Yesterday
Time is running out and ASX boss Helen Lofthouse has no room for error
Any spike in trading volumes due to higher volatility and wild swings will heap pressure on the exchange, which is already navigating a regulatory firestorm.
February
Failed diversity push triggers demands for ASX governance overhaul
Wesfarmers boss Rob Scott said proposed governance guidelines ‘went too far’.
January
ASX reveals cause of embarrassing outage
It will make a $1 million goodwill payment to stockbrokers who relied on the CHESS system. ASIC’s chairman says he is “very concerned” about the incident.
ASX needs to plug $1bn liquidity hole
Helen Lofthouse, CEO of the equities market operator, will start the year with another apology for the embarrassing pre-Christmas outage, but that’s the least of her problems.
December 2024
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.
October 2024
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.
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.
September 2024
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.
August 2024
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.
April 2024
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.
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.
March 2024
‘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.
February 2024
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.
‘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.
December 2023
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.
November 2023
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.
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.
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.
August 2023
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.
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.