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Highlights
ASIC launches broad inquiry into ASX governance and operational structure
Chair Joe Longo flags possible review of ASX’s self-listing model
Structural reform under discussion to restore market confidence
The financial services regulatory landscape is witnessing renewed attention with the Australian Securities and Investments Commission (ASIC) initiating a sweeping review into the Australian Securities Exchange (ASX:ASX). As a key constituent of both the ASX 100 and ASX 200, the ASX faces mounting regulatory focus following a series of operational challenges that have prompted the regulator to reconsider the structural underpinnings of the market operator.
ASIC chair Joe Longo addressed the review publicly, noting that the inquiry will delve deeply into the governance, culture, and systemic processes of the exchange. He confirmed that the ASX’s unique status as a self-listed monopoly operator is on the table for assessment.
Self-Listing Arrangement Comes Under the Microscope
ASX holds a distinctive place in the financial ecosystem as one of the earliest exchanges globally to list on its own trading platform. This structure has attracted increased scrutiny over the years, especially when issues arise that raise questions about transparency, oversight, and independence.
Longo remarked that the self-listing model is an outcome of a series of historical decisions, but with market dynamics and expectations evolving, a reassessment may be timely. The review will evaluate whether such an arrangement continues to serve the best interests of the broader economy and its market participants.
Structural Reform Highlighted as a Pathway to Restoring Trust
Addressing concerns from media and stakeholders, Longo emphasised that restoring trust in the ASX’s role as a market operator is a key goal of the inquiry. He indicated that simply responding to individual issues is no longer sufficient. Instead, ASIC plans to conduct a holistic, expert-led investigation that examines systemic issues and explores long-term structural improvements.
While careful not to prejudge the review’s outcomes, Longo acknowledged that structural reform — including a potential shift away from the self-listing framework — could be part of the recommendations. This direction underscores ASIC’s intent to ensure the ASX aligns with global best practices in governance and accountability.
Expert Panel Set to Guide the Holistic Review
The review will be supported by an independent expert panel tasked with exploring the ASX’s internal workings. The focus areas include risk management, operational resilience, leadership structure, and how governance mechanisms function under the dual role of the ASX as both a market operator and a listed company.
ASIC’s engagement with the panel marks a strategic move to bring external objectivity to a process that will have lasting implications for Australia’s financial infrastructure. Market participants are closely watching developments, with any proposed changes expected to shape the future framework of capital markets in Australia.
Wider Implications for Market Operators
Beyond its immediate impact on ASX, the review may set a precedent for how integrated market operators are evaluated in jurisdictions where similar governance models exist. By addressing core structural questions, ASIC signals a broader commitment to strengthening market integrity and ensuring that operational oversight keeps pace with evolving market demands.
