A raft of banks and trading firms are set to sue Australian Securities Exchange (ASX) after its review into a series of cancelled trades failed to quell anger in the market. Transmarket Group is the most vocal of the complainants, but sources indicate a joint lawsuit will also name firms including UBS, Société Générale, National Australia Bank (NAB), Australia and New Zealand Bank, Westpac and at least one hedge fund client of MF Global as co-plaintiffs.Mike Donohue, Singapore-based head of Transmarket’s Asia-Pacific business, confirmed that his firm “is pursuing joint legal action with other aggrieved parties”. He said, “The message has to be delivered to ASX that it cannot continue to exist outside standards of fair commerce.”The argument rests on...