Interoperability is coming to the property settlement domain and PEXA’s deliberate attempts to entrench its monopoly won’t wash.
Mark Joiner, the PEXA chair, at the AGM on Friday said:
“On the regulatory side, as many of you will know, ARNECC has now paused efforts to bring about interoperability, including standing down their project team.
“PEXA has suggested an alternate model that will increase market competition without the cost, complexity and risks that the original proposal embodied.
“This would include the separation of the core exchange from our other activities, allowing regulators to focus their attention there, and allowing others to on-sell its capabilities.”
Sympli, a challenger to PEXA, said in retort:
• Experts and government have determined that the best model that brings the greatest benefits of competition is interoperability.
• This is just another blatant attempt by PEXA to remain at the epicentre of everything. We have heard this before – this is not true competition and would leave us beholden to a monopoly forever and be a significant single point of failure risk.
• PEXA want to build a moat around their exchange – Government including the NSW Productivity Commission have repeatedly rejected such a model.