The Board of AXE ECN today appointed Susan Bray as Acting CEO following the resignation of Greg Yanco.
AXE Chair, Mark Weldon, said: "AXE is now at a stage where it is ready to begin business as a market operator. Greg has done an excellent job in getting this business to a position where a licence is imminent and customers are connected and ready to go.
"Susan Bray has been our Head of Regulatory and Market Policy for the past two years and has been responsible for developing AXE’s regulatory and supervision model, the integrity of which is essential to our application to the Federal Government for a market licence.
"Her background and experience in senior regulatory and supervisory roles at ASX, including as head of Regulatory Policy at ASX, equips her very well to steer the organisation, particularly through this final stage prior to a decision on our licence."
Ms Bray said: "I have worked with AXE for the past two years and am delighted to be in this role when we see a new era of competition in the Australian capital markets. The entry of AXE will bring greater liquidity, reduce costs and enhance the status of Australia as a financial services hub.
"AXE will continue to work with government and regulators to further develop our market supervision capabilities so the government can confidently allow AXE to operate under a framework which promotes the highest levels of market integrity."
All the AXE shareholders remain fully committed to AXE's success as it prepares to go live. The AXE technology and operational systems are primed and ready to go, under the management of the current AXE team.
AXE ECN is a high-speed, low-cost platform that separates listing from trading functions. ECNs are already delivering improved pricing, technology and innovation in all leading global markets.
AXE ECN is a joint venture between NZX, Citi, CommSec, Goldman Sachs JBWere, Macquarie Securities and Merrill Lynch.
Susan Bray’s CV can be downloaded here.