ASX has issued a consultation paper on its management of the market during outages, which maintains that freezing trading until problems are resolved is appropriate.
ASX has promised to provide more detailed information during equity market outages including timing for resumption of trading, while maintaining its decision to freeze trading for the whole day when the market wasThe Australian Securities and Investments Commission, meanwhile, said on Tuesday that during an outage, it expects all market participants to allow new orders to trade on an alternative market by mid-2023, to improve the resilience of the market.
ASIC’s investigation included ASX’s decision to keep the main bourse in “enquire” mode for the duration of the day, which prevented orders that were submitted before the outage from being cancelled and shiftedASIC commissioner Danielle Press said on Tuesday the regulator understands there are competing priorities on brokers given the CHESS replacement project, Cboe’s technology upgrade and the implementation of new market integrity rules.
ASX considers opening the market prematurely could result in it breaching its licence obligation to operate a “fair, orderly and transparent” market. IBM found in a report on the outage last year that ASX’s actions to freeze the market on the day were appropriate. The November 2020 outage was caused by a software glitch that ASX and Nasdaq failed to pick up in testing before an upgrade to the trading system went live.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX earnings downgrade cycle to last until early 2023Australian corporate earnings are set to fall 20 per cent over the next six months as the local economy endures a soft landing, UBS warns.
Read more »
ASX rises 1.9pc, fuelled by rally in banksA rally by the big four banks lifted the Australian sharemarket higher on Monday with the benchmark index gaining 1.9 per cent, or 127.30 points, to close at 6706.
Read more »
ASX rises sharply, tracking strong gains in global markets as commodity prices ease worries about inflationAustralian shares have started the day higher as investors look to shrug off worries about renewed rate hikes on the back of soaring inflation while improved underlying prices are expected to aid domestic commodity stocks.
Read more »
ASX set to leap, S&P 500 expected to extend reboundAustralian shares are seen opening higher, building on Friday’s rise amid positioning for a month-end rally. $A advances. Iron ore steadies.
Read more »
ASX set to leap, S&P 500 expected to extend reboundAustralian shares are seen opening higher, building on Friday’s rise amid positioning for a month-end rally. $A advances. Iron ore steadies.
Read more »
ASX firms 0.9pc in fourth straight day of gains, BWX gets hammeredShares added 0.9 per cent on Tuesday as mining and energy businesses advanced on higher commodity prices. Sukin natural skincare group BWX’s shares took a beating.
Read more »