Rear Window last week rightly referred to the clowns of the ASX (“ASX bourse brothers’ IPO pipeline dream”). In my opinion, this description applies from the board down. There is a collective clownery, if you like, to do with the update of the CHESS settlement system.

Not only is it well documented that the ASX is facing court proceedings for misleading the market, ASX shareholders and market participants are facing much financial pain, likely to run into the billions, while TATA undertakes its system upgrade, estimated to take at least four years.