ASX faces make-or-break moment as it grapples with ASIC findings
Reeling from the final ASIC report into its shortcomings, the Australian bourse is in need of urgent repair even as its CHESS replacement project faces potential delays.
The next few months will be make or break for the ASX to fix its culture, governance and technology following years of operational failures as it gears up to launch the first stage of its CHESS replacement program.
Today, the Australian Securities and Investments Commission (ASIC) handed down its final inquiry report on the bourse operator, which was largely similar to its damning interim report in December.
Speaking to Capital Brief, Jarden analyst Blake Dowsett said the ASX would be put to the test over the next 10 weeks, with a number of hurdles to clear including its go-live of the first release of the CHESS project set for 20 April; its Accelerate program to fix operational risk management and resilience; and finding a replacement for out-going chief executive Helen Lofthouse.
“There’s a lot of things that they need to get through. The CHESS replacement program doesn’t completely finish until FY29 and will probably drag from there because it’s very complex,” he said.
