Chanticleer
ASIC hits ASX, brokers to pay
Sharemarket participants have finally discovered the true cost of ASX’s failure to keep the sharemarket functioning in November last year.
The first significant regulatory action by Joe Longo, the relatively new chairman of the Australian Securities and Investments Commission, shows the right mix of toughness and commercial pragmatism.
The licence conditions imposed on the market operator, ASX, following ASIC’s investigation into last year’s week-long disruption to sharemarket trading should make the ASX board and management personally accountable for their actions.
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