ASX Trade Outage Report

The independent expert’s fifth quarterly report on ASX’s progress addressing the IBM Review Recommendations is available. Overall, it found that ASX has made significant and appropriate progress towards addressing and implementing the IBM Review Recommendations.

In addition to the quarterly reports on ASX’s progress addressing the IBM Review Recommendations, the independent expert (EY) produced a Design Adequacy Report. The objective of this report is to set out the results of whether ASX’s Response Plan addresses the IBM Review Recommendations and is fit for purpose.

The independent expert’s fourth quarterly report on ASX’s progress addressing the IBM Review Recommendations is available. Overall, it found that ASX continues to make good progress towards addressing and implementing the IBM Review Recommendations and has demonstrated that it has taken feedback from previous quarterly reviews and incorporated learnings and improvements into this review period.

The independent expert’s third quarterly report on ASX’s progress addressing the IBM Review Recommendations is available. Overall, it found that ASX continues to make good progress towards addressing and implementing the IBM Review Recommendation and has finalised a number of carryover actions from prior quarterly reviews.

The independent expert’s second quarterly report on ASX’s progress addressing the IBM Review Recommendations is available. Overall, it found that ASX continues to make good progress towards addressing and implementing the IBM Review Recommendations.

ASX commissioned IBM, in consultation with ASIC and the RBA, to provide an independent expert review of the market outage that occurred in November 2020, after a new version of the Nasdaq equity market trading system went live.

ASX's incident report available here.

The review sought to identify if there were changes that ASX could make to its processes, having regard to internationally recognised standards and frameworks, to mitigate the risks associated with technology projects. In August 2021, a summary of the independent expert’s recommendations was released, with ASX committing to address all of the recommendations. 

In November 2021, ASIC announced the conclusion of its investigation of the market outage and imposed temporary licence conditions on ASX that align with ASX’s program of improvement. ASX’s response is available here.

With the ASIC investigation closed, ASX has released a redacted version of the executive summary of the IBM independent expert report. The redactions mask material that is commercially sensitive or relates to confidential information of, or concerning, third parties who were involved in this process, including individuals and organisations.

In November 2021, ASIC imposed Licence Conditions on ASX following its investigation into ASX’s equity market outage in November 2020. The conditions include appointing an independent expert to assess ASX’s remediation program. ASX – with ASIC's and RBA's consent – engaged EY as the independent expert. EY found that the program is well run, and has appropriate governance and oversight.