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The Toronto Stock Exchange’s operator has warned blockchain technology is “not fit for purpose” when it comes to key sharemarket infrastructure and systems and other forms of modernisation are preferred.

In comments that place a spotlight on ASX Ltd’s CHESS replacement struggle, TMX Group’s chief executive has said the technology is not robust and not fast enough to handle mature, deep, liquid, fast markets.

Meanwhile, Christine Holgate, CEO of Global Express, is knocking on the door of her old shop Australia Post – seeking access to the group’s rural and regional infrastructure.  Rather than having to double up on infrastructure and build out its own, she argues Australians would be better served if Australia Post was made to share.

On Wall Street, stocks ended in the red ahead of another expected 75 basis point rate hike decision. The local sharemarket is also expected to track losses.

Five things you need to know

• AGL Energy’s new chair, Patricia McKenzie, has told staff it’s time for a re-set of the 185-year-old company after its biggest shareholder, Mike Cannon-Brookes, voiced reservations over her appointment. More

• Queensland’s new coal royalty regime will “reduce the competitiveness” of the state’s coal export sector, according to a Commodity Insights analysis prepared for the Resources Council. More

• The Finance Sector Union has warned an aggressive closure of bank branches has hit “crisis proportions” as the Commonwealth Bank axes 14 at its Bankwest unit. More

• The Federal Court has hit AMP with a $14.5m fine after finding it wrongly charged thousands of superannuation customers fees for financial advice they did not receive. More

• A case before the Federal Court is testing airlines’ duty of care to their customers when things go wrong a long way from home. More

"The reclusive Sydney billionaire David Teoh is quietly building another TPG."

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DataRoom

The investment bankers behind the just-announced initial public offer for shares in Porsche missed the opportunity to include all manner of puns in their capital raising documents. But it’s good to see that someone there has a sense of history at least, with the company being divided into 911 million shares. More

It's good times all round for the lithium industry, and near-term producer Sayona has lifted its share price by 100 per cent this year . Remarkably, though it is yet to actually produce any lithium, Sayona is being hailed by some as a mini-Pilbara Minerals. Two of our experts agree, while a third isn't so sure.

Meanwhile, global investment management firm T. Rowe Price has revealed it is looking to cash in a market hit by interest rate hikes and inflation.