'Staggering' waste as ASX sends millions of worthless letters

  • 📰 abcnews
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 83%

Australia Headlines News

Australia Latest News,Australia Headlines

After decades of complaints, the ASX is close to implementing an email-based system that will prevent hundreds of tonnes of worthless letters being dumped in recycling and landfill.

Registry company Link Market Services used a total of 742 tonnes of paper "consumed externally on behalf of our clients" according to its most recent annual report. But there is no breakdown of how much was used for its share registry work and how much for other areas of the business.

"One of the things that I've been able to ascertain in my discussions with various registries is that they charge the listed entities [companies like BHP] each time they need to perform an action," he explains. The CHESS system was introduced in 1994. Even though the 'E' stands for electronic, changing to allow for electronic communication has taken decades.

A roster of senior executives have left the organisation and a software update last year closed the market for a day, triggering inquiries by the government and regulators.One of the biggest issues for the ASX is its role: it is merely an exchange and record keeper, not the actual buyer and seller.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Can't see the need for it.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in AU

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

PM announces 400,000 additional Pfizer and Moderna doses for VictoriaPrime Minister Scott Morrison has announced Victoria is set to receive more than 400,000 additional vaccine doses as the state’s COVID case numbers continue to rise. Scotty takes his 8 children to the Doctor. Doc says 'Scotty, Gladys is real sick, she infected Dan, who is bad & the others are at Risk, even Mark who's hiding in the Paddock. I got some medicine to help them ALL.' Scotty 'Stuff the others doc, give it to my favourite, Gladys!' Scott Morrison has done an amazing job during these difficult times, well done! 😊
Source: SkyNewsAust - 🏆 7. / 78 Read more »

With a shortage of building timber, why send eucalyptus nitens overseas as woodchips?Eucalyptus niten plantations cover 210,000 hectares of Tasmania but could these grey gums be worth more than just pulpwood? Because Aust is lazy maybe the land clearing a human activity causing the climate to change, maybe the trees can change seasons after all and not the seasons change trees, some weird indirect way or some direct way, two way relation, long term or short term You really need to appreciate our TREES as the 'LUNGS OF THE EARTH' and a major part of the Environment instead of just a commodity.
Source: abcnews - 🏆 5. / 83 Read more »

‘I am not going to waste police time’: Tony Abbott fined for not wearing a maskThe former prime minister has been fined $500 for allegedly failing to wear a mask as required by public health orders. covid19
Source: theage - 🏆 8. / 77 Read more »

Miner tests positive for coronavirus after flying to Adelaide from SydneyThe man was tested when he arrived into the state and put into isolation, sending 45 others into quarantine as well, as the state announced a new vaccination push Why not just ask people with Covid to come? And SA Health is also looking for the Port Adelaide players which can't be found anywhere 好馋忍😆😆
Source: 9NewsAUS - 🏆 10. / 72 Read more »

‘We are with you’: PM’s 9/11 messageScott Morrison has sent a message of solidarity to the thousands of people who lost loved ones in the September 11 terror attacks 20 years ago. It’ll be nice if Scotty was with Western Sydney or even Australia
Source: newscomauHQ - 🏆 9. / 77 Read more »

What it's like to work inside a COVID ward in Sydney right nowHospital staff are being pushed to the brink as case numbers soar across NSW, and more patients are sent to the ICU as the virus robs them of their ability to breathe. 9News Can you post something what is about eastern beach right? Sick of your hide and seek media news.. Go see Bondi today people are walking over each and hospitals are being pushed to the brink 😂😂😂 Bullshit
Source: 9NewsAUS - 🏆 10. / 72 Read more »