Results briefing | News and analysis on today’s profit results from AGL, AMP, ASX, CIMIC, Downer EDI, Mirvac, NAB, NBN, Northern Star and Vulcan Steel. Find updated reports and analysis here.
after delivering returns to shareholders of about 14.5 per cent a year for 5½ years, including a 70 per cent share price increase and total dividends worth $13.50 a share.
“You start saying, actually, that is someone else’s strategy to drive it, and we should start thinking about actually that person getting in the seat and actually getting up to speed and crossing over with me and also crossing over with the end of this project.” Is the board willing to extend the completion date for a fourth time, which would mean higher capital expenditure and a greater cost burden on market participants? Or will it give the new CEO the mandate to draw a line in the sand and start again if she or he sees fit?
The ASX has always argued that the new clearing technology is based on what the market said it wanted. However, if the project is abandoned, it would be a mighty blow to the preservation of the ASX monopoly over clearing and settlement at a time when regulators are losing patience. Hogben told Chanticleer last year there is no “Plan B”.
If the CHESS replacement gives the ASX the ability to take over the work done by share registries and other transactional intermediaries, the new CEO will need to have skills in blockchain, data analytics and information services. The other possible internal candidate is the group executive, markets, Helen Lofthouse, a former banker who worked in clearing and settlement at UBS and JPMorgan in Europe before joining ASX in September 2015. She was promoted inThe CHESS project replaces a bespoke software and messaging platform introduced in 1994. It uses DLT supplied by VMware. It includes the ISO 20022 messaging standard.
But no other exchange has invested as much as the ASX or been brave enough to lead the world in implementing an untried blockchain-based technology. Replacing the 28-year-old CHESS platform was one of Stevens’ six technology priorities designed to update ASX’s ageing equity technology infrastructure.Stevens managed to oversee the construction of a new data centre with appropriate secondary redundancy, a new surveillance system, an upgraded website and a new equity trading system supplied by Nasdaq.
The outages and slack governance of the clearing entities controlled by the ASX have caused angst at the RBA and ASIC.
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 to rise; AMP and AGL on the reporting calendarAustralian shares are set to rise as Wall Street lifted for a second day in a row as a bond sell-off eased and investors’ fears of an aggressive Fed tightening were soothed.
Read more »
AGL brings forward coal power exit by three yearsAustralia’s largest power company has pledged to accelerate the closures of its coal-burning power stations in Victoria and NSW, but not enough for climate activists.
Read more »
AMP investors slam conflicts of interest, warn of withdrawalsInstitutional investors have warned AMP their loss of confidence could result in withdrawals from its $7 billion office tower fund, one of the key assets in the proposed float of its private markets business.
Read more »
ASX to rise; AMP and AGL on the reporting calendarAustralian shares are set to rise as Wall Street lifted for a second day in a row as a bond sell-off eased and investors’ fears of an aggressive Fed tightening were soothed.
Read more »
Macquarie, Suncorp, Dexus, Computershare, Charter Hall Long WALE, SCA Property, GUD, Wotso: Earnings wrapResults briefing | News and analysis on today’s profit results from Macquarie, Suncorp, Dexus Convenience, Charter Hall Long WALE, SCA Property. Find updated reports and analysis here.
Read more »
Mincor Resources tried and missed Western AreasASX-listed nickel explorer Mincor Resources made a push for Western Areas but backed out.
Read more »