ASX chief compliance officer joins list of executives out the door
The departure is the latest in a string of high-profile resignations from the nation’s exchange operator.
ASX Limited’s Chief Compliance Officer, Janine Ryan, has resigned from the company.
An ASX spokesman confirmed that Ms Ryan announced on Tuesday that she is leaving ASX Limited “to pursue new opportunities after nine years with the company.”
Ms Ryan has agreed to stay on until September 30.
It’s the latest in a string of high-profile resignations from the nation’s exchange operator.
It comes after a series of embarrassing outages and repeated delays in the implementation timetable for the replacement of its outdated CHESS clearing system.
In May, ASX said its previous “go-live” date for its CHESS replacement “is no longer viable” due to a delay in the remaining delivery of application software which gave inadequate time for testing.
A new go-live date for the CHESS replacement was due to be determined after further planning with ASX’s technology partner and input from stakeholders on the timing of project milestones, including industry testing, operational readiness, market dress rehearsals and implementation.
In March, the Reserve Bank and the Australian Securities and Investments Commission (ASIC) said they are closely watching the delays in the ASX’s shift to a blockchain based replacement for its CHESS system, after ASX hinted that the start date would be delayed for a fourth time.
Both ASIC and the Reserve Bank oversee the ASX – with ASIC overlooking the issue from a corporate point of view, given that the ASX is an ASX listed company, while the Reserve Bank oversees the exchange from a financial stability point of view.
The Reserve Bank is currently undertaking a “deep dive” into how the ASX is handling the CHESS replacement system which will be released in September.
In a report issued last September, the Reserve Bank warned that the ASX would “need to place a high priority on addressing … the operation risk of all the ASX clearing and settlement facilities.”
To ensure continuity during the search for a new CCO, ASX Limited’s General Council and Company Secretary, Daniel Moran, will work with Ms Ryan on an orderly transition and become acting CCO following her departure on 30 September until the commencement of a permanent CCO, if required.
Johanna O’Rourke, Deputy General Counsel, would then step into Daniel’s current role, as acting Group General Counsel and Company Secretary, the ASX spokesman said via email.
A number of high-profile departures have occurred at ASX Limited in recent months.
In February, Managing Director and Chief Executive Officer Dominic Stevens announced his intention to retire after nine-years with the company.
Former Group Executive Markets, Helen Lofthouse, was subsequently appointed MD and CEO.
In March, Daniel Csillag resigned as Company Secretary after 10 years in the job.
In July, Chief Financial Officer, Gillian Larkins, said she will leave the company at the end of August to “pursue new opportunities elsewhere” after almost four years in the job.
ASX is due to report its fiscal 2022 results on August 18.
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