Australia's corporate regulator, ASIC, has appointed a three-member expert panel to investigate the Australian Securities Exchange (ASX) after the failure of a $163.1 million blockchain project aimed at replacing its CHESS clearing system. Led by Rob Whitfield, the panel will assess ASX's governance, capability, and risk management frameworks, focusing on recent compliance incidents and organizational culture that may have contributed to failures. The inquiry follows the abandonment of the ambitious blockchain project, which faced significant challenges, ultimately leading to substantial financial losses. The panel is tasked with delivering recommendations to ASIC by March 31, 2026, to address identified shortcomings, guiding potential regulatory actions against the ASX. The investigation comes in the wake of ASX's prior compliance issues and aims to rebuild investor trust after the exchange shelved the blockchain initiative due to development delays and cost overruns.

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