Shares of ASX (ASX:ASX) rose nearly 1% in Friday morning trade after Australian Securities and Investments Commission Chair Joe Longo said in a late Thursday statement that the regulator will name a panel in the coming weeks to lead a "very ambitious" inquiry into the exchange.
Longo noted that while ASX had made progress under new leadership, the reforms were not "good enough," following the collapse of the operator's blockchain replacement to its clearing and settlements system and a major trading outage in late 2023.
"It's just not working. We're not getting the progress that we should be seeing right now," Longo said.
In a separate statement, the ASIC said the expert panel will identify shortcomings and recommend measures to strengthen the exchange's operations and will publish a report on the inquiry's findings.
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