The Australian Securities and Investments Commission has sued the stock exchange for alleged “misleading statements” it made over its abandoned blockchain upgrade plan.
The Australian Securities and Investments Commission (ASIC) has sued the country’s leading stock exchange in Federal Court, alleging it made “misleading and deceptive” statements over its now-abandoned project to replace its aging systems with blockchain technology.
ASIC said on Aug. 14 that the Australian Securities Exchange’s (ASX’s) statements that the replacement project for its Clearing House Electronic Subregister System (CHESS) trading platform was “on track for go-live” in April 2023 and was “progressing well” were misleading.
The regulator claimed the project “was not tracking to plan” at the time the statements were made in early February 2022, and the ASX had no “reasonable basis” to imply the project would be ready by that date.
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