'Staggering' waste as ASX sends millions of worthless letters

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.

Can't see the need for it.

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