‘Just weren’t careful enough’: ASX shakeup imposed by Australia’s corporate regulator after daylong outage
by Ben Butler from on (#5S968)
Asic says Australian Stock Exchange failed to follow own risk procedures in botched technology upgrade that stopped trade last November
The corporate regulator has taken the unprecedented step of imposing conditions on the licence of the Australian Stock Exchange as the market operator moves to a new technology system that uses blockchain technology.
It comes after confidence in the ability of the ASX, which is a key piece of Australia's financial infrastructure, to process an average of about 1.5m share trades a day was shaken by a botched technology upgrade last November that stopped trade for a day.
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