Australia probes stock exchange over ‘serious failures’

The Australian Securities and Investments Commission (ASIC) has initiated an inquiry into the Australian Securities Exchange (ASX) due to significant failures in governance and risk management, including a problematic systems upgrade and a major outage. Shares in ASX dropped 6% following the announcement, and ASIC may mandate changes in leadership as it seeks to restore market confidence amid ongoing scrutiny of the stock exchange’s performance.