Former ASIC chairman Alan Cameron said a review of ASX’s design of a new CHESS system won’t make a decision “until we have the information we need to make it”.
It will make recommendations to ASX ahead of board meetings on November 15.The independent chairman of the new advisory group overseeing ASX’s CHESS replacement, Alan Cameron, said it will not act as a rubber stamp for the market operator’s decisions on the new clearing and settlement system for the equity market.
“We’re not supposed to be, and we won’t be railroaded into making a decision,” he told the Parliamentary Joint Committee, Corporations and Financial Services on Friday. “We know the importance of making decisions quickly. But we will not make a decision until we have the information we need to make it.”to introduce additional oversight following concerns ASX could be repeating its past mistakes
Committee chair Deborah O’Neill probed Mr Cameron on whether the timelines provided “sufficient time to carefully interrogate something that is so complex and has been cause of such concern over a long period of time already”. Mr Cameron said its 10 members had been chosen to serve in their individual capacity, except ASX CEO Helen Lofthouse. But he said she had agreed to recuse herself from some deliberations, so the group could make decisions free of any undue influence from ASX.
“Do you have confidence in the ethical fibre of the people who are sitting around that board, to undertake this work in the national interest?” Ms O’Neill asked Mr Cameron.
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