The corporate regulator and the Reserve Bank should have been more alert to the risk that ASX might bungle the upgrade of its settlements system and should conduct more thorough audits to avoid a repeat of the botched CHESS replacement project.
These are central findings of a parliamentary inquiry into the long-delayed and over-budget rollout of the critical systems that manage post-trade services in the equity market.
Loading...
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
