ASX drops to more than 14-month low on RBA scrutiny

** Australia's Securities exchange ASX ASX falls as much as 1.5% to A$59.66, lowest since July 2, 2024

** RBA says market operator's clearing and settlement units fall short of key regulatory standards; pledges to monitor progress closely

** Adds ASX must make "foundational changes" to its governance, culture, risk management after trading settlement failure in December 2024

** ASX says it's committed to RBA's recommendations

** YTD, stock down 8.3%