As its flagship CHESS projects hangs by a thread, fund managers and investors say the ASX is now a ‘laughing stock’.
Fund managers, private investors and investment industry leaders were unified in their disappointment at the failures of strategy and planning that led the ASX on Thursday to put its flagship“They put a man on the moon in the sixties and the dear old ASX is so far behind. This is a national disgrace and an international laughing stock,” said Lee Iafrate, founding chairman of Melbourne-based boutique investment firm Armytage Private.
“It’s been a seven-year process with so much more work required… why for such an essential piece of infrastructure did they go with an untested and unproven technology? It seems like a pretty poor decision.” “The time it took for them to make a decision about whether they were going to do it or not do it has just been distracting for everyone.”It has historically been accused of over-earning in some functions.“Two hundred and fifty million dollars, years of work, and we’re no closer to dragging the ASX into the twenty-first century,” he said.Gareth James, a former tech analyst who now heads up equity research for Shares In Value, described the exchange as riddled by bureaucracy.
The biggest risk it faced was regulatory reform “and it has some of its responsibilities taken away from it”. That is, however, an “extreme scenario”.
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