in an increasingly electronic world.

“This is not a new issue but it’s one that has irritated both sides for years,” he said. “FIX is ideally placed as a neutral, independent space for all members of the bond trading community to come together to sort this out and improve the bond trading experience for everyone.”

FIX EMEA co-chair Matthew Coupe from Susquehanna said that for the sell side, dealer selection protocols have meant RFQs are routed toward dealers who show axes, applying pressure for firms to show them to ensure they are included in RFQ selection. This has led to a reduction in quality.

“Sell side firms are well aware of these issues and are putting a lot of effort into making axes more accurate,” Mr Coupe said. “What we are looking for are higher-level strategic solutions that work for both sides, raise the quality of axes and allow buyside firms to use them when selecting their trading counterparties.

“The working group has identified two key deliverables. The first is to identify different types of liquidity and liquidity provider interest through FIX data standards,” he said. “For example, having a flag in an axe to identify ‘real’ positions would allow for better client and broker selection. Another deliverable that the group has agreed to look at is the creation of a standard report that can be delivered by platforms and trading venues of metrics that can be used to identify poor axe quality”.

FIX and ICMA will publish a joint discussion paper in the coming months. Firms interested in this issue are invited to contact FIX and potentially participate in the FIX Fixed Income Axe Standards Working Group by visiting www.fixtrading.org. ICMA members can also engage through its Electronic Trading Working Group

The FIX Trading Community is an independent global community where capital markets firms come together to solve common issues and shape the evolution of capital markets. FIX groups in over 60 countries are working on a range of global issues including digital assets; reference data; carbon trading; AI; algo trading; FICC and ETFs, while country and regional committees work together to manage local regulation and market structure matters.

For further information and interviews with Jim Kaye:

Kristin Westlake, The Continuum Partners | kwestlake@thecontinuumpartners.com | +61 416 219 358/+1 (604) 966 1410