The Australian Securities Exchange (ASX) has appointed Lucinda McCann as its new chief compliance officer, a role she will occupy immediately to bolster governance and risk management frameworks. This strategic decision highlights ASX's urgency to fortify operations in response to ongoing regulatory scrutiny.
This development follows increased oversight of ASX's compliance practices, particularly after a corporate regulator investigation launched in June regarding governance issues brought to light by the central bank. Additionally, the exchange has been grappling with operational problems, including a significant delay in trading settlements in 2024.
David Clarke, ASX Chair, underscored the importance of the exchange's multi-year transformation initiative, stating that it “cannot fail.” This initiative emphasizes the need to modernize technological systems and strengthen operational resilience, currently halfway through its five-year timeline to restore market confidence.
Lucinda McCann arrives with over 25 years of experience in legal and regulatory fields. Before joining ASX, she was a partner at the international law firm Norton Rose Fulbright and previously served as chief general counsel at the Australian Prudential Regulation Authority. She takes over from Daniel Moran, who left in July after a 15-year tenure.
The selection of McCann is viewed as a pivotal move to solidify ASX’s compliance culture and keep its transformation agenda on track amidst heightened expectations from regulators, investors, and market stakeholders.
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