Australia’s top market cop, ASIC, just hit the brakes on the Aussie stock exchange – and it's all because of a blockchain flop.
The Australian Securities Exchange (ASX) had big dreams of upgrading its CHESS system with blockchain tech. But instead of innovation, it crashed hard – wasting years and millions, then pulling the plug in 2022. Ouch.
Now, ASIC has set up a special investigation panel, led by finance heavyweight Rob Whitfield (ex-Westpac, now with Commonwealth Bank). He’s joined by two more sharp minds – Christine Holman and Guy Debelle – to dig deep into ASX’s tech, risk management, and leadership.
So, why does this matter?
ASX handles over A$6 billion in trades every day. That’s a lot of pressure to keep things secure and stable – and clearly, ASIC isn’t convinced.
Expect big changes if they find weak spots. And if you’re into crypto or blockchain? This is a loud wake-up call: big tech moves need solid execution, not just hype.
👀 Stay tuned – this could shake up how Aussie markets evolve in the
digital age.