ASX - ASX Limited

[notting]

Is It the End of the Trend?
Well you guessed well as far as today is concerned, all be it a pretty trendy island for a while.
No news and one of the most conservative stocks with a very positive trend just fell with no apparent reason or explanation. I have felt it has been way overvalued for months.
Is this a canary in the coal mine given it couldn't be closer to market activity as an indicator of what's happening now.

 

[qprjames]

Like many, I haven’t done so well from the downturn.

I have been thinking for many months now, to get rid of stocks that I bought separately, like CBA, TLS, ASX etc as I really just want set and forget simple index fund & etf’s.

so while I wanted to sell all my individually held stock, since March they have all plummeted. Except one - ASX limited.

what do people think about selling? I know it’s only on a run because of the increased amount of activity on the ASX, but this will surely come to an end soon. Unless we have a second wave of covid19 (fingers crossed that doesn’t happen).

I’m a naive investor. I probably shouldn’t have gone for individual stock picks in the first place. But I assume I’m calling it right that ASX are only doing well because of the increase in interests and activity?

 

[peter2]

The ASX market suffered an outage that couldn't be fixed quickly and the market traded for only 24 minutes on Nov 16th, 2020.
Since then the market has had four consecutive weeks up. Not so the ASX company.

The recent market outage and new website problems are the visible symptoms and I'm certain there are underlying problems as well.

Looking through the ASX October 2020 activity report:

Total capital raised +20% FY to date.

Average Daily trades -12% FY to date.
Futures Volume -16% FY to date.
Single stock Options volume -18% FY to date.
Index Options volume -34% FY to date

 

[dyna]

Some negative reporting on ASX, in the AFR in recent days,may have affected the SP. Apparently,it's management.None too flash.

 

[Dona Ferentes]

Some negative reporting on ASX, in the AFR in recent days,may have affected the SP. Apparently,it's management.None too flash.

Australian Securities Exchange chief executive officer Dominic Stevens has had to make an embarrassing apology over another failure by the market operator, which has briefly delayed Airtasker’s $255 million float.

Blaming “human error and oversight” for the failure, Mr Stevens was “profusely apologetic about the situation” in a surprise telephone call to Airtasker founder Tim Fung on Saturday morning. Mr Fung was due to sound the ASX bell on Monday, launching at 65¢ a share for the online labour-hire marketplace.

An ASX spokesperson said the market operator “regrets the disruption and has taken steps to address this as quickly as possible” and added that Airtasker did everything it needed to and had satisfied ASX listing rules.

The delay is because the ASX failed to notify “relevant market participants”, including brokers and information vendors, of Airtasker’s listing in time for market launch that has now been postponed to Tuesday.

 

[frugal.rock]

The delay is because the ASX failed to notify “relevant market participants”, including brokers and information vendors, of Airtasker’s listing in time for market launch that has now been postponed to Tuesday.

A bunch of twats.

Too busy issuing speeding tickets.... total Pratt's.

I think companies should list on NSX and Chi-x.

Time to give the ASX the flick....lol.

 

[barney]

A bunch of twats.

Too busy issuing speeding tickets.... total Pratt's.

Geez I thought you were about to bust into a rap song there FR. Let me continue it for you

(With an appropriate Rap voice please)

You guys are Twats, and total Pratt's
You talk like mice but you sound like Rats

You wipe your shoes on your cheap door Mats
Then kick me down with your cheap chit chats

You walk around like aristocrats
But we all know you just bureaucrats

You change the rules like an acrobat
But you just fell in a big cow pat

(Yo )
(Yo twice more for dramatic effect )

Apologies ... Its raining and I have time on my hands, lol.

 

[Dona Ferentes]

When The Australian Financial Review asked the ASX, a spokesperson said the “ASX has an accountability culture”.

“When mistakes or incidents occur, we conduct detailed and thorough reviews, and make sure we learn from the experience. In this specific case, we are reviewing what occurred very closely and will take appropriate steps to prevent it happening again,” the spokesperson said.

The ASX insisted the process of sending information about Airtasker’s float and the commencement date of trading needed to be “manual because of the nature and timing of the information being handled”.

The delay meant that the notices were not “disseminated to all relevant participants in the market, including brokers and information vendors, by the normal cut-off time on the business day before the scheduled listing”.

The ASX spokesperson said the market operator would have worked over the weekend to get the paperwork in order before Monday.

“[But] other vendors and participants would have already closed their processes to receive this information. We did not want to place an unacceptable risk on others in the market that rely on receiving information in a standard form by a certain time.”

--- a challenge of 'culture' is that 'ownership' becomes an assumed flickpass

 

[Dona Ferentes]

and another botheration:

Chi-X Australia received a boost in its challenge to the ASX, its dominant rival, after one of the world’s biggest exchange operators purchased the company on Thursday. Cboe Global Markets, the third-largest exchange operator in the US, has acquired Chi-X Asia Pacific, which includes exchanges in Australia and Japan.

Chi-X Australia has an 18 per cent market share in Australia but does not compete on listings. Given the dominance of the ASX, questions have been raised, given issues that have delayed listings, including this week’s bumper initial public offering for Airtasker,

 

[frugal.rock]

Chart update only
10 year for some perspective of current situation.

 

[DrBourse]

Just ran my slide rule over ASX 'the stock'.....
Anyhow - here goes with todays Useless bit of Information....
Below Average Financials and Deterioating Technicals are both pointing to a SP of abt $42-00 to $48-00 IMO....

Cheers..
DrB.

 

[DrBourse]

Commsuc strikes again.
This mornings Commsec Chart for ASX - note the missing candle for 16/10.

Whereas the TV Chart shows the correct position. - NOTE the Will%R Indicators, Differect messages - Commsuc = a sell signal - BUT TV = an Entry Signal

 

[InsvestoBoy]

Below Average Financials and Deterioating Technicals are both pointing to a SP of abt $42-00 to $48-00 IMO....

just a hair shy of 15% return since this post to close the gap at 65.82 today

 

[Dona Ferentes]

this project has been a slow motion train wreck. And a long way to completion.

CHESS mess: The ASX’s costly journey to modernisation​

from Finance News Network |

The Australian Securities Exchange (ASX:ASX) has unveiled a $445m budget for its revised attempt to replace the Clearing House Electronic Subregister System (CHESS), after its original blockchain-based project failed in 2022. The revamped system, set to be rolled out in two phases by 2029, will cost significantly more than the $250m lost on the initial effort.

A troubled history
The CHESS system, first introduced in 1994, has long been considered outdated. In 2016, ASX initiated plans to modernise the platform. By 2017, the exchange committed to building a blockchain-based replacement in partnership with Digital Asset, intending to lead global markets in post-trade innovation. However, the project suffered from excessive customisation, stakeholder dissatisfaction, and major defects uncovered during testing. In November 2022, ASX abandoned the initiative after investing $250m and taking a significant write-down.

ASX’s handling of the failed project drew legal scrutiny. The Australian Securities and Investments Commission (ASIC) filed proceedings in August, alleging that ASX misled investors in February 2022 by stating the project was “on track for go-live” in April 2023 and “progressing well.”

ASIC claims these statements lacked a reasonable basis and undermined trust in the integrity of market disclosures. ASX has denied wrongdoing, arguing its statements were based on available information at the time.

Costs and timeline for the new project
The revised CHESS replacement will adopt a modular, cloud-based platform developed by Tata Consultancy Services and will be implemented in two stages:

• Release 1 (Clearing services): Set for 2026, with costs estimated between $105m and $125m.
• Release 2 (Settlement and subregister services): Expected in 2029, with costs ranging from $270m to $320m.

ASX CEO Helen Lofthouse attributed the higher costs to extended timelines, allowing for extensive industry testing and preparation. “We are committed to safe delivery and reliability, ensuring the system meets the market’s needs today and in the future,” Lofthouse said.

T+1 and future readiness
The updated system will initially maintain the current T+2 settlement cycle, where trades settle two business days after execution. ASX has stated that transitioning to a shorter T+1 cycle, where settlement occurs within one business day, will only be considered after CHESS Release 2 is fully implemented in 2029. The move to T+1, already adopted in the US, reduces counterparty risk and improves liquidity but requires significant system upgrades and industry-wide readiness, making it a complex transition. ASX noted that T+1 could not go live before 2030, at the earliest.

Market reaction
The announcement has not alleviated investor concerns, with ASX shares closing 4.3% lower at $66.18. The price tag was higher than expected, and analysts have flagged risks associated with the protracted timeline and high costs, particularly in light of the project’s complexity.

Despite these challenges, ASX remains committed to its strategy. “This is critical market infrastructure,” Lofthouse said, “and we need to make the appropriate investment to ensure it can serve the market effectively."