Stockbroking has a long history — it has been in existence since the coffee houses of London and Amsterdam in the 1600s.
In Australia, stock exchanges were formed in the 1850s and until the demutualisation of the Australian Stock Exchange (now the Australian Securities Exchange, or ASX) in 1998, they were structured as mutual organisations of stockbrokers.
Since the 19th century stockbrokers have had to be of good fame and character and act with the highest business integrity. They have been subject to education requirements since the 1960s and have had a fiduciary duty confirmed since the 1980s.
Stockbrokers operate under a more rigorous regulatory framework than other financial advisers, being subject to the Market Integrity Rules as well as the Corporations Act and other relevant legislation.
The Association was formed in 1999 as the Securities & Derivatives Industry Association (SDIA), then became the Stockbrokers Association of Australia (SAA), and in November 2016 became the Stockbrokers and Financial Advisers Association (SAFAA). In March 2022, it became the Stockbrokers and Investment Advisers Association (SIAA).
Since 1999, SIAA and its predecessors have played a pivotal role in shaping the ethical and efficient development of listed equity, debt and derivatives markets in Australia.
Specifically, the Association has:
- trained more than 10,000 investment professionals
- convened hundreds of workshops and committee meetings to discuss industry issues
- submitted dozens of thoroughly researched policy papers to government and regulators – papers that have significantly influenced policy settings