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‘More accountable’: ASX chief makes changes to boost governance

“The company has put out a number of potential use cases, which all sound very interesting and exciting, but it’s very difficult to quantify that,” Mr James said. “The company’s alluded to potential revenue upside, but it hasn’t been very specific at all.”

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Mr Stevens said revenue would come from greater efficiencies and would pave the way for greater innovation and business partnerships. “CHESS has been a great system, it’s been around for a long time, but it can’t be around forever. We’re not going to change prices or charge people more for the fact we have to replace it,” he said. “But what this is, is creating a platform for the future.”

The Australian Securities and Investments Commission launched an investigation into the ASX’s full-day outage last November, that angered brokers and triggered calls for a class action. Mr Stevens said the regulator would soon disclose if any penalties would be enforced, but stressed lessons had been learnt.

“For the last five years, we have spent a lot of time and effort in reducing outages and incidents by getting rid of older systems,” he said. “But on that day, it wasn’t our best moment, and we’re trying to do whatever we can to make sure that never happens again.”

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