The corporate regulator has lost patience with the executives and board of the ASX and their efforts to improve the risk management, governance and culture of the troubled sharemarket operator, and launched a full-scale inquiry into its failings.
The Australian Securities and Investments Commission said it would appoint an expert panel to determine if the ASX was fit to operate the country’s financial markets and the critical infrastructure that underpins Australia’s $4.2 trillion superannuation savings system.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
