ASIC Appoints Expert Panel to Investigate ASX’s Failed Blockchain Project
The Australian Securities and Investments Commission (ASIC) has formed a three-member expert panel to investigate the ASX’s failed blockchain project, which cost over $160 million.
according to Reuters, the panel includes former central bank deputy governor guy Debelle, non-executive director of the Commonwealth bank Rob Whitfield as chair, and Christine Holman, a non-executive director of AGL and Collins Foods. The panel will examine the ASX’s management, governance, and risk management practices that may have contributed to the project’s failure. They are expected to submit a report by March 31, 2026, with recommendations for regulators.
The ASX started the project in 2015 to upgrade its trading platform, CHESS, using blockchain technology. However, the project faced issues with scalability and complexity, leading to its abandonment in November 2024. The project’s failure has damaged public trust in the stock exchange. The ASX welcomed the investigation and promised to cooperate fully.
Key points:
- Panel to submit findings by March 31, 2026.
- Project aimed to replace the CHESS system but lacked market support and expert backing.
- ASX cited dysfunctional management and product complexity as reasons for its cancellation.
