The failure to upgrade the market’s settlement system triggered a $173.8 million one-off charge in a full-year result that was also hit by weaker equities trading.
CHESS-related costs incurred a $173.8 million one-off charge.Costs related to ASX’s failed project to replace the settlement system underpinning the Australian sharemarket, known as CHESS, dragged the market operator’s full-year net profit down by 38 per cent to $317.3 million, saddled by a $173.8 million one-off charge.
“This is the second time the group has achieved a full-year operating revenue performance of over $1 billion, underscoring the strength of our diversified business model,” she said. ASX was assisted by increases in the Reserve Bank cash rate, which lifted its interest income by 72.4 per cent to $70.8 million.
“Prioritising our regulatory commitments and executing the multi-year technology modernisation program is a key focus for me and my executive team,” Ms Lofthouse said. “We’re conscious that we face heightened risk in these areas, and we are taking action to manage and mitigate these risks.”
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