ASX will be hit with more intense regulatory supervision to ensure it invests enough in the existing stockmarket settlement and clearing system after its plan to rebuild it collapsed last month, ASIC chairman Joe Longo said.
Australia’s top corporate cop said ASX’s failure to upgrade the CHESS system had “significantly shaken” his confidence in the market operator’s ability to manage technology projects.
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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
