2237 GMT [Dow Jones]--Regulatory risks are rising for stock-exchange operator ASX, adding to reasons why UBS is bearish on the stock. The Reserve Bank of Australia and the Australian Securities and Investment Commission, which regulate ASX's cash equity clearing and settlement operations, have issued a joint letter outlining "deep concerns" over the company's operational risk management. It follows settlement issues late last year. "As a result, additional oversight/reporting appears likely to add to near-term costs with risk of a more heavy-handed regulatory intervention if further issues arise," says analyst Kieren Chidgey. UBS has a sell call on ASX, given its capex outlook and lofty valuation relative to its global peers. (david.winning@wsj.com)
(END) Dow Jones Newswires
March 31, 2025 18:41 ET (22:41 GMT)
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