The Australian Securities and Investments Commission (ASIC) is continuing to review the fallout from a trading outage that befell the Australian Securities Exchange (ASX) last month, with a view to better preparing for future disruptions.
In the wake of a technical failure that disrupted trading on the ASX equity market on Sept. 19, the ASIC reports that it has reviewed the initial report on the incident that was prepared by the ASX, which concluded that a hardware failure triggered the outage. The ASIC says it will review the results of the ASX’s ongoing investigations into secondary issues arising from the failure.
In addition, the ASIC is also continuing to review further fallout from the incident, “which relates to the way in which ASX, brokers, investors and other stakeholders reacted and responded to the issue.”
The purpose of the ASIC’s ongoing review is to “determine whether there are any changes which could assist the market and market users to function more effectively, should such circumstances reoccur in the future.”
The regulator plans to publish a report on its findings, which will be based on its own work, coupled with industry feedback and international approaches to managing these incidents.