It’s not the best of times.

It’s not the worst of times.

But it is the time that Australia and the United States signed an agreement, permitting a mutual recognition of each other’s financial instruments.

Right now, that might strike fear into many Australian hearts.

But the Federal Superannuation and Corporate Law minister, Nick Sherry, who signed the deal for Australia, says there is no cause for alarm.

“The agreement will provide greater access to the US market for Australian investors,” he said.

At the same time, though, it would maintain strong investor protection and ensure market security, Senator Sherry added.

“This will mean retail investors in Australia will be able to enjoy access to the US market, directly through Australian brokers,” he said.

“The word ‘enjoy’ might seem a little strong to some players, in view of the state of the US market.

But Senator Sherry is using it confidently.

Even to the point of using it again

He also said Australian investors who did this would ‘enjoy’ Australian regulatory protection.

He described the agreement as one of the most critical steps the government could take to build Australia as a financial services hub.

The decision was broadly welcomed by Australian financiers.