<p>要點：</p>
<ul>
<li>停機事件重新引發對長期延遲的技術改革的擔憂</li>
<li>投資者警告反覆的故障可能會侵蝕市場誠信</li>
<li>交易所面臨更大壓力以更換老舊系統</li>
</ul>
<p>作者：Christine Chen 和 Scott Murdoch</p>
<p>澳大利亞證券交易所的技術改造計劃被該公司主席稱為至關重要，不能失敗，但在本週遭遇新一輪停機後，投資者和市場參與者對其提出了質疑，這是一系列故障中的最新一起。</p>
<p>週一，約 80 家有價格敏感披露的公司因 ASX 的公告平台崩潰而被暫停交易，導致數百份聲明無法發佈。</p>
<p>此次干擾突顯了 ASX 在努力改革老舊系統時面臨的聲譽風險。這一故障引發了對治理和運營韌性的質疑，投資者表示這些問題對維護市場誠信至關重要。</p>
<p>“坦率地説，這非常尷尬，尤其是在過去 12 個月中他們面臨的事件數量之後，” ASX 市場參與者、Opal Capital 創始人 Omkar Joshi 表示。</p>
<p>“現實是，由於我們仍然看到持續出現的問題，我認為很難説他們實際上已經成功交付了任何東西。但這並不意味着他們不能扭轉局面——但還有很多工作要做。”</p>
<p>ASX 在給路透社的聲明中表示，週一的停機事件在交易時段逐漸恢復，是 “與安全升級的軟件部署相關”。</p>
<p>“我們對造成的干擾感到抱歉，我們一直在與所有受影響的公司跟進，以提供進一步支持，並傾聽和學習，” 聲明中説。</p>
<p>ASX 表示還將向澳大利亞證券和投資委員會（ASIC）提供事件報告。</p>
<p>反覆的技術故障</p>
<p>這一失誤是 ASX 的最新失誤，該公司已經受到監管機構的調查。ASIC 質疑 ASX 提供安全和韌性關鍵市場基礎設施的能力。</p>
<p>ASX 主席 David Clarke 在 10 月於悉尼舉行的公司年度會議上表示，升級交易所技術的重大改造計劃不能失敗。</p>
<p>但不到兩個月，投資者對 ASX 是否能夠兑現減輕公司面臨的監管負擔的承諾感到謹慎。</p>
<p>“停機顯然令人失望，可能只是他們過去一些問題的延續，而這些問題尚未得到解決，” 澳大利亞鷹資產管理公司的首席投資官 Sean Sequeira 表示，他是 ASX 的投資者。</p>
<p>“這是一個技術問題。關鍵不在於他們是否能扭轉局面，而在於他們能否在可接受的時間內扭轉局面，” 他説。</p>
<p>ASX 受到審查</p>
<p>ASX 未能升級其結算系統的事件可以追溯到九年前，交易所因在此期間對技術進展做出誤導性陳述而被 ASIC 起訴。</p>
<p>新的清算系統將運行在更先進的技術上，取代一個已有三十年曆史的系統，稱為清算所電子子登記系統（CHESS），該系統在 2024 年崩潰，導致交易結算停滯一天。</p>
<p>新系統的第一階段預計將在 2026 年上半年推出。投資者寄希望於這一升級能幫助 ASX 扭轉頹勢。</p>
<p>“將現金市場清算遷移到新平台可以降低 ASX 基礎設施的風險，並應允許 ASX 向監管機構展示其正在增強運營韌性，” ASX 投資者、Akambo 的投資組合經理 Greig Barrow 表示。</p>
<p>此次升級預計將花費高達 4.45 億澳元（2.93 億美元），而 ASX 在放棄用區塊鏈技術替換現有結算系統的計劃後，進行了 2.5 億澳元的減記。</p>
<p>“他們一直相當自滿，顯然沒有足夠的投資。他們的系統似乎無法跟上現代世界的步伐，” 管理着 80 億澳元資金的 Argo Investments 的董事總經理 Jason Beddow 表示。</p>
<p>ASX 表示，它在系統改革方面繼續取得 “強勁進展”，而週一的停機事件是一個無關的事件。</p>
<p>（1 美元 = 1.5209 澳元）</p>

日月光半導體

<p>澳大利亞證券交易所（ASX）再次出現故障，重新引發了人們對其技術升級延遲的擔憂。投資者警告，頻繁的故障可能危及市場的完整性，呼籲交易所更換老舊系統。此次故障影響了 80 家公司，突顯了治理和運營韌性的問題。ASX 正受到澳大利亞證券和投資委員會（ASIC）的審查，計劃進行重大技術升級以改善基礎設施。此次升級預計耗資高達 4.45 億澳元，旨在到 2026 年更換過時的 CHESS 系統，但投資者對 ASX 能否及時交付改進仍持懷疑態度</p>

<p>Key points:</p>
<div class="lb-trans"><p>要點：</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>停機事件重新引發對長期延遲的技術改革的擔憂</li>
<li>投資者警告反覆的故障可能會侵蝕市場誠信</li>
<li>交易所面臨更大壓力以更換老舊系統</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>澳大利亞證券交易所的技術改造計劃被該公司主席稱為至關重要，不能失敗，但在本週遭遇新一輪停機後，投資者和市場參與者對其提出了質疑，這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>週一，約 80 家有價格敏感披露的公司因 ASX 的公告平台崩潰而被暫停交易，導致數百份聲明無法發佈。</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>此次干擾突顯了 ASX 在努力改革老舊系統時面臨的聲譽風險。這一故障引發了對治理和運營韌性的質疑，投資者表示這些問題對維護市場誠信至關重要。</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>“坦率地説，這非常尷尬，尤其是在過去 12 個月中他們面臨的事件數量之後，” ASX 市場參與者、Opal Capital 創始人 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>“現實是，由於我們仍然看到持續出現的問題，我認為很難説他們實際上已經成功交付了任何東西。但這並不意味着他們不能扭轉局面——但還有很多工作要做。”</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 在給路透社的聲明中表示，週一的停機事件在交易時段逐漸恢復，是 “與安全升級的軟件部署相關”。</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>“我們對造成的干擾感到抱歉，我們一直在與所有受影響的公司跟進，以提供進一步支持，並傾聽和學習，” 聲明中説。</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 表示還將向澳大利亞證券和投資委員會（ASIC）提供事件報告。</p>
</div><p>REPEATED TECHNOLOGY FAILURES</p>
<div class="lb-trans"><p>反覆的技術故障</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>這一失誤是 ASX 的最新失誤，該公司已經受到監管機構的調查。ASIC 質疑 ASX 提供安全和韌性關鍵市場基礎設施的能力。</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 月於悉尼舉行的公司年度會議上表示，升級交易所技術的重大改造計劃不能失敗。</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>但不到兩個月，投資者對 ASX 是否能夠兑現減輕公司面臨的監管負擔的承諾感到謹慎。</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>“停機顯然令人失望，可能只是他們過去一些問題的延續，而這些問題尚未得到解決，” 澳大利亞鷹資產管理公司的首席投資官 Sean Sequeira 表示，他是 ASX 的投資者。</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>“這是一個技術問題。關鍵不在於他們是否能扭轉局面，而在於他們能否在可接受的時間內扭轉局面，” 他説。</p>
</div><p>ASX UNDER SCRUTINY</p>
<div class="lb-trans"><p>ASX 受到審查</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 未能升級其結算系統的事件可以追溯到九年前，交易所因在此期間對技術進展做出誤導性陳述而被 ASIC 起訴。</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>新的清算系統將運行在更先進的技術上，取代一個已有三十年曆史的系統，稱為清算所電子子登記系統（CHESS），該系統在 2024 年崩潰，導致交易結算停滯一天。</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>新系統的第一階段預計將在 2026 年上半年推出。投資者寄希望於這一升級能幫助 ASX 扭轉頹勢。</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>“將現金市場清算遷移到新平台可以降低 ASX 基礎設施的風險，並應允許 ASX 向監管機構展示其正在增強運營韌性，” ASX 投資者、Akambo 的投資組合經理 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>此次升級預計將花費高達 4.45 億澳元（2.93 億美元），而 ASX 在放棄用區塊鏈技術替換現有結算系統的計劃後，進行了 2.5 億澳元的減記。</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>“他們一直相當自滿，顯然沒有足夠的投資。他們的系統似乎無法跟上現代世界的步伐，” 管理着 80 億澳元資金的 Argo Investments 的董事總經理 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，它在系統改革方面繼續取得 “強勁進展”，而週一的停機事件是一個無關的事件。</p>
</div><p>($1 = 1.5209 Australian dollars)</p>
<div class="lb-trans"><p>（1 美元 = 1.5209 澳元）</p>
</div>

ASX 的故障加深了投資者對技術改革的疑慮