ASIC (Australia’s Corporate Regulator) has decided the take a closer look at the outage that has frozen the stock market last week. The Australian Securities Exchange (ASX) was brought to a standstill a few days ago due to an unexpected glitch that has ravaged the system.
The exchange spokesman has stated:
“ASIC has confirmed to ASX that it is conducting an investigation into the ASX Trade outage on Monday 16 November 2020. ASX acknowledges that this is appropriate given ASIC’s regulatory oversight. ASX takes its obligations very seriously and will cooperate fully with ASIC.”
It seems that the regulator wants to investigate ASX’s claims that the stock market was frozen because of “technical difficulties”, as was stated in the official report.
It was the worst glitch since 2016 when the stock market suffered the same problems. Even then, ASIC has described the outage as “an event of significant concern.” After all, ASX is a vital part of Australia’s national economy.
In its last update, related to the recent crash, ASX confirmed that it had successfully applied a ‘fix’ to ASX Centre Point. The ASX Centre Point was down since last Tuesday.
“Given ASX’s commitment to providing 24 business hours’ notice, Centre Point will recommence tomorrow, Tuesday 24 November 2020,” the ASX added.