Terrain Slithers Around Asx Net

The Australian Stock Exchange's power over stockbrokers has been called into question by the voluntary administrator responsible for the wind-up of Melbourne firm Terrain Securities. In his report to creditors last week, Andrew McLellan of Prentice Parberry Barilla explained the structure of Terrain Australia's two stockbroking subsidiaries, Terrain Securities and Terrain Services, and concluded that there was some evidence the companies had been trading while insolvent since February 21.