The Australian Securities Exchange ASX logo is seen in Sydney, Australia, February 8, 2018. REUTERS/Daniel Munoz/File Photo Purchase Licensing Rights
May 14 (Reuters) - Australian stock exchange operator ASX (ASX.AX), said on Wednesday it has launched a consultation process on potential job cuts, as part of broader cost-cutting efforts while facing growing scrutiny from regulators.
The statement comes on the heels of a report by the Australian Financial Review on Tuesday that the exchange operator had started axing about 100 jobs across its operations.
The ASX kicked off the redundancy round on Monday and started consulting employees whose roles are affected, with final headcount decisions expected next week, the report said, citing unnamed sources.
No decisions have been made, and we are committed to working through this process respectfully with our employees, a spokesperson for ASX said in an email to Reuters.
Cutting 100 jobs would comprise about 8% of the total workforce. It had substantially increased its headcount since 2020, when the exchange employed around 800 staff.
The ASX has been under heightened regulatory scrutiny this year, including over a high-profile tech outage that disrupted settlements in late December 2024.
The Reserve Bank of Australia had also written a letter to ASX's leadership about a loss in confidence in the operator's ability to handle critical market infrastructure.
Australia's corporate regulator has also commenced legal action against the exchange operator regarding disclosures around initial upgrade to its clearing and settlement system called CHESS.
The new process comes after a restructuring announced by the ASX a year ago, alongside its interim results. It had flagged a business rationalisation and expense management review.
Shares in the bourse operator rose 1.8% to A$72.3.
The ASX, last week unveiled a series of proposed reforms in a bid to enhance the global appeal of Australia's capital markets and revitalising its subdued initial public offering landscape.
https://www.reuters.com/business/world-at-work/australia-bourse-operator-starts-consultation-process-potential-job-cuts-2025-05-14/
