ASX Ltd. chief executive Anthony Attia warns Australia risks falling behind major Asia Pacific financial centers unless the exchange modernizes its market and improves investor access. Speaking in a Bloomberg interview, Attia, who took the helm in September, said the exchange "needs to play its part in modernizing the market, simplifying the rules and benchmarking ourselves against Hong Kong or Singapore."
Attia inherits an exchange under pressure after an Australian Securities and Investments Commission inquiry found longstanding governance, capability and risk management shortcomings following years of operational failures. The Reserve Bank of Australia recently noted the bourse is still falling short in several key areas.
The push to modernize ASX could center on faster settlement, longer trading hours and better services as it seeks to keep pace with overseas markets. Rivals are moving faster: Hong Kong Exchanges & Clearing Ltd. plans T+1 settlement in 2028, while Singapore Exchange Ltd. leads in offshore currency trading and Asian equity-index derivatives. ASX's CHESS replacement system remains targeted for 2029, but Attia says a faster shift is being discussed with traders and investors.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing