<p>要点：</p>
<ul>
<li>停机事件重新引发对长期延迟的技术改革的担忧</li>
<li>投资者警告反复的故障可能会侵蚀市场诚信</li>
<li>交易所面临更大压力以更换老旧系统</li>
</ul>
<p>作者：Christine Chen 和 Scott Murdoch</p>
<p>澳大利亚证券交易所的技术改造计划被该公司主席称为至关重要，不能失败，但在本周遭遇新一轮停机后，投资者和市场参与者对其提出了质疑，这是一系列故障中的最新一起。</p>
<p>周一，约 80 家有价格敏感披露的公司因 ASX 的公告平台崩溃而被暂停交易，导致数百份声明无法发布。</p>
<p>此次干扰突显了 ASX 在努力改革老旧系统时面临的声誉风险。这一故障引发了对治理和运营韧性的质疑，投资者表示这些问题对维护市场诚信至关重要。</p>
<p>“坦率地说，这非常尴尬，尤其是在过去 12 个月中他们面临的事件数量之后，” ASX 市场参与者、Opal Capital 创始人 Omkar Joshi 表示。</p>
<p>“现实是，由于我们仍然看到持续出现的问题，我认为很难说他们实际上已经成功交付了任何东西。但这并不意味着他们不能扭转局面——但还有很多工作要做。”</p>
<p>ASX 在给路透社的声明中表示，周一的停机事件在交易时段逐渐恢复，是 “与安全升级的软件部署相关”。</p>
<p>“我们对造成的干扰感到抱歉，我们一直在与所有受影响的公司跟进，以提供进一步支持，并倾听和学习，” 声明中说。</p>
<p>ASX 表示还将向澳大利亚证券和投资委员会（ASIC）提供事件报告。</p>
<p>反复的技术故障</p>
<p>这一失误是 ASX 的最新失误，该公司已经受到监管机构的调查。ASIC 质疑 ASX 提供安全和韧性关键市场基础设施的能力。</p>
<p>ASX 主席 David Clarke 在 10 月于悉尼举行的公司年度会议上表示，升级交易所技术的重大改造计划不能失败。</p>
<p>但不到两个月，投资者对 ASX 是否能够兑现减轻公司面临的监管负担的承诺感到谨慎。</p>
<p>“停机显然令人失望，可能只是他们过去一些问题的延续，而这些问题尚未得到解决，” 澳大利亚鹰资产管理公司的首席投资官 Sean Sequeira 表示，他是 ASX 的投资者。</p>
<p>“这是一个技术问题。关键不在于他们是否能扭转局面，而在于他们能否在可接受的时间内扭转局面，” 他说。</p>
<p>ASX 受到审查</p>
<p>ASX 未能升级其结算系统的事件可以追溯到九年前，交易所因在此期间对技术进展做出误导性陈述而被 ASIC 起诉。</p>
<p>新的清算系统将运行在更先进的技术上，取代一个已有三十年历史的系统，称为清算所电子子登记系统（CHESS），该系统在 2024 年崩溃，导致交易结算停滞一天。</p>
<p>新系统的第一阶段预计将在 2026 年上半年推出。投资者寄希望于这一升级能帮助 ASX 扭转颓势。</p>
<p>“将现金市场清算迁移到新平台可以降低 ASX 基础设施的风险，并应允许 ASX 向监管机构展示其正在增强运营韧性，” ASX 投资者、Akambo 的投资组合经理 Greig Barrow 表示。</p>
<p>此次升级预计将花费高达 4.45 亿澳元（2.93 亿美元），而 ASX 在放弃用区块链技术替换现有结算系统的计划后，进行了 2.5 亿澳元的减记。</p>
<p>“他们一直相当自满，显然没有足够的投资。他们的系统似乎无法跟上现代世界的步伐，” 管理着 80 亿澳元资金的 Argo Investments 的董事总经理 Jason Beddow 表示。</p>
<p>ASX 表示，它在系统改革方面继续取得 “强劲进展”，而周一的停机事件是一个无关的事件。</p>
<p>（1 美元 = 1.5209 澳元）</p>

日月光半导体

<p>澳大利亚证券交易所（ASX）再次出现故障，重新引发了人们对其技术升级延迟的担忧。投资者警告，频繁的故障可能危及市场的完整性，呼吁交易所更换老旧系统。此次故障影响了 80 家公司，突显了治理和运营韧性的问题。ASX 正受到澳大利亚证券和投资委员会（ASIC）的审查，计划进行重大技术升级以改善基础设施。此次升级预计耗资高达 4.45 亿澳元，旨在到 2026 年更换过时的 CHESS 系统，但投资者对 ASX 能否及时交付改进仍持怀疑态度</p>

<p>Key points:</p>
<div class="lb-trans"><p>要点：</p>
</div><ul>
<li>Outage reignites concerns about long-delayed tech overhaul</li>
<li>Investors warn repeated failures risk eroding market integrity</li>
<li>Exchange under growing pressure to replace aging systems</li>
</ul>
<div class="lb-trans"><ul>
<li>停机事件重新引发对长期延迟的技术改革的担忧</li>
<li>投资者警告反复的故障可能会侵蚀市场诚信</li>
<li>交易所面临更大压力以更换老旧系统</li>
</ul>
</div><p>By Christine Chen and Scott Murdoch</p>
<div class="lb-trans"><p>作者：Christine Chen 和 Scott Murdoch</p>
</div><p>The Australian Securities Exchange's technology turnaround plan, touted by the firm's chair as being too important to fail, is facing questions from investors and market participants after it was hit by a fresh outage this week, the latest in a string of failures.</p>
<div class="lb-trans"><p>澳大利亚证券交易所的技术改造计划被该公司主席称为至关重要，不能失败，但在本周遭遇新一轮停机后，投资者和市场参与者对其提出了质疑，这是一系列故障中的最新一起。</p>
</div><p>About 80 companies with price-sensitive disclosures were placed in a trading halt on Monday after the ASX's announcement platform collapsed, leaving hundreds of statements unable to be published.</p>
<div class="lb-trans"><p>周一，约 80 家有价格敏感披露的公司因 ASX 的公告平台崩溃而被暂停交易，导致数百份声明无法发布。</p>
</div><p>The disruption highlights reputational risks for ASX as it struggles to overhaul aging systems. The failure has raised questions about governance and operational resilience, issues that investors say are critical for maintaining market integrity.</p>
<div class="lb-trans"><p>此次干扰突显了 ASX 在努力改革老旧系统时面临的声誉风险。这一故障引发了对治理和运营韧性的质疑，投资者表示这些问题对维护市场诚信至关重要。</p>
</div><p>&#34;It was, frankly, embarrassing, especially after the number of incidents they faced over the last 12 months,&#34; said Omkar Joshi, Opal Capital founder, an ASX market participant.</p>
<div class="lb-trans"><p>“坦率地说，这非常尴尬，尤其是在过去 12 个月中他们面临的事件数量之后，” ASX 市场参与者、Opal Capital 创始人 Omkar Joshi 表示。</p>
</div><p>&#34;The reality is since we're still seeing continued issues coming up, I think it's very hard to say that they have actually succeeded in delivering anything just yet. But that doesn't mean they can't turn it around - but there is a fair bit of work to do.&#34;</p>
<div class="lb-trans"><p>“现实是，由于我们仍然看到持续出现的问题，我认为很难说他们实际上已经成功交付了任何东西。但这并不意味着他们不能扭转局面——但还有很多工作要做。”</p>
</div><p>The ASX  said in a statement to Reuters that Monday's outage, which was gradually restored during the trading session, was &#34;related to a software deployment for a security upgrade&#34;.</p>
<div class="lb-trans"><p>ASX 在给路透社的声明中表示，周一的停机事件在交易时段逐渐恢复，是 “与安全升级的软件部署相关”。</p>
</div><p>&#34;We are sorry for the disruption this caused and we have been following up with all affected companies to offer any further support and to listen and learn,&#34; the statement said.</p>
<div class="lb-trans"><p>“我们对造成的干扰感到抱歉，我们一直在与所有受影响的公司跟进，以提供进一步支持，并倾听和学习，” 声明中说。</p>
</div><p>The ASX said it would also provide an incident report to the Australian Securities and Investments Commission (ASIC).</p>
<div class="lb-trans"><p>ASX 表示还将向澳大利亚证券和投资委员会（ASIC）提供事件报告。</p>
</div><p>REPEATED TECHNOLOGY FAILURES</p>
<div class="lb-trans"><p>反复的技术故障</p>
</div><p>The blunder was the latest misstep for ASX, which is already under investigation by the regulator. ASIC has questioned the ASX's ability to provide secure and resilient critical market infrastructure.</p>
<div class="lb-trans"><p>这一失误是 ASX 的最新失误，该公司已经受到监管机构的调查。ASIC 质疑 ASX 提供安全和韧性关键市场基础设施的能力。</p>
</div><p>ASX chair David Clarke told the company's annual meeting in Sydney in October a major turnaround plan to upgrade the exchange's technology could not afford to fail.</p>
<div class="lb-trans"><p>ASX 主席 David Clarke 在 10 月于悉尼举行的公司年度会议上表示，升级交易所技术的重大改造计划不能失败。</p>
</div><p>But less than two months on investors are wary if the ASX will be able to deliver on its promise to ease the regulatory burden the company is facing.</p>
<div class="lb-trans"><p>但不到两个月，投资者对 ASX 是否能够兑现减轻公司面临的监管负担的承诺感到谨慎。</p>
</div><p>&#34;The outage is clearly disappointing and is probably just a continuation of some of the problems they've had in the past that they're yet to get right,&#34; said Sean Sequeira, chief investment officer at Australian Eagle Asset Management, an ASX investor.</p>
<div class="lb-trans"><p>“停机显然令人失望，可能只是他们过去一些问题的延续，而这些问题尚未得到解决，” 澳大利亚鹰资产管理公司的首席投资官 Sean Sequeira 表示，他是 ASX 的投资者。</p>
</div><p>&#34;There's a technology issue. It's not a case of whether they'll turn it around, it's whether they'll turn it around in an acceptable amount of time,&#34; he said.</p>
<div class="lb-trans"><p>“这是一个技术问题。关键不在于他们是否能扭转局面，而在于他们能否在可接受的时间内扭转局面，” 他说。</p>
</div><p>ASX UNDER SCRUTINY</p>
<div class="lb-trans"><p>ASX 受到审查</p>
</div><p>The ASX's failed upgrade of its settlement system dates back more than nine years, and the exchange is being sued by ASIC for making misleading statements on technological progress during that time.</p>
<div class="lb-trans"><p>ASX 未能升级其结算系统的事件可以追溯到九年前，交易所因在此期间对技术进展做出误导性陈述而被 ASIC 起诉。</p>
</div><p>A new clearing system will run on more advanced technology, replacing a three-decade-old system known as the Clearing House Electronic Subregister System (CHESS) which collapsed in 2024, stopping settlement of trades for a day.</p>
<div class="lb-trans"><p>新的清算系统将运行在更先进的技术上，取代一个已有三十年历史的系统，称为清算所电子子登记系统（CHESS），该系统在 2024 年崩溃，导致交易结算停滞一天。</p>
</div><p>The first phase of the new system is due in the first half of 2026. Investors are banking on the upgrade to help ASX's flagging fortunes.</p>
<div class="lb-trans"><p>新系统的第一阶段预计将在 2026 年上半年推出。投资者寄希望于这一升级能帮助 ASX 扭转颓势。</p>
</div><p>&#34;Moving cash market clearing to a new platform de-risks part of ASX's infrastructure and should allow ASX to demonstrate to regulators that it is strengthening operational resilience,&#34; said Greig Barrow, a portfolio manager at Akambo, an ASX investor.</p>
<div class="lb-trans"><p>“将现金市场清算迁移到新平台可以降低 ASX 基础设施的风险，并应允许 ASX 向监管机构展示其正在增强运营韧性，” ASX 投资者、Akambo 的投资组合经理 Greig Barrow 表示。</p>
</div><p>The upgrade is expected to cost up to A$445 million ($293 million), which comes after the ASX made a A$250 million writedown as it dumped its plan to replace its existing settlement system with blockchain technology.</p>
<div class="lb-trans"><p>此次升级预计将花费高达 4.45 亿澳元（2.93 亿美元），而 ASX 在放弃用区块链技术替换现有结算系统的计划后，进行了 2.5 亿澳元的减记。</p>
</div><p>&#34;They've been pretty complacent and clearly not invested enough. Their systems don't seem to be able to keep up with the modern world,&#34; said Jason Beddow, managing director at Argo Investments which has A$8 billion in funds under management.</p>
<div class="lb-trans"><p>“他们一直相当自满，显然没有足够的投资。他们的系统似乎无法跟上现代世界的步伐，” 管理着 80 亿澳元资金的 Argo Investments 的董事总经理 Jason Beddow 表示。</p>
</div><p>The ASX said it was continuing to make &#34;strong progress&#34; on the overhaul of its systems and Monday's outage was an unrelated incident.</p>
<div class="lb-trans"><p>ASX 表示，它在系统改革方面继续取得 “强劲进展”，而周一的停机事件是一个无关的事件。</p>
</div><p>($1 = 1.5209 Australian dollars)</p>
<div class="lb-trans"><p>（1 美元 = 1.5209 澳元）</p>
</div>

ASX 的故障加深了投资者对技术改革的疑虑