The Victorian government is committed to increasing water market transparency. Part of this will maintain a current listing of the names of water brokers that meet government standards required for using Victoria’s online Broker Portal.

The Victorian Water Register offers an automated allocation trade approval process for water brokers through the Broker Portal for water brokers. To access the Broker Portal, water brokers have committed to the Victorian Water Register Interface Access Agreement and Victorian Water Register Interface Common Rules.

In signing the Victorian Water Register Interface Access Agreement, the water broker agrees that they:

• Have clear obligations to obtain correct customer authorisation, and properly notify customers of trade outcomes in a timely manner at all times;
• Are responsible for maintaining the security and confidentiality of customer data relating to any trades submitted;
• Retain records relating to the applications they submit and provide these records to the Department of Environment. Land, Water and Planning (DELWP) on request, including for the purpose of auditing compliance with the Agreement; and
• Must maintain professional indemnity insurance of not less than $5 million that specifically includes the conducting of a water broking business, or similar water market activity.

Access to the Broker Portal is recognised by water brokers as fundamental to being able to provide an efficient, effective and low cost service for their clients. DELWP conducts an annual audit of water brokers who access the Broker Portal. The audit ensures that water brokers maintain professional indemnity insurance and that appropriate controls are in place in conducting and completing allocation trades when using the Broker Portal.

Following the completion of the annual audit, water brokers are informed of the outcome of the audit. Based on how consistent the water broker’s systems and procedures are with the Victorian Water Register Interface Access Agreement, they will be notified that there are no outstanding issues, areas requiring improvement or in instances where deemed appropriate their access maybe suspended for a period of time.

The annual audit of water brokers assists these brokers to demonstrate the quality of their systems and procedures and assists them in identifying areas to further improve. It also provides those who use their services confidence that they have appropriate indemnity insurance in place.

The water brokers who currently access the Broker Portal as at 13 May 2020 are listed below:

* Wex Water Pty Ltd completes all broker portal transactions for Ruralco Water Brokers and a number of other partner water brokers.