The Australian Stock Exchange is an odd beast. As a publicly listed company, it has a duty to maximise the wealth of its shareholders. But it also has a duty as a market regulator - a duty that is enshrined in the Corporations Act and is one of the main conditions imposed by the government-issued licence.
The stock exchange, in turn, is regulated by the Australian Securities and Investments Commission, which has made plain its view in writing that the ASX needs to improve its supervisory role.
When he arrived at the ASX's Bridge Street headquarters in the wake of Richard Humphry, who had delivered a doubling in the stock price, D'Aloisio initiated a no-holds-barred review of the stock exchange and its businesses.
Last week the first public result of the review emerged. There was to be a 10 per cent cut in jobs.
That came as no surprise to staff, who had been leaving for months knowing the cuts were inevitable.
Now there are signs the slashing of staff numbers is beginning to bite. Insiders say trading errors are on the rise, leading at times to an uninformed market.
It is believed AMP has recently had two accidental trading halts, for which the ASX has apologised.
D'Aloisio's review also revealed that he has serious staff morale problems. Hewitt Associates, a global management consultancy, was hired to conduct a survey of ASX staff. The results were not good news for D'Aloisio: they showed staff engagement levels were at 34 per cent, or crisis point.