'Can't do the basics': Fundies call for ASX to face penalties for tech outages
Penalties and compensation could be used to incentivise the national stock exchange operator improve its long running tech issues.
The ASX should face penalties or provide compensation for outages to its core services, top fund managers say, as the fallout from its latest tech glitch this week continues to reverberate in the market.
Speaking to Capital Brief, Investors Mutual senior portfolio manager Hugh Giddy said the ASX’s latest outage on Monday affecting company announcements was for a simple business as procedure and “how they can’t do the basics eludes me”.
Giddy said the outage was a big issue for Metcash’s half-year results as analysts and investors did not have its presentation prior to and during its investor call.
“They pay listing fees and for every trade made the ASX gets money. In return, they should offer a reliable service,” he said.
