Anthony Attia, who took over in September, said in a Friday interview that the exchange "needs to play its part in modernizing the market, simplifying the rules and benchmarking ourselves against Hong Kong or Singapore." He called those markets "very, very strong financial centers," adding, "we need to be a very strong financial center too."
He also warned, "It's important that Australia is not left behind," linking future growth to delivering core projects and addressing regulatory concerns. As he put it: "I see opportunities all along the value chain of ASX on equities, fixed income, commodities, and servicing our clients better, but I think we need to earn the right to have that ambition." A former Euronext NV executive, he will address shareholders at his first annual general meeting on Thursday, the first since he took the job.
ASX is working to repair credibility after an inquiry by the Australian Securities and Investments Commission uncovered long-running deficiencies in governance, capability and risk management that followed years of operational failures. Last month, the Reserve Bank of Australia reported that the bourse continued to miss expectations in several key areas.
The exchange this year admitted it made misleading statements that the original CHESS project was "progressing well." Getting core projects back on track after delays, technical failures and cost blowouts could create a sturdier base for growth.
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Rivals are moving. In 2028, Hong Kong Exchanges & Clearing is slated to adopt T+1 settlement, while Singapore Exchange still leads in markets for offshore currencies along with iron ore and Asian equity-index derivatives. At the same time, venues in the US, London and South Korea are extending their trading hours, ramping up the contest for access.
For the time being, the replacement of ASX's cash-equities clearing and settlement system, CHESS, is planned to keep a two-day settlement timetable, despite the US and Canada already operating on T+1. Attia said the ASX is talking with traders and investors about accelerating the change, while still aiming to deliver the CHESS upgrade in 2029. "The discussions we've been having with market participants are not a question of whether we should do it or not. The question is when."
Settlement speed dictates how quickly trades turn into cash and shares, and longer hours and better services expand access. Attia is tying progress on those fronts to bringing in more offshore investors, which influences liquidity and pricing. The bottom line: if ASX aligns more closely with peers on T+1, hours and core systems, it could narrow the gap with regional hubs.
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