The Australian dollar (sign: $; code: AUD) is the currency of Australia. The exchange mechanism is based on the floating exchange rate. The Reserve Bank of Australia commenced its operations as Australia’s central bank on 14 January 1960.
 

The banking system in Australia is highly developed with major Australian and international banks having their presence throughout the country.
 
There are number of capital raising mechanisms through the utilisation of various capital markets, which are as follows:
 

a) equity markets;
b) various hybrid security markets; and
c) futures markets.
 

Australian Stock Exchange Limited (“ASX”) is the primary equity market, which has a public database of over 2,000 companies. ASX is also a designated member of the worldwide stock exchanges.
 

The ASIC enforces and regulates laws relating to company and financial services to protect consumers, investors and creditors. It is an independent government body and has been regulating the financial markets, securities, futures and corporations since January 1991.
 

The Domestic capital market comprises of the financial markets that facilitates the issue and trading of debt and equity securities issued by resident Australian companies. There are two formal futures markets, the Australian Stock Exchange Derivatives and Sydney Futures Exchange Limited which trade in currency, interest rate contracts and options.

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