The honeymoon period is over for Dominic Stevens, the ASX’s new chief executive, as the exchange operator still looks to be experiencing difficulties after a technical problem prompted the bourse to delay the open by 90 minutes.
Having opened at the delayed time of 11.30am Sydney time (9.30am Hong Kong time) the S&P/ASX 200 is trading 0.2 per cent lower, but something still doesn’t look right.
One broker in Sydney tells FastFT that some stocks are trading and some aren’t, suggesting the overall problem might not be fixed. ANZ Banking Group, Commonwealth Bank and – in an ironic twist – ASX are among those that haven’t budged, despite those two being at the start of the alphabet and therefore among the first batch of stocks that commence trading on the market.
BHP Billiton, however, is among those trading, and is sitting 0.7 per cent lower.
Mr Stevens took over as CEO of the ASX on August 1, replacing Elmer Funke Kupper, who stood down earlier this year owing to his former employer, Tabcorp – a gaming company of which he was in charge – becoming the subject of a police investigation into allegations of foreign bribery and corruption.
Two months ago, a technical outage prompted the Singapore Exchange to suspend trading after the discovery of a fault in which duplicate trade confirmation messages were generated.