ASX is facing a perfect storm. What’s it going to take to fix things?
The operator of the nation’s market infrastructure finds itself in a farcical and unacceptable position. Hopefully, it can heed the messages being blasted through.
The situation that the David Clarke-led ASX board finds itself in is nothing short of a perfect storm. And while it’s navigating the swell, it must give serious consideration to whether chief executive Helen Lofthouse is the person to spearhead the required change.
At the very least, the ASX’s refresh of its board and accountability for the bungled clearing and settlement technology upgrade needs to continue apace. Pay consequences - such as zero bonuses for those responsible for the compliance failings and operational missteps - are warranted.
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Joyce Moullakis writes on banking and finance, specialising in investment banking, private equity, and financial services. Connect with Joyce on Twitter. Email Joyce at joyce.moullakis@nine.com.au
