The corporate regulator has released Consultation Paper 302, which sets out to consolidate ASIC's two market integrity capital rulebooks into a single capital rulebook.
ASIC proposes that market participants in futures markets be required to "comply with a risk-based capital regime instead of a net tangible asset requirement, and must hold core capital of at least $1,000,000 at all times".
In addition, the regulator proposes to increase the minimum core capital requirement for securities market participants from $100,000 to $500,000.
Securities market participants have been required to hold a minimum of $100,000 for more than 17 years, according to the regulator.
ASIC also pledged to remove redundant rules and forms, and "more closely align the capital requirements with the financial requirements of the AFSL regime".
"These proposals follow ASIC's review of the adequacy of its capital regime. The review identified elements of the capital requirements that were outdated and not able to adequately address the risks of operating a market participant business today," said the regulator.
Submissions on the consultation paper are due by 15 August 2018.
