ASX ordered to take a good look in the mirror

The investments regulator has kept the heat on ASX Ltd (ASX: ASX) for its 16 November systems crash, ordering it to conduct an independent review.

Australian Securities and Investments Commission (ASIC) continues to assess whether ASX is fit to hold its share market licence. 

In a sign that this assessment is not casting the best light on the company, ASIC and the Reserve Bank of Australia have notified ASX that it should perform an independent review within the next 6 months.

The concern for ASX holding the market licence is whether it “has sufficient financial, technological and human resources to operate its markets”.

Critics have pointed to the virtual monopoly the company enjoys, citing that it provides no incentive for…