In September 2016, ASX (Australian Securities Exchange) Group experienced a major trading system outage that impacted the country’s entire equities market due to a hardware failure.
The incident drew the ire of the markets regulator, ASIC (Australian Securities and Investments Commission) and central bank (Reserve Bank of Australia, RBA), and ultimately ASX was found to have technological and operational failures that were made worse by human error.
There was also specific mention of “concern” over the way in which ASX Group reported on this and other incidents, albeit not such “structurally severe” ones.
In the aftermath, an independent review by KPMG dug into ASX’s operational risk management, technology governance, enterprise architecture, and incident management.
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