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.