Post by : Bianca
Haleem
The Australian Securities Exchange (ASX) has officially appointed Lucinda McCann as the new chief compliance officer, a role aimed at strengthening the exchange's governance and risk management frameworks. This appointment is effective immediately, underscoring the urgency ASX feels to bolster its operations in light of ongoing regulatory pressures.
This decision follows increased scrutiny of ASX's compliance protocols, particularly after the corporate regulator initiated an investigation in June due to concerns raised by the central bank regarding governance issues. Additionally, ASX has been navigating several operational challenges, including a significant trading settlement delay reported in 2024.
David Clarke, Chair of ASX, has notably stated that the ongoing transformation program, which is part of a multi-year initiative, must succeed, pointing to an urgent need for technological upgrades and enhanced operational resilience. This program is currently halfway through a five-year timeline designed to rebuild market confidence and mitigate future disruptions.
Lucinda McCann, who brings more than 25 years of legal and regulatory expertise to the position, previously held a partnership at the international law firm Norton Rose Fulbright. She has also served in significant roles at the Australian Prudential Regulation Authority, including the role of chief general counsel. McCann succeeds Daniel Moran, who departed in July after 15 years with ASX.
This strategic appointment of McCann is intended to fortify ASX’s compliance culture and ensure the ongoing success of its transformation initiative, addressing the rising expectations from regulators, investors, and market stakeholders.
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