Commission for securities and investments in Australia (Asic) turned to three of the most experienced finance figures in the country to probe the interior operation of the Australian Securities Exchange, including the blockchain project condemned of the exchange.
The ASIC launched the investigation on June 16 on “current concerns” and the reserve Bank of Australia was expressed in the ability of the exchange to execute a stable and secure market plumbing.
These concerns intensified when ASX abandoned an upgrade based on blockchain to its chess settlement engine in 2022, forcing costly reset and drawing political heat. Asic then continued Asx to make misleading statements on the project.
Rob Whitfield, a former risk official for Westpac and now director of the Commonwealth Bank, will chair the ASIC panel. Christine Holman, who is on the boards of directors of the AGL utility and the catering operator, Collins Foods, and Guy Debelle, a reserve bank of the former Australian deputy.
The trio will inspect governance, technical capacities and ASX risk controls and recommend fixes for any weak point.
Their brief stretches on the entire ASX group, which manages more than $ 6 billion ($ 3.92 billion) in trades every day.
Read more: The Australian securities regulator continues Asx for deceptive statements on the blockchain project
