The Reserve Bank of Australia has put ASX on notice that it expects the dominant securities market operator to fix failures in the governance of its clearing and settlement operations as a “high priority”.
The ultimatum came after ASX chairman Damian Roche had defended the company’s response to last November’s outage – which affected trading in listed securities and reignited debate about ASX’s grip on trading – at the annual meeting.
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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
