ASX Agrees to Pay Fine Over 2022 Misleading CHESS Update
Updated
Updated · Bloomberg · Jun 14
ASX Agrees to Pay Fine Over 2022 Misleading CHESS Update
1 articles · Updated · Bloomberg · Jun 14
Summary
ASIC said Monday that ASX admitted its Feb. 10, 2022 statement that the CHESS replacement project was “progressing well” was misleading and agreed to pay a fine.
The regulator said that announcement exposed market participants to the risk of financial harm by giving a false picture of the project's status.
The case centers on ASX's long-running effort to replace CHESS, the clearing and settlement system at the heart of Australia's equities market.