ASX CEO Dominic Stevens Issues Statement After Monday’s Trade Outage

Following last Monday’s decision to suspend trading for the day after a technical glitch delayed the open by an hour, ASX Managing Director and CEO Dominic Stevens today issued a statement on behalf of the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term.

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His statement reads as follows:

“The outage to ASX Trade last Monday was unacceptable to the market and unacceptable to ASX. I again offer my apologies for the disruption caused.

Our first priority was to ensure the market functioned normally and reliably when we reopened on Tuesday morning. This was achieved and it has operated without issue since.

Next, it was vital that we engage with our customers and regulator. This is continuing. Then, we focused on producing a report to explain what went wrong. The hardware malfunction ASX experienced was complex and unprecedented. It took time to investigate properly and involved input from third party vendors.”

Report: ASX Outage

“ASX plays a critical role in Australia’s financial markets and it’s important that market stakeholders are fully informed about recent events. I am pleased to make the report available today.

Monday’s disruption was especially disappointing because of ASX’s long and proud record of system reliability. In seven of the last 10 years, ASX’s equity Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term has recorded 100% system uptime. The remaining three years recorded over 99.7% each. Over the same period, there has been an almost tenfold increase in the average number of trades processed each day. Our other trading, clearing and settlement systems have demonstrated similar reliability over the years.

I am determined that in understanding what happened on Monday we will emerge stronger.

Nevertheless, our customers, regulators and many other stakeholders quite rightly expect reliability and availability around the clock, every day. ASX does too.

ASX does not decide to close the market lightly. Understandably, concerns have been raised on various fronts. However, we make no apologies for following our long-established and well understood protocols nor for exercising our judgement to ensure the market was fair, orderly and transparent. That is ASX’s responsibility.

I am determined that in understanding what happened on Monday we will emerge stronger and better able to manage the market’s myriad challenges. We are directing our efforts to ensure there is no recurrence and listening to what our customers say about improving the way we communicate with them. And of course, we are also cooperating closely with ASIC to help with its review.”