After Monday's outage, the ASX was in trouble again yesterday as its Centre Point matching system closed off participants from using Chi-X bids and offers.
The Centre Point is an anonymous matching system that matches buyers and sellers at the mid-point (or other permitted price steps inside the National Best Bid and Offer.
At 11:17am yesterday, ASX notified participants ASX Centre Point execution prices will be based on the ASX-lit best bid and offer only. That is, Chi-X bids and offers would not be used.
"By not considering Chi-X bids and offers, transactions conducted on Centre Point may no longer constitute a Trade with Price Improvement under Rule 6.2.3 of the ASIC Market Integrity Rules (Securities Markets) 2017 (Rules)," ASIC said.
"As a result, orders may no longer fall within the exceptions to the requirement to enter into transactions by matching on a Pre-Trade Transparent Order Book (Rule 6.1.1)."
ASX won't have to pay a fine for the potential violation of Rule 6.2.3
However, the regulator said it is checking ASX's compliance with its market licence obligations.
"ASIC is concerned that there have been further issues with infrastructure at ASX and are working with stakeholders to ensure that any impact on the fair, orderly and transparent operation of the markets is minimised,"the regulator said.
"ASIC is actively assessing ASX's compliance with its market licence obligations and is considering further actions to ensure the adequacy of ASX's human, financial and technological resources to operate its markets in an orderly manner."