The Reserve Bank says the ASX must lift its game at it scolded the exchange operator for failing to keep it up to date about its CHESS replacement project delay.
It ordered board members and executives to complete a self-assessment after it found that lines of accountability and responsibility were not documented.
The ASX said in August that the go-live date for the new system has been pushed back from April 2023 until late 2024 at the earliest, due to delays in developing the software byBut it appears the Reserve Bank was not appropriately informed about the substantial delay and demanded it be informed in a timely way of important developments.
The assessment said that the replacement system “broadly meets the relevant standards, but that further assurances will be needed to verify that the system will meet these standards in practice”.The report was released as shareholders of the ASX gathered for the annual general meeting. In her address,
ASX chair Damian Roche also described the issues relating to the project as “disappointing” and resulted in a 40 per cent reduction in former chief executive Dom Stevens short-term variable reward payment.