Equities market operator ASX Limited says a glitch that resulted in billions of dollars worth of trades being unable to settle last week due to a failure of its CHESS settlement system has been resolved, although the drama has attracted the attention of regulators and anger of investors. On Monday the ASX delivered on its weekend promise of successfully pushing through hundreds of millions of trades from Thursday and Friday that had failed to settle due to a breakdown in the ageing and doddery settlements platform, with those trades completed by 1.09pm AEDT.
As part of the fix – frantically put together over the weekend by IT staff, engineers and other ASX executives – the batch of settlements was delayed on Monday from 11.30am to 12pm, and then later to 12.30pm.
“We are pleased to confirm the issue has been resolved,” an ASX spokeswoman said on Monday. An incident report relating to last week’s system failure is to be prepared by the ASX for regulators including the Australian Securities & Investments Commission and the Reserve Bank, with the market operator already on the radar of these bodies following a catastrophic IT meltdown in November 2022 that caused an embarrassing and costly market outage. Late on Sunday in a video call with more than 170 market participants, executives from the equities market operator explained the reasons for the failures last week, pledged that the problem had been rectified, and said normal trading would recommence on Monday, as w.
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