A split from ASIC backing Asx all the time. Truth coming out now when ASIC are against the wall they through their mates under the bus. Truth always comes to the surface, 8000 times for breach of market integrity rules WOW
ASIC chairman Joe Longo said the latest regulatory action against ASX, following its breach of the market integrity rules on more than 8000 occasions over almost four years, should send a clear message to the market operator’s board about expected standards as it perseveres with the project to replace the market’s post-trading systems.The Australian Securities and Investments Commission described an “order information transparency failure” at ASX, which did not relate to CHESS, as a breach of the integrity rules, which support liquidity and reliability across markets.
ASIC described ASX’s misconfiguration of internal trading systems as “serious” misconduct, triggering the first infringement issued to a market operator. The ASX has paid a $1.05 million fine.
“It conveys a very strong message from ASIC, which I would like to think ASX has taken on board, that we expect them to comply to the highest standards,” Mr Longo told The Australian Financial Review.
“They are going in the right direction, but incidents like this point to the need for further monitoring, improvement and supervision. There is no room for complacency here. The ASX is a hugely complicated entity, and the issues it has been facing over the last few years took years to build up.”
ASX chairman Damian Roche and chief executive Helen Lofthouse have already been under pressure to fix a bungled rollout of the bourse’s clearing system. Oscar Colman
RELATED QUOTES
