ASX, Australia’s stock and futures exchange, is under fire from an influential corporate governance advisor who has raised concerns over the exchange’s performance as a market supervisor with specific criticism surrounding disclosure of director shareholdings, short selling, margin loans and securities lending.

RiskMetrics has also raised concerns about the ASX’s willingness to grant waivers to its listing rules, including the rule that maintains the principal of “one share equals one vote”, that has helped with the listing of externally managed entities, including funds managed by Babcock & Brown and Macquarie Group.