ASIC and the Reserve Bank should conduct more thorough audits to avoid a repeat of the bungled CHESS replacement project.
Already a subscriber?The corporate regulator and the Reserve Bank should have been more alert to the risk that ASX might bungle the upgrade of its settlements system and should conduct more thorough audits to avoid a repeat of the botched CHESS replacement project.
, which plans to deliver a new clearing system in 2026, and a settlement system in 2028 or 2029. ASX kicked off work to replace CHESS in 2015.Despite governance and management changes – and commitment from the market operator’s chief executive Helen Lofthouse to be more transparent with regulators – the inquiry’s chairwoman, Labor senator Deborah O’Neill, said: “Concerns about the ASX capacity to deliver this project remain live.
The project failure “raises questions about whether the co-supervisory model was effectively implemented” by ASIC and the RBA, it said. The report, which details the history of the botched overhaul, “reflects the grave concerns of market participants in the past, but also their concerns about the ASX and associated entities preferencing their own financial benefit above serving the critical infrastructure need of the market,” Ms O’Neill said.
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