ASX Down 1.4%, Tech Stocks Crash

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ASX Ltd chairman Damian Roche said the market operator would learn from last year’s trading blackout, while stressing that the number of technology failures was declining in the long run.

Speaking to shareholders at ASX’s annual meeting this morning, Mr Roche said the company is responding to all recommendations of an independent review into last year’s tech collapse.

ASX was also in talks with the Australian Securities and Investments Commission over a resolution to halt its investigation, which ceased trading for four hours last November.

ASX Managing Director Dominic Stevens. Credit:

“I can assure shareholders that your board takes the resilience and reliability of our markets – and the trust our stakeholders have in our business – very seriously. We are learning from our experiences and looking to do things better, ”Roche told shareholders.

At the same time, he said the outage eclipsed improvements in its technology in recent years, which made its systems more resilient. Technology and operational incidents have declined by almost 90% over the past five years, he said.

CEO Dominic Stevens also highlighted ASX’s technology investments, saying that while it seemed “at odds” with last year

failure, its financial market infrastructure became much more reliable when judged over months and years.

He said outages were a problem for banks as well, citing RBA figures that retail banks experienced more than 1,000 outages in the last three-year reference period.

“Disappointing as they are, they are a part of business life for those who depend on technology,” Stevens said.

Mr Stevens also highlighted the stock exchange’s efforts to attract more tech listings, saying the market capitalization of the S & P / ASX All Technology Index had doubled since the start of last year, from $ 100 billion. to more than 200 billion dollars, including more than 30 technological “unicorns”.

ASX shares were down 1.4 percent to $ 1.14 at the start of trading.

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