Overview
- Australia's securities regulator released the inquiry's final report that details weak governance, immature risk practices, and poor compliance at the market operator.
- The panel says ASX compromised the resilience of CHESS, the system that settles trades, in pursuit of higher payouts to investors.
- Evidence cited includes more than 140 stakeholder interviews, an expert technical review of CHESS, and over 10,000 documents.
- ASIC maintains an extra A$150 million capital requirement and presses ASX to carry out broad reforms.
- ASX has pledged changes, submitted a reform plan, and begun adding independent directors as it searches for a new CEO after Helen Lofthouse signaled her exit.