An independent review of the Australian stock exchange outage last November found that the bourse operator's new trading system was not ready to go live, the country's corporate regulator said on Monday.
The outage on Nov. 16 last year nearly wiped out an entire session and damaged the reputation of the bourse operator ASX LtdThe independent review conducted by IBM Australia found that while the ASX met industry practices in 58 out of 75 of the capabilities assessed, it missed in 17.
"The conclusion that the project was not ready for go-live is very disappointing," Joe Longo, the ASIC chair said in a statement, referring to the ASX's equity trading system upgrade. "We acknowledge the findings in the report... the report does point to some important areas for improvement and we will address all of its recommendations," the ASX Chief Executive Dominic Stevens said in a separate statement.
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