The Australasian Investor Relations Association (AIRA) has proposed a "fast track" to speed up the release to market of important financial results announcements and other price sensitive information during reporting season. AIRA said the move was spurred by listed entities issuing profit results, annual reports and other important performance announcements through the ASX before daily share trading commences.
“A poll of our members shows that 69% of respondents are lodging their financial results to the ASX between 7:30am and 8:30am to give stock market analysts and investors more time to assess the results before trading commences. This is a critical period of the day, and some companies experienced delays in the latest reporting season," AIRA CEO Ian Matheson said.
Matheson said 90% of those surveyed received acknowledgement of receipt back from the ASX within 20 minutes. He said it was important for analysts to be able to provide informed responses to their clients as soon as possible before the market opens.
AIRA said a fast track system would prioritise ASX releases so that the most time sensitive ones were made public more quickly.
An investor association is proposing a fast track of price sensitive information during profit reporting seasons.