When reading “participant” think “broker” or “customer of ASX”, not alternative provider of ASX services.
so this bit, again i am no expert.
the actual product being bought and sold is a share in a company. that share is actually held by the register - that is computershare, link etc. you can buy or sell through the register and it will cost about $50 to $100 to do that. that is what a SRN trade is about. It is painful to do that and expensive.
what the ASX does is to provide an alternative to having to buy/sell those company shares at the register. it is providing an alternative way to the SRN system. they offer an alternative way to SRN buy/sell and called it HIN.
right now you can buy/sell SP1 shares at the register using SRN (Prolly cost u $80 odd to do that) but u have NO alternate marketplace to do that. that is a market MONOPOLY.
what i see as the real problem is that nobody else provides an alternative to that ASX marketplace. i do not know why that is, nor have a solution to that.