Market failure
With its share price sinking and mistakes piling up, the ASX is facing criticism over governance, accountability and a lack of meaningful change.
The worst performing stock on the ASX 200 today was… the ASX.
It was ironic, but not surprising, that its own listing fell almost 9% on Thursday — the latest development in what has become an annus horribilis for a company increasingly accustomed to them.
The embattled exchange operator revealed it expects to spend another $35 million simply to meet the demands of the ongoing ASIC inquiry into the bungled CHESS replacement program.
That revelation came just one day after the ASX inadvertently, and comically, confused private equity giant TPG Capital with the unrelated TPG Telecom, wrongly attributing a $651 million acquisition to the latter. It only added insult to injury.
Yet as shareholders continue to foot the bill and the ASX lurches from one disaster to the next, there appear to be shockingly few consequences for those responsible for its mismanagement.
