ASIC takes aim at ASX for systemic ‘failure’ in botched tech upgrade
A 15 month ASIC investigation into a bungled technology project revealed “collective organisational failure” at the exchange operator.
ASIC deputy chair Sarah Court says the corporate regulator was compelled to take legal action against the ASX after a 15 month investigation into a bungled technology project revealed “collective organisational failure” at the exchange operator.
The corporate regulator’s decision to sue the ASX in the Federal Court over alleged misleading statements linked to its Clearing House Electronic Subregister System (CHESS) replacement program sparked fresh condemnation of the exchange on Tuesday.
Former Sydney Futures Exchange executive and ASX board aspirant Philip Galvin described the situation as “gobsmacking”.
ASIC alleged on Wednesday that statements made by the ASX in exchange announcements on 10 February 2022 saying the project remained "on-track for go-live" in April 2023 and was "progressing well" were misleading.
