ASIC sues ASX: CHESS replacement project delayed

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by Giorgi Kostiuk

2 years ago

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  1. ASIC Lawsuit Details
  2. Remarks from ASIC Chair
  3. ASX Responds to Lawsuit


    4. Australia's corporate regulator ASIC has filed a lawsuit against market operator ASX for allegedly mishandling the blockchain-based CHESS replacement project.

    ASIC Lawsuit Details

    ASIC has sued the ASX, alleging that the market operator misled the public regarding the status of the blockchain-based CHESS replacement project in early 2022. Despite claiming the project was on track, ASX revealed a likely delay six weeks later. An independent review uncovered significant scalability issues with the blockchain technology, leading to the project's halt and a $250 million write-off.

    Remarks from ASIC Chair

    ASIC Chair Joe Longo stated that ASX's claims undermined market trust: "ASX's statements go to the heart of trust in the integrity of our markets. We believe this was a collective failure by the ASX Board and senior executives at the time." Longo added that the project's delay and eventual halt in November 2022 resulted in substantial financial losses for both ASX and investors who relied on the company's statements.

    ASX Responds to Lawsuit

    ASX CEO Helen Lofthouse acknowledged the seriousness of ASIC's lawsuit and said the company is cooperating with the regulator's investigation and reviewing the allegations. In March 2024, ASX had already paid a A$1.05 million fine ($695,415) for separate market integrity rule breaches.

    The legal proceedings between ASIC and ASX are ongoing, and the regulator has yet to specify the penalty it seeks. The situation underscores the importance of honesty and transparency in corporate communications and investor relations.

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