The head of the Australian Securities Exchange has apologised for an outage in November that caused a day's trading to be lost after a review found a new system was not ready to go live. The review overseen by the Reserve Bank of Australia and the Australian Securities and Investments Commission said the outage occurred after a major upgrade to the ASX's equity trading platform, ASX Trade. "The regulators view operational incidents of this nature with significant concern," the RBA and the ASIC said in a joint statement on Monday. The review conducted by IBM Australia found that overall the ASX met or exceeded leading industry practices in a majority of the capabilities assessed. "However, the independent expert identified several key shortcomings in the project," they said. These included factors suggesting the ASX Trade system was not ready to go live considering ASX's near-zero risk appetite for service disruption, gaps in the rigour applied to the project delivery risk and issue management process.