ASIC Appoints Panel to Probe ASX Following Failed Blockchain Project

The Australian Corporate Regulator has compiled a difficult category of financial experts to test internal surgery of Australian securities after a series of failures, including a catastrophically $ 250 million ($ 163.1 million) by Blockchain project that has demolished after seven years of development.

Australian Securities (ASIC) (Asic) announced On Wednesday, he appointed three panel members who would conduct an investigation into the ASX group, focusing on the frames of management, ability and risk management within the primary stock market in the country.

The panel will explore the basic organizational and cultural drivers who have contributed to the recent incidents of compliance, to evaluate whether the ASX has an appropriate ability for stable market infrastructure and examine the frames of financial goals and responsibilities of the group, according to Terms of testing.

Rob Whitfield, former executive director of institutional banking Westpac Banking Corporation and current Director of Commonwealth Bank, will chair the Council.

He brings three decades of banking experience, and the Australia’s order was awarded to the Banking and Public Administration in 2020.

Whitfield is joined by Christine Holman, an unspoken director of AGL LTD and Collins Foods LTD with 35 years of experience in the media sector, property and technology, and Guy Debelle, a former Deputy Governor of the Australia Spare Bank and the current Fondssa president.

Failure in the chain

The investigation is followed by ASX’s failed project to replace chess blockchain, which began in 2016 as an ambitious attempt to modernize the 25-year clinking system and the setting of exchange using the distributed book technology.

After seven years of delay in development and the cost of exceeding, ASX put down the project In November 2022. After the damn independent audit of Accenture, which identified “significant challenges with the design of the solution”. As a result, the exchange has written off $ 170 million of US losses before taxation.

By May 2023. ASX has officially had abandoned Blockchain technology completely.

Tim Whiteley project director confirmed at a time when the exchange “would need to use more conventional technology than in the original solution to achieve business results.”

The collapse of the project has since initiated legal proceedings, with Asic sues Asx Last August for alleged misleading statements about the project progress.

ASX has already paid $ 1,050,000 punishment (Approximately $ 684,000) last March for separate compliance issues relating to the market integrity rules.

Kadan Stadelmann, Chief Technology Director on the Komodo Platform, said that ASX failures “stifled in the confidence of investors” and highlighted the risks associated with the excessive extension of the Blockchain Enterprise initiative.

“The exchange has experienced several breakdowns and failed to deliver the promised blockchain project,” Stadelmann said said Decipher. “Without competition, ASX has become soiled and inefficient.”

The panel must submit recommendations to resolve all identified defects up to 31 March 2026, and Asic was set up to publish a report to conduct potential regulatory actions against ASX.

The controller and exchange did not immediately respond Decipherptic Request for comment.

Edited Sebastian Sinclair