Last week, the Australian Financial Review reported that the Reserve Bank of Australia (RBA) had warned the Australian Stock Exchange (ASX) that it had "lost confidence" in the exchange less than three months before a major settlement system outage.
In a letter sent to ASX CEO Helen Lofthouse in late September 2024, RBA Assistant Governor Brad Jones pointed to an "entrenched culture" that regarded required risk management reforms "as a reactive and narrow compliance exercise." On Friday, December 20th, the ASX's equities settlement system failed, preventing trades initiated two days prior from being settled. The settlements were pushed to the following Monday morning after teams worked throughout the weekend to restart the system.
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