|
|
        |
|
   |
|
|
|
 WORLD FIRST: VICTORIAN TAXI LICENCE TRADING MARKET 28 Mar 2006 Improvements to the way Victorian metropolitan taxi licences are transferred or assigned took effect from today with the opening of the world’s first market for taxi licence trading. Transport Minister Peter Batchelor said Victorian metropolitan taxi licences would now be traded on the BSX Taxi Market operated by BSX Services, a member of the Bendigo Stock Exchange Group. “Having a formal and independent market for metropolitan taxi licences will help bring greater transparency to the way they are transferred or assigned and also provide greater certainty for buyers,” he said. Mr Batchelor said metropolitan taxi licences were previously transferred or assigned through informal arrangements that left buyers exposed and led to allegations of brokers exerting pressure on buyers to agree to transfers or assignments of metropolitan taxi licences at excessive prices and on unfavourable terms. “The BSX licensing of taxi brokers will help ensure high standards of professional conduct to protect buyers - some of whom are from non-English speaking backgrounds or have limited business experience,” Mr Batchelor said. “New regulations will help ensure fairer trading of metropolitan taxi licences, improved market information for both parties and better use of metropolitan taxi licences with a quicker matching of buyers and sellers.” Mr Batchelor said the BSX would post assignment rates and transfer prices on a public register and set business rules for brokers who must trade in accordance with those rules. “By visiting the BSX Taxi Market website, interested parties will be able to search the market for a metropolitan taxi licence or a seller or buyer and contact their broker who will place their order,” Mr Batchelor said. “All transfers and assignments will be published on the website as well as a complete profile of supply and demand, price expectation and transaction history or outcome to help parties make informed investment decisions.” Mr Batchelor said that the new brokerage arrangements would benefit Victoria’s taxi industry. “The new arrangements will remove many of the undesirable practices of the past, which have caused operators and unsuspecting newcomers into the industry to suffer financial and personal trauma,” Mr Batchelor said. “The new system through its expected impact on assignment fees and transfer values will also help make the taxi industry more competitive and sustainable. “Use of the BSX Taxi Market will also help improve the standing of the taxi industry in the eyes of the public.” |
|
|
