August 2024
- Opinion
- Governance
The ASX’s legal mess reveals deep-rooted problems in boardrooms
Court action against the ASX over its bungled CHESS replacement project reflects a worrying escalation in the box-ticking, compliance culture inside Australian boardrooms.
- Updated
- Tony Boyd
August 2023
- Opinion
- Chanticleer
ASX kills former CEO’s bonus share rights over CHESS disaster
The reverberations from the market operator’s failed attempt to replace its clearing and settlement system continue to play out.
- James Thomson
November 2022
- Opinion
- Chanticleer
Five searing lessons from ASX’s tech disaster
Boards of ASX-listed companies should examine the multiple governance and operational failures inside the ASX relating to the $250 million CHESS software project.
- Updated
- Tony Boyd
September 2022
- Opinion
- Chanticleer
RBA slaps ‘weak’ ASX governance
The Reserve Bank of Australia is not happy with the ASX and its management of clearing and settlement systems, and it wants action taken before the end of the year.
- Updated
- Tony Boyd
August 2022
- Opinion
- Chanticleer
Users pay for ASX’s fifth failure on CHESS
The fifth delay in the go-live date for the CHESS replacement to late 2024 is angering equity capital market participants forced to invest in software updates.
- Updated
- Tony Boyd
Fifth delay to CHESS project, but ASX sticks with the plan
The long-awaited CHESS replacement project has again been postponed, as new chief executive Helen Lofthouse looks to give more certainty on timing.
- Ayesha de Kretser
July 2022
- Opinion
- Chanticleer
ASX’s unusually high executive churn
In Dominic Stevens’ last significant act as the index boss, he accepted CFO Gillian Larkins’ resignation, leaving another problem for new CEO Helen Lofthouse.
- Tony Boyd
ASX CFO joins C-suite exodus in change of guard
Gillian Larkins will leave the market operator after less than four years, following the promotion of Helen Lofthouse to the chief executive role.
- Updated
- Ayesha de Kretser
June 2022
- Opinion
- Chanticleer
ASX is a serial risk offender
Four years after it was forced to overhaul its risk management, ASX again is in the midst of a comprehensive reworking of its risk management framework.
- Tony Boyd
- Exclusive
- Executive shake-up
ASX appoints first female CEO
The $16 billion market operator’s board chose an internal candidate, Helen Lofthouse, to replace Dominic Stevens as the new chief executive.
- Tony Boyd
March 2022
ASX rejects new concern on CHESS oversight amid delivery disaster
Market participants described ASX’s latest blockchain delay as annoying and frustrating, as they worried about rising costs and a lack of information.
- Updated
- James Eyers and Tony Boyd
- Exclusive
- Shares
ASX’s CHESS replacement to be delayed a fourth time
A further setback in its starting date will be a big blow to the world’s most high-profile, most costly and longest-running blockchain project.
- Tony Boyd
February 2022
It’s the right time to bow out, says ASX CEO Dominic Stevens
ASX CEO Dominic Stevens says the job of developing a new five-year plan sits best with his successor.
- Updated
- James Eyers
- Opinion
- Chanticleer
ASX CEO leaves $250m in unfinished business
Dominic Stevens is leaving the ASX after refusing to commit to another six years in the job. He is leaving amid doubts about the CHESS replacement project that is two years behind its original schedule and is costing five times the original budget.
- Tony Boyd
January 2022
- Opinion
- Chanticleer
ASX’s make-or-break tech project
The $250 million replacement of the ASX clearing and settlement system is due to complete the bulk of its testing this year before going live in April 2023.
- Tony Boyd
November 2021
- Opinion
- Chanticleer
ASIC hits ASX, brokers to pay
Sharemarket participants have finally discovered the true cost of ASX’s failure to keep the sharemarket functioning in November last year.
- Updated
- Tony Boyd
October 2021
- Opinion
- Chanticleer
Deutsche Boerse tick for ASX tech upgrade
Germany’s stock exchange operator has joined the growing list of organisations adopting the digital smart contracts software at the heart of the ASX’s $250 million upgrade of its clearing and settlement system.
- Updated
- Tony Boyd
September 2021
ASX boss says damning reports miss the bigger picture
Dominic Stevens says he will work with the RBA on ‘continuous improvements’ to governance, but critics are assessing the exchange on the wrong metrics.
- James Eyers
- Opinion
- Chanticleer
RBA puts ASX board on notice over clearing and settlement
As the de facto enforcer of corporate governance, the exchange ought to be a model of best practice, but a Reserve Bank report says it must lift its game.
- Tony Boyd
RBA orders ASX to fix clearing and settlement
Damian Roche, in his first AGM as ASX chairman, pledged to tackle governance issues as the RBA highlighted new concerns in a report released after the meeting.
- Updated
- James Eyers