Australia's ASX says 'turning point' reached after trading outages

The Australian Securities Exchange (ASX) has reached what its chair called a turning point in resolving regulatory and technology problems, Business Recorder reported on Thursday. At the exchange’s annual meeting, David Clarke said the response had involved several years of changes and rebuilding, following repeated trading interruptions and settlement delays linked to a failed technology overhaul.

The Australian Securities and Investments Commission had required ASX to hold an additional A$150 million in capital and renew its infrastructure. ASX will keep its dividend payout ratio at 75% for at least the current financial year’s interim dividend, while Chief Executive Anthony Attia forecast operating expense growth of 18% to 21% and capital spending of A$180 million to A$200 million. ASX shares rose 0.3% on Thursday, while the S&P/ASX 200 fell 0.35%.