NewsBite

Helen Lofthouse

December 2024

The ASX has been battling repeated outages at its crucial clearing and settlements platform, known as CHESS.

ASX scrambles to fix CHESS settlements outage as traders fume

At lunchtime on Friday as many stockbrokers went to end-of-year lunches, the market operator said its batch payments had failed, threatening a cash flow crunch.

  • James Eyers

October 2024

While the ASX’s second-run at the CHESS replacement was far less risky than the first effort, ASIC had still “in the short term requested weekly updates” from the company.

ASX risks falling behind on CHESS remake

The new system underpinning clearing and settlement was set for testing in February 2025, but ASIC monitoring casts doubt on that target.

  • Lucas Baird
New ASX chairman David Clarke, left, with Wayne Byres, who was also elected to the ASX board on Monday morning.

ASX hit with ‘first strike’ at AGM over regulatory concerns

David Clarke and Wayne Byres were elected to the ASX board with strong support, but it faced a backlash on executive bonuses as the CHESS fallout continues.

  • James Eyers

September 2024

ASX chief executive Helen Lofthouse has been battling delays and cost overruns at the sharemarket operator’s technology upgrade program.

RBA issues scathing assessment of ASX’s derivatives upgrade

In a lengthy review, the central bank has said the sharemarket operator was too slow in disclosing problems and suggests it was keeping regulators in the dark.

  • James Eyers

August 2024

ASX chief executive Helen Lofthouse.

ASX profits drift as regulatory expenses bite

The market operator’s CEO, Helen Lofthouse, accepted the “serious” nature of ASIC’s case but said the exchange was trying to look forward.

  • Updated
  • James Eyers
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April 2024

ASX chief executive Helen Lofthouse says the modular design of the new CHESS clearing and settlement system will benefit competitors.

How Australia is losing the equity market war

Australia’s equity capital markets are slipping behind global competitors on market value, shares traded and foreign listings. That trend is unlikely to change while the ASX is fixing its monopoly clearing and settlement system.

  • Tony Boyd
ASX chief executive Helen Lofthouse at a parliamentary inquiry last year.

Inquiry puts blame on regulator, RBA for ASX failure

ASIC and the Reserve Bank should conduct more thorough audits to avoid a repeat of the bungled CHESS replacement project.

  • James Eyers

March 2024

ASIC chairman Joe Longo told the AFR its latest ASX action “is really quite significant from my perspective because it really demonstrates that we are taking very seriously the need for ASX to comply with all the rules.”

‘No time for complacency’: ASIC chairman keeps heat on ASX

After hitting ASX with a fine for information transparency failings, Joe Longo says oversight is being jacked up across the board.

  • James Eyers

February 2024

ASX CEO Helen Lofthouse.

ASX on back foot after costs blowout due to technology, regulation

ASX cut its interim dividend and said expense growth was unsustainable after the CHESS debacle created unprecedented regulatory demands.

  • James Eyers
ASX CEO Helen Lofthouse is laying off staff ahead of next Friday’s earnings call.

‘New era’ ASX starts with redundancies as CEO swings axe

Technology staff are the most affected by redundancies before ASX’s half-yearly earnings due on Friday, as it looks to reorganise after its CHESS disaster.

  • Paul Smith

December 2023

Vivekanand Ramgopal.

Tata Indian boss says he’s ready to take ASX pressure on CHESS

Vivek Ramgopal says Tata will keep the ASX on track as it attempts to rebuild the market’s post-trade system for a second time and responds to criticisms.

  • James Eyers

November 2023

ASX chief executive Helen Lofthouse is pleased to be moving on with the CHESS replacement.

ASX plays a low-risk game with new CHESS plan

The ASX has decided on not one but two big companies to deliver its new CHESS replacement system. It needs everything to go right. 

  • James Thomson
ASX chief executive Helen Lofthouse said the project would take years.

ASX turns to Tata, passing over Nasdaq, to rescue CHESS

The sharemarket operator told investors the first part of the new system would be in place by 2026. Regulator ASIC is yet to be convinced.

  • Updated
  • Jonathan Shapiro and James Eyers

October 2023

ASX board narrowly avoids second strike, chairman re-elected

ASX receives heavy protest vote against its remuneration report, missing a second strike by just 4 per cent. Damian Roche re-elected as chairman for last term.

  • James Eyers

August 2023

ASX chief executive Dominic Stevens inherited the CHESS replacement project from his predecessor Elmer Funke Kupper.

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
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ASX chief executive Helen Lofthouse in Sydney on Thursday. She described the full-year result as “resilient”.

Rates and inflation to boost sharemarket: ASX chief

A ‘solid pipeline’ of companies is waiting for an opportunity to float, Helen Lofthouse says as ASX shares dip 2 per cent.

  • Updated
  • James Eyers

June 2023

ASX chief executive Helen Lofthouse told the parliamentary inquiry last week that the investment was made to ensure Digital Assets was “robust” enough to complete the work.

ASX mulls sale of $14.9m stake in CHESS contractor after upgrade mess

ASX took the 5.6 per cent interest in Digital Assets in 2016 when it first selected the start-up to upgrade CHESS, but this shareholding is now under review

  • Lucas Baird
ASX CEO Helen Lofthouse told an investor conference on May 30 that the ASX would not rush the new CHESS replacement process.

ASX to keep CHESS on life support until 2032

The ASX says work will continue on a replacement trading system, but will keep the near 30-year-old legacy infrastructure up and running for another decade.

  • Updated
  • Lucas Baird

May 2023

ASX CEO Helen Lofthouse fronted stockbrokers on Tuesday afternoon in Sydney to update them on CHESS replacement.

ASX chief tells stockbrokers new CHESS will put ‘safety’ over speed

ASX maintains it will decide on the new technology solution for CHESS by the end of the year, and brokers will get plenty of time to develop for it.

  • James Eyers
Market operator ASX appoints new CIO who will continue to lead CHESS replacement teams.

ASX looks to CHESS steward as next CIO

After joining last year to fix the CHESS mess, Tim Whiteley has been named chief information officer at ASX.

  • Ayesha de Kretser

Original URL: https://www.afr.com/person/helen-lofthouse-6fnn