ASX sorry for the November outage after review | Mandurah Courier
Australian Securities Exchange chief apologized for outage in November that resulted in the loss of a trading day after a review found a new system was not ready to go live .
The review overseen by the Reserve Bank of Australia and the Australian Securities and Investments Commission said the outage occurred after a major upgrade to the company’s stock trading platform. ASX, ASX Trade.
“Regulators view operational incidents of this nature with great concern,” the RBA and ASIC said in a joint statement on Monday.
The review conducted by IBM Australia found that, overall, the ASX met or exceeded industry leading practices in the majority of the capacities assessed.
“However, the independent expert identified several key gaps in the project,” they said.
These included factors suggesting that the ASX Trade system was not ready to go into service given ASX’s near zero risk appetite for service disruption, gaps in applied rigor. project delivery risk and problem management process.
“It was not reasonable to conclude that ASX’s testing plan was consistent with its risk appetite,” he said.
The review made recommendations in seven key categories – risk, governance, delivery, requirements, vendor management, testing, and incident management.
ASX CEO Dominic Stevens apologized for the disruption and took responsibility for building the operational resilience of ASX.
“Last November’s market blackout did not meet ASX’s high standards,” Stevens said.
“We thought the software was ready for commissioning, as did our technology provider Nasdaq. Obviously there were issues, which was particularly disappointing given the significant progress we’ve made in resilience in recent years. “
Regulators expect ASX to apply knowledge of IBM’s findings to the entire ASX group to ensure that existing and proposed projects are managed and implemented appropriately.
Associated Australian Press