Bourse operator ASX takes action for trading software’s operational reliability
(Reuters) – Australia’s bourse operator ASX Ltd said on Monday it had submitted a special report for its Clearing House Electronic Subregister System (CHESS) software to the country’s corporate regulator and the Reserve Bank of Australia.
The report outlines details about the operator’s arrangement to support and maintain CHESS to ensure it remained operational until a replacement is implemented.
In December, the Australia Securities and Investments Commission along with the central bank, ordered ASX to submit a report ensuring stability of its trading system after a failed attempt by the bourse operator to replace its ageing software. This was the first time it used its power against the market operator.
The platform has been in need of an upgrade after many incidents of glitches, including one in November 2020 when an issue in the new equities trading platform halted trading for 20 minutes on the day it went live.
The report includes 27 initiatives focused around availability, performance, and IT management, among others, with the intention to come up with solution designs by the last quarter of this year.
(Reporting by Navya Mittal in Bengaluru; Editing by Rashmi Aich)