New ASX chief executive Anthony Attia wants to speed up the move to ASX T+1 settlement for share trades.
He told Reuters he will consult regulators and the market rather than wait for the final CHESS upgrade, due in 2029.
Under T+1, a trade settles one business day after it is made. ASX has used a two-day settlement cycle since 2016.
The US, by contrast, has settled on T+1 for the past two years. In Attia’s view, 2029 is too late, and ASX has no reason to stay on a two-day cycle.
ASX weighed a T+1 move in 2024. However, it put the idea on hold because market users wanted the focus kept on an A$445 million technology upgrade.
That work followed system outages, late settlements and other faults, which led to a rebuke and a fine from regulators.
Meanwhile, other markets are making the switch. London and Euronext plan to adopt T+1 in October 2027, while Hong Kong aims to follow in late 2027.
Attia took up the role six weeks ago after close to 30 years at Euronext.
Before he arrived, regulators and investors had kept a close watch on ASX over CHESS delays, cost overruns and outages.
In addition, a nine-month inquiry by regulators found that ASX had put shareholder returns ahead of spending on infrastructure. Over the 12 months to 30 June, ASX shares lost 23.6%.
Attia said ASX should fix these issues and grow at the same time. He noted that the industry moves fast and capital flows freely, so ASX cannot afford to wait.
Featured image: Edited by Fintech News Australia, based on image by ASX via LinkedIn and Who is Danny via Magnific.
