Australia’s Securities Regulator Launches Inquiry into ASX Governance and Risks
Australia's Securities and Investment Commission (ASIC) has initiated an inquiry into the Australian Securities Exchange (ASX), focusing on its governance and a failed blockchain project. Key points include:
- Inquiry launched due to ongoing concerns about ASX’s operational stability and security.
- Concerns heightened after ASX canceled its blockchain-based upgrade to the CHESS settlement engine in 2022, leading to a costly reset.
- ASIC previously sued ASX for making misleading statements regarding the blockchain initiative.
- The investigation panel is chaired by Rob Whitfield, with members Christine Holman and Guy Debelle.
- Panel will assess ASX's technical capabilities and risk controls, recommending improvements as needed.
- ASX handles over A$6 billion ($3.92 billion) in daily trades.