The Australian sharemarket operator says the unprecedented outage of its settlement system on the Friday before Christmas was caused by a problem relating to the allocation of computer memory, exposing a risk lurking in the system’s code for a decade.
ASX chief executive Helen Lofthouse apologised to brokers on Thursday for the “highly irregular” incident. The exchange will provide a $1 million goodwill payment to stockbrokers who relied on the system known as CHESS.
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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
Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
