ASIC Forms Panel to Investigate ASX Following Blockchain Project Failure

The Australian Securities and Investments Commission (ASIC) has announced the establishment of an independent panel to investigate the Australian Securities Exchange’s (ASX) practices after the controversial cancellation of its project to modernize the clearing and settlement system using blockchain technology. This action follows widespread criticism of the ASX’s management of the project, which was intended to revolutionize how securities transactions are conducted in Australia. The panel will evaluate the ASX’s decision-making process, risk management, and accountability, as well as determine whether the ASX acted in the best interests of the broader market. The panel is expected to submit its report to ASIC within six months, and the investigation’s findings will be made public. ASIC hopes that this investigation will help restore confidence in the ASX and ensure the integrity of the Australian market.