In November 2022 the Australian Securities Exchange (ASX) paused work on a DLT-based replacement of its CHESS settlement system on which it had spent more than US$169 million and wrote off the investment. Today the Australian Securities and Investments Commission (ASIC) sued the ASX, alleging it made misleading statements prior to canning the project.
It referenced a statement on 10 February 2022 in which the ASX said the project was “on-track for go-live” in April 2023 and was “progressing well”. By March, the ASX said the launch would likely be delayed.
“We allege that the true state of affairs as at 10 February 2022 was that the project was not ‘progressing well’, contrary to ASX’s announcement,” said ASIC Chair Joe Longo.
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