ASX under scrutiny for Tricom troubles
The ASX has been criticised for its role in creating uncertainty in the share market following the failure of Tricom to settle its trades on Tuesday. Tricom was permitted to continue trading without the reason for the delay being disclosed, instead the market simply settled a few hours late without some of the Tricom trades. The ASX has said that it informed “market participants” of developments but had not named the broker, instead waiting for Tricom to identify itself following media enquiries. Calls have been made for the regulatory functions of the ASX to be handled by a different entity to that which runs the stock exchange as a business due to potential conflicts of interest.
Source: The Australian